CHAPTER 12.03. Perfection

• Jurisdiction: United States

12.03. Perfection

The law of the jurisdiction where the real property is located governs the effect of perfection or non-perfection of a security interest in fixtures.¹¹ The Delaware U.C.C. provides that a fixture filing with respect to Delaware real property may be perfected by filing a financing statement in the recorder of deeds office in the county where the real property to which the fixtures are attached is located.¹² The financing statement must satisfy the requirements of any financing statement and, in addition, other requirements for a fixture filing under the Delaware U.C.C.¹³ Specifically, if the financing statement is to cover fixtures, it must indicate that it covers fixtures and that it is to be filed in the real property records, provide a description of the real property, and, if the debtor does not have a record interest in the real property, provide the name of a record owner.¹⁴ The requirements for a fixture filing also include attaching the form of addendum prescribed by the Delaware U.C.C. for this purpose, identifying the real property by a sufficient description,¹⁵ and including on the fixture filing the tax parcel number and preparer's name and address, as required for all documents filed with the applicable recorder of deeds.¹⁶

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Notes:

^[11] 6 Del. C. § 9-301(2). See also supra Section 11.03[1][b].

^[12] 6 Del. C. § 9-501(a)(1).

^[13] 6 Del. C. § 9-502. See supra Section 12.02.

^[14] 6 Del. C. § 9-502(b). A standard Delaware form financing statement is found at 6 Del. C. § 9-521. See also supra Section 12.02.

^[15] 6 Del. C. § 9-521(a).

^[16] 9 Del. C. § 9605(f), (h).