10-2135
|
10-2135. Recording of mortgages; effect A. Any mortgage, deed of trust or other instrument executed by a generation and transmission cooperative doing business in this state pursuant to this article, which affects real and personal property which is recorded in the office of the county recorder in any county in which the property is located or is to be located, has the same force and effect as if the mortgage, deed of trust or other instrument were also recorded, filed or indexed as provided by statute in the office of the county recorder in the county as a mortgage of personal property. All property of the generation and transmission cooperative described or referred to as being mortgaged or pledged in the mortgage, deed of trust or other instrument becomes subject to the lien immediately upon acquisition of the property by the generation and transmission cooperative whether or not the property was in existence at the time of execution of the mortgage, deed of trust or other instrument. Recording of the mortgage, deed of trust or other instrument constitutes notice and otherwise has the same effect with respect to after-acquired property as it has under the statutes relating to recording with respect to property owned by the generation and transmission cooperative at the time of execution of the mortgage, deed of trust or other instrument and described or referred to as being mortgaged or pledged. B. The lien on personal property of the mortgage, deed of trust or other instrument, after recording, continues in existence and of record for the period of time specified without refiling or the filing of a renewal certificate, affidavit or other supplemental information required by statute relating to renewal, maintenance or extensions of liens upon personal property. |