Nebraska Statutes 76-1104. Prior mortgages of corporation; validity
Nothing in sections 76-1101 to 76-1104 or in the Uniform Commercial Code shall impair the validity or effectiveness against third parties of any mortgage of real property, or of both real property and goods, including fixtures alone, heretofore made by a corporation which is a railroad, or by any corporation including public corporations engaged in the furnishing of electric or telephone service if such mortgage or security interest was recorded or filed or perfected in accordance with the law of this state prior to the effective date of the Uniform Commercial Code, and such law shall govern the continued effectiveness and enforcement of such mortgages and security interests with respect to all property covered thereby whether acquired by such corporation before or after such date.
Terms Used In Nebraska Statutes 76-1104
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- State: when applied to different states of the United States shall be construed to extend to and include the District of Columbia and the several territories organized by Congress. See Nebraska Statutes 49-801
- Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. Source: OCC