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
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