§ 34-25-7 — § 34-25-7. Application of mortgages to after-acquired property of public utilities.

Rhode Island § 34-25-7

• Jurisdiction: Rhode Island
• Title 34: Property
• Ch. 34-25: Future Loans and After-Acquired Property

Text

§ 34-25-7. Application of mortgages to after-acquired property of public utilities.

Notwithstanding the provisions of chapter 9 of title 6A, whenever any public utility, as defined in chapter 1 of title 39, shall have given a mortgage expressly including real or personal property to be acquired after the date of the execution of the mortgage, and the mortgage shall have been duly recorded, no further deed, conveyance or recording, or delivery of possession from the mortgagor to the mortgagee, his, her, or its heirs, executors, administrators, successors, or assigns shall be required as to any real or personal property situated in any town or city in which the mortgage shall have been duly recorded, if real property, or the office of the secretary of state, if personal property, and all right, title and interest of the public utility in and to any real or personal property situated in any town or city in which the mortgage shall have been duly recorded, if real property, or the office of the secretary of state, if personal property, and acquired by the mortgagor after the execution and prior to the discharge of the mortgage, unless otherwise expressly provided in the mortgage, shall vest in the mortgagee, his, her, or its heirs, executors, administrators, successors, or assigns, subject to the terms of the mortgage, as against all persons whatsoever, immediately upon the acquisition of the real or personal property by the mortgagor.

Legislative History

G.L. 1938, ch. 302, § 19; P.L. 1929, ch. 1367, § 1; G.L. 1938, ch. 442, § 19; G.L. 1956, § 34-25-7; P.L. 1960, ch. 147, § 3.