Rhode Island General Laws 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.
History of Section.
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.
Terms Used In Rhode Island General Laws 34-25-7
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgagee: The person to whom property is mortgaged and who has loaned the money.
- Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
- Personal property: All property that is not real property.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- town: may be construed to include city; the words "town council" include city council; the words "town clerk" include city clerk; the words "ward clerk" include clerk of election district; the words "town treasurer" include city treasurer; and the words "town sergeant" include city sergeant. See Rhode Island General Laws 43-3-9