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Mobile Homes and Fixture Filings

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Question: 
I have an old mortgage loan file that has a mobile home and land as collateral. The mortgage specifically lists the mobile home and all of its identifying information, however, we don't have a recorded UCC-1 on the mobile home itself. Are we considered a true lienholder on the mobile home or would we need a recorded UCC-1?
Answer: 

The old mortgage may give you a perfected security interest in the mobile home if the text of the mortgage met the requirements of a fixture filing under the provisions of Article 9 of the Uniform Commercial Code in effect in the state where the real estate is located at the time the mortgage was filed of record.

Generally a mortgage was effective as a financing statement when filed as a fixture filing if the goods (the mobile home) were described by item or type; and were or became a fixture on the real estate described in the mortgage;and the mortagage contained the normal elements of a financing statement plus a recital that it was to be filed in the real estate records. Note that some states have special statutes regarding the perfection of security interests in a mobile home so it is crucial for you to check with your local attorney.

If the mortgage did not meet the requirements of a fixture filing at the time it was recorded, you most likely do not have a perfected security interest in the mobile home and would need to file a new fixture filing under Revised Article 9 or the current applicable state statute governing perfection of a security interest in a mobile or manufactured home (the new definition under Revised Article 9).

First published on BankersOnline.com 6/3/02

First published on 06/03/2002

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