382.340 Mortgages executed by public utility corporations -- Recording -- Effect.
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/ky/chapter-382/382-340A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(1)Mortgages executed by corporations, authorized to operate railroads, motor
transportation lines, electric light, heat and power plants, water plants, telegraph and
telephone lines, pipelines for the transportation or distribution of natural or
manufactured gas, or a mixture of same, which cover rights-of-way, franchises,
pipelines, pole lines, easements, railroad tracks, engines, cars, motor equipment or
any tangible personal property, or after-acquired property of whatever kind, may
create a lien upon such property, or any interest therein, and may secure all renewals
and extensions of any loan secured thereby and the note evidencing the same, and
may secure any additional indebtedness whether direct, indirect, existing, future,
contingent or otherwise, to the extent authorized by the mortgage or deed of trust, if
the mortgage by its terms stipulates the maximum additional indebtedness which
may be secured thereby. All such mortgages which cover rights-of-way, franchises,
pipelines, pole lines, easements, railroad tracks, engines, motor equipment or any
tangible personal property shall be duly acknowledged as required by law and
recorded as mortgages on real estate are required to be recorded only in the county
in Kentucky in which the principal office of the corporation is located.
(2)If the mortgage covers other real property in addition to rights-of-way, franchises,
pipelines, pole lines, easements, railroad tracks, engines, cars, motor equipment or
tangible personal property, then the mortgage shall also be recorded in each county
in which such other real property is located.
(3)When such mortgage is lodged for record, as herein provided, it shall be effective
against purchasers for a valuable consideration without notice and against creditors
as defined in KRS 382.270.