411.309 Lessor’s and lessee’s rights when goods become fixtures.
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/wi/chapter-411/411-309-2A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
411.309 Lessor’s and lessee’s rights when goods become fixtures.
(1)In this section:
(a)“Construction mortgage” means a mortgage that secures an obligation incurred for the construction of an improvement on land including the acquisition cost of the land, if the recorded writing so indicates.
(b)“Encumbrance” includes real estate mortgages and other liens on real estate and all other rights in real estate that are not ownership interests.
(c)“Fixture filing” means a filing, in the office where a record of a mortgage on real estate would be filed or recorded, of a financing statement covering goods that are or are to become fixtures and conforming to the requirements of s. 409.502
(1)and
(2).
(d)“Fixtures” means goods that become so related to particular real estate that an interest in them arises under real estate law.
(e)“Purchase money lease” means a lease unless the lessee has possession or use of the goods or the right to possession or use of the goods before the lease agreement is enforceable.
(2)Under this chapter a lease may be of goods that are fixtures or may continue in goods that become fixtures, but no lease exists under this chapter of ordinary building materials incorporated into an improvement on land.