§ 8-1-5-1 — Lien of mortgage

Indiana § 8-1-5-1

• Jurisdiction: Indiana
• Art. 1: UTILITIES GENERALLY
• Ch. 5: Execution and Filing of Mortgages by Utilities

Text

(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.