§ 63 — Recordation of mortgages; effect thereof

New York § 63

• Jurisdiction: New York
• Law REL: Rural Electric Cooperative
• Art. 6: General Provisions Governing Property and Affairs

Text

§ 63. Recordation of mortgages; effect thereof. In case of conflict\nbetween this section and article nine of the uniform commercial code,\nthe provisions of this section shall control. Any mortgage, deed of\ntrust or other instrument executed by a cooperative or foreign\ncorporation doing business in this state pursuant to this chapter, which\naffects real and personal property and which is recorded in the real\nproperty records in any county in which such property is located or is\nto be located, shall have the same force and effect as if the security\ninterest created by such mortgage in the personal property thereby\naffected, had been perfected by filing in accordance with section 9--501\nof the uniform commercial code. All after-acquired property of such\ncooperative or foreign corporation described or referred to as being\nmortgaged or pledged in any such mortgage, deed of trust or other\ninstrument, shall become subject to the lien thereof immediately upon\nthe acquisition of such property by such cooperative or foreign\ncorporation, whether or not such property was in existence at the time\nof the execution of such mortgage, deed of trust or other instrument.\nRecordation of any such mortgage, deed of trust or other instrument\nshall constitute notice and otherwise have the same effect with respect\nto such after-acquired property as it has under the laws relating to\nrecordation, with respect to property owned by such cooperative or\nforeign corporation at the time of the execution of such mortgage, deed\nof trust or other instrument and therein described or referred to as\nbeing mortgaged or pledged thereby.\n The security interest in personal property created by any such\nmortgage, deed of trust or other instrument shall, after recordation\nthereof, continue perfected and of record without the filing of any\ncontinuation statement as required by section 9--515 of the uniform\ncommercial code.\n