17-4672. Recordation of instruments, effect.
17-4672
17-4672. Recordation of instruments,
effect.
Any mortgage, deed or trust or other instrument executed by a
cooperative doing business in this state pursuant to the renewable energy
electric generation cooperative act, which affects real and personal property
and which is recorded in the real property records in any county in which such
property is located or is to be located, shall have the same force and effect
as if the mortgage, deed of trust or other instrument were also recorded, filed
or indexed as provided by law in the proper office in such county as a mortgage
of personal property. All after-acquired property of such cooperative described
or referred to as being mortgaged or pledged in any such mortgage, deed of
trust or other instrument, shall become subject to the lien thereof immediately
upon the acquisition of such property by such cooperative, whether or not such
property was in existence at the time of the execution of such mortgage, deed
or trust or other instrument. Recordation of any such mortgage, deed of trust
or other instrument shall constitute notice and otherwise have the same effect
with respect to such after-acquired property as it has under the laws relating
to recordation, with respect to property owned by such cooperative at the time
of the execution of such mortgage, deed of trust or other instrument and
therein described or referred to as being mortgaged or pledged thereby. The
lien upon personal property of any such mortgage, deed of trust or other
instrument, after recordation thereof, shall continue in existence and of
record for the period of time specified therein without the refiling thereof or
the filing of any renewal certificate, affidavit or other supplemental
information required by the laws relating to the renewal, maintenance or
extension of liens upon personal property.
History: L. 2003, ch. 81, § 22; July 1.