CHAPTER 5. EXECUTION AND FILING OF MORTGAGES BY UTILITIES
IC 8-1-5
Chapter 5. Execution and Filing of Mortgages by Utilities
IC 8-1-5-1
Lien of mortgage
Sec. 1. (a) Notwithstanding any other statute or rule of law of the
state, any mortgage executed and recorded by a public utility, as
defined in IC 8-1-2-1, or by any corporation or other business entity
engaged in the railroad business or the transmission of oil, gas, or
petroleum products by pipeline, in the manner provided for the
execution and recording of mortgages upon real estate:
(1) may include all or any part of the property of the mortgagor,
real, personal, or mixed, chattels real and fixtures; and
(2) shall, upon its recordation, constitute a valid and perfected
lien upon all and every part of the property of the mortgagor
described in the mortgage and situated in any county in this
state where the mortgage is or shall be recorded in the manner
provided for recording real estate mortgages. Neither the
mortgage nor any statement respecting the mortgage or any of
the property described in the mortgage need be otherwise filed
or refiled in order to perfect or continue perfection of the lien
created by the mortgage.
(b) The term "mortgage", as used in this chapter, includes deeds
of trust and any and all documents creating an interest in property to
secure the payment of bonds, notes, debentures, and like securities,
and any instrument executed to supplement any mortgage.
(c) If it is executed and recorded as provided in this section and
by its terms covers some or all of the after-acquired property of the
mortgagor, the mortgage constitutes a valid and perfected lien upon
the interest of the mortgagor in the after-acquired property from the
date the mortgagor acquires an interest in the property.
(d) Notwithstanding the date of the mortgage's execution or
recordation, if collateral covered by IC 26-1-9.1 was or is perfected
in compliance with the recordation requirements contained in this
section, the recordation was or is equivalent to the highest form of
filing or perfection under IC 26-1-9.1.
(Formerly: Acts 1965, c.9, s.1.) As amended by P.L.59-1984,
SEC.52; P.L.93-1985, SEC.1; P.L.120-1987, SEC.1; P.L.57-2000,
SEC.3.