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382.340 Mortgages executed by public utility corporations -- Recording -Effect.
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Mortgages executed by corporations, authorized to operate railroads, motor
transportation lines, electric light, heat and power plants, water plants,
telegraph and telephone lines, pipelines for the transportation or distribution of
natural or manufactured gas, or a mixture of same, which cover rights-of-way,
franchises, pipelines, pole lines, easements, railroad tracks, engines, cars,
motor equipment or any tangible personal property, or after-acquired property
of whatever kind, may create a lien upon such property, or any interest therein,
and may secure all renewals and extensions of any loan secured thereby and
the note evidencing the same, and may secure any additional indebtedness
whether direct, indirect, existing, future, contingent or otherwise, to the extent
authorized by the mortgage or deed of trust, if the mortgage by its terms
stipulates the maximum additional indebtedness which may be secured
thereby. All such mortgages which cover rights-of-way, franchises, pipelines,
pole lines, easements, railroad tracks, engines, motor equipment or any
tangible personal property shall be duly acknowledged as required by law and
recorded as mortgages on real estate are required to be recorded only in the
county in Kentucky in which the principal office of the corporation is located.
If the mortgage covers other real property in addition to rights-of-way,
franchises, pipelines, pole lines, easements, railroad tracks, engines, cars,
motor equipment or tangible personal property, then the mortgage shall also be
recorded in each county in which such other real property is located.
When such mortgage is lodged for record, as herein provided, it shall be
effective against purchasers for a valuable consideration without notice and
against creditors as defined in KRS 382.270.
History: Amended 1968 Ky. Acts ch. 121, sec. 1; and ch. 152, sec. 157. -Amended 1966 Ky. Acts ch. 164, sec. 2. -- Amended 1964 Ky. Acts ch. 118,
sec. 2. -- Amended 1960 Ky. Acts ch. 250, sec. 2. -- Amended 1942 Ky. Acts
ch. 101, secs. 1 and 2. -- Recodified 1942 Ky. Acts ch. 208, sec. 1, effective
October 1, 1942, from Ky. Stat. sec. 495a-4.
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