Missouri Laws 393.735 – Additional security for bonds issued may be given, how
Terms Used In Missouri Laws 393.735
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- State: when applied to any of the United States, includes the District of Columbia and the territories, and the words "United States" includes such district and territories. See Missouri Laws 1.020
- 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
As additional security for bonds issued or to be issued by a commission, the commission may mortgage or execute deeds of trust of the whole or any part of a project. Any such mortgage or deed of trust covering the whole or any part of easements or other interests in real estate less than fee simple used in a project, or for the generation or transmission of electric power and energy, and covering fixtures annexed thereto, may be filed in the office of the secretary of state with or as a part of the financing statement covering such fixtures. All filings required under the uniform commercial code to perfect a security interest against the personal property or fixtures of a commission shall be made and maintained in the office of the secretary of state.