§ 41-10-144 — Bonds - Statutory Mortgage Lien to Secure Payment of Principal and Interest; Recording Notice

Alabama § 41-10-144

• Jurisdiction: Alabama
• Title 41: State Government
• Ch. 10: Authorities
• Art. 5: Historical Preservation Authorities

Text

Any resolution of the board or trust indenture under which bonds may be issued pursuant to the provisions of this article may contain provisions creating a statutory mortgage lien in favor of the holders of such bonds and of the interest coupons applicable thereto on the property and facilities, or any part thereof (including any after-acquired property) out of the revenues from which such bonds are made payable. The said resolution of the board or the said trust indenture may provide for the filing for record in the office of the judge of probate of each county in which any property and facilities, or any part thereof, may be located of a notice containing a brief description of such bonds and a declaration that the said statutory mortgage lien has been created for the benefit of the holders of such bonds and the interest coupons applicable thereto upon such property and facilities, or any thereof, including additions thereto and extensions thereof. Each judge of probate shall receive and record and index under the name of the authority any such notice filed for record in his office. The recording of such notice, as provided in this section, shall operate as constructive notice of the contents thereof.

Legislative History

(Acts 1979, No. 79-441, p. 710, §10.)