Sec. 10.25.430. Validity of mortgage under Rural Electrification Act.
174 words·~1 min read·
/ak/title-10/chapter-25/10-25-430·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 10.25.430. Validity of mortgage under Rural Electrification Act.
A mortgage made by a cooperative organized under this chapter to the United States of America, or an agency or instrumentality of it, to secure indebtedness incurred under 7 U.S.C. 901 — 950bb-2 (Rural Electrification Act ), as amended, is not void as against creditors of the mortgagor and subsequent purchasers and encumbrancers of the property in good faith for value because the mortgage is not accompanied by an affidavit of the parties to it, or an affidavit of the agent or attorney-in-fact of a party to it, that the mortgage is made in good faith to secure the amount named, and without a design to hinder, delay or defraud creditors.
A mortgage made by a cooperative organized under this chapter to the United States of America, or an agency or instrumentality of it to secure indebtedness incurred under 7 U.S.C. 901 — 950bb-2 (Rural Electrification Act ), as amended, need not set out the date upon which the indebtedness secured by it becomes due.