§ 11-50-408 — When Mortgages or Pledges of Property or Revenues and Liens Thereof Effective; Properties, Persons, Etc., Subject Thereto

Alabama § 11-50-408

• Jurisdiction: Alabama
• Title 11: Counties and Municipal Corporations
• Ch. 50: Public Utilities
• Art. 12: Gas Districts

Text

Any mortgage or conveyance of property and any pledge of revenues to secure the bonds of a district incorporated under this article shall be valid and binding from the time when such mortgage or conveyance is delivered or such pledge made, and the system, properties, revenue, income and moneys so mortgaged, conveyed or pledged and thereafter received by such district shall immediately be subject to the lien of such mortgage, conveyance or pledge without any physical delivery thereof or further act, and the lien of any such mortgage, conveyance or pledge shall be valid and binding as against all parties having claims of any kind in tort, contract or otherwise against the district, irrespective of whether such parties have notice thereof, from the time when a statement thereof is filed in the office of the judge of probate of the county or counties where the system or systems of the district are located. Such notice shall be sufficient if it states the date of the resolution authorizing the issuance of the bonds, the date of the bonds, the principal amount thereof, the maturity dates thereof and whether the system is one or more gas transmission systems or one or more gas distribution systems or both. The judge of probate shall file and index such notice in the record of mortgages in his office.

Legislative History

(Acts 1951, No. 762, p. 1319, §12.)