How does the PPSA treat security interests in goods that become attached to real property?

Goods that become attached to real property in a way that makes them fixtures create a genuine overlap between personal-property security law and real-property law. Ontario's Personal Property Security Act specifically addresses this situation, generally allowing a security interest in goods to attach and be perfected either before or after those goods become fixtures, so a lender financing equipment that will later be installed and attached to a building doesn't automatically lose its interest once installation happens.

The more technical question is how a PPSA security interest in a fixture ranks against an existing mortgage or other interest already registered against the real property itself, since the two systems — the PPSA registry for personal property and the land registry system for real property — operate separately, with their own specific priority rules governing how a fixture-related security interest interacts with real-property interests. Because getting this priority analysis wrong can leave a lender's fixture financing exposed to a mortgage holder's competing claim, this is an area where lenders financing equipment likely to become a fixture should get specific legal advice rather than relying on general PPSA priority assumptions alone.