58-2334. Foreclosure proceedings to enforce mortgages or deeds of trust of electric public utilities. - Kansas Statutes

58-2334

Chapter 58.--PERSONAL AND REAL PROPERTY Part 6.--MISCELLANEOUS PROVISIONS Article 23.--MORTGAGES OF REAL PROPERTY

      58-2334.   Foreclosure proceedings to enforce mortgages or deeds oftrust of electric public utilities.In cases where any electric public utility operating or owning propertyin this state shall have heretofore executed or shall hereafter execute amortgage or deed of trust securing an issue or issues of bonds or otherindebtedness, actions for foreclosure thereof may be brought in the name ofthe mortgagee or, in the case of deeds of trust, in the name of the trusteeor trustees, and judgment rendered in favor of such mortgagee or trustee ortrustees for the amount of indebtedness found owing for the benefit of theholders of such indebtedness. Such actions may be brought in the county inwhich the principal office of the utility in this state is located or inany county in which property covered by the mortgage is located.

      All of the properties and franchises covered by the mortgage and anyother properties appurtenant thereto constituting a part of the utilitysystem may be ordered sold and sale thereof had, whether as an entirety orin classified parcels as directed by the court, at a single sale in thecounty where the proceeding is pending, such sale to be conducted by thesheriff of said county as in the case of other mortgage foreclosure sales,or the court may in its discretion appoint a special commissioner to makeand conduct such sale, execute conveyance to the purchaser and distributethe proceeds of the sale as ordered by the court, any such sale to besubject to confirmation by the court pursuant to report thereof made bysuch sheriff or special commissioner.

      The person or persons acquiring title under such sale by appropriateinstrument of conveyance from the sheriff or special commissioner pursuantto order of confirmation of such sale, shall have and acquire thereby andmay exercise and enjoy in accordance with their terms, all the rights,privileges, grants and franchises, municipal or otherwise, covered by suchmortgage or deed of trust which belonged to and were enjoyed by the utilitymaking such mortgage or deed of trust or its successors in interest,together with all permits or certificates of public convenience grantedunder K.S.A. 66-131, so far as the samerelate and appertain to the property mortgaged and sold, and if theexecution of such mortgage or deed of trust and issuance of the securitiesor incurring of the indebtedness secured thereby shall have been authorizedby the state corporation commission, no further authorization or consentfrom said state corporation commission shall be required for the assignmentand conveyance of such properties, rights or franchises to such purchaseror purchasers.

      History:   L. 1951, ch. 370, § 1; March 31.