Section 190. Corporate mortgages against real and personal property


Latest version.
  • 1. A
      mortgage creating a lien upon real and personal property, executed by  a
      corporation  as  security  for  the  payment  of  bonds,  notes or other
      evidences of indebtedness, issued  by  such  corporation  or  any  other
      corporation,  or  executed  by any telegraph, telephone, electric light,
      railroad, street railway or  omnibus  corporation,  and  recorded  as  a
      mortgage  of  real  property  in each county where such real property is
      located or through which the line or route of such telegraph, telephone,
      electric light, railroad, street railway or  omnibus  corporation  runs,
      need  not  be  filed  or  refiled  as a chattel mortgage or perfected by
      filing in accordance with part five  of  article  nine  of  the  uniform
      commercial code in any county where the mortgage is recorded, but filing
      in accordance with that part in the department of state only is required
      to  perfect  a  security  interest  in the personal property or fixtures
      covered by such a mortgage hereafter recorded.
        2. When any such  original  mortgage  provides  or  provided  for  the
      inclusion of property, either personal, or real and personal, thereafter
      acquired,  a  mortgage  of  such after-acquired property supplemental to
      such mortgage may be recorded as a mortgage of  real  property  in  each
      county  where the original mortgage is recorded and in each county where
      such after-acquired real property is located and when so  recorded  need
      not  be filed or refiled as a chattel mortgage or perfected by filing in
      accordance with part five of article nine of the uniform commercial code
      in any county where both the original and the supplemental mortgage  are
      recorded,  but  filing in accordance with that part in the department of
      state only is required to perfect a security interest  in  the  personal
      property  or  fixtures covered by such a supplemental mortgage hereafter
      recorded.
        3. This section does not  require  the  recording  of  a  supplemental
      mortgage  or  filing in accordance with part five of article nine of the
      uniform commercial code in the department of state to perfect a mortgage
      of or  security  interest  in  after-acquired  property  when  any  such
      original  mortgage  provides  or  provided  for  the  inclusion  of such
      after-acquired property and decisional law prior  to  the  enactment  or
      amendment  of  this section, or of former section two hundred thirty-one
      of this chapter, recognized the validity or  enforceability  of  such  a
      provision  in  such  an  original  mortgage  without  the  execution  or
      recording  of  a  supplemental  mortgage  covering  such  after-acquired
      property, nor does section 9--311 of the uniform commercial code require
      the  perfection  of  a  security interest in railway rolling stock under
      section twenty-c of title forty-nine of the United States code (as added
      by the act of July sixteenth, nineteen hundred fifty-two, chapter  eight
      hundred  eighty-one,  66  Stat.  724)  as  now  in force or as hereafter
      amended.