443.080. Satisfaction of mortgage, deed of trust or security instrument of railroad or utility, when entered. - Missouri Statutes

Satisfaction of mortgage, deed of trust or security instrument ofrailroad or utility, when entered.

443.080. The trustee, or trustees, in any securityinstrument given or which may hereafter be given by a railroadcompany or other public utility company which is subject to theregulation of the motor carrier and railroad safety division of thedepartment of economic development, or successors, upon its property orany part thereof, may enter satisfaction of said security instrumentupon the records where the same has been recorded. Where suchsecurity instrument was recorded prior to January 1, 1986,without producing the bonds, notes or coupons secured by saidsecurity instrument, satisfaction shall not be entered unless thetrustee, or if said trustee is a corporation, its president orvice president, and the president or vice president of therailroad company or other public utility company, or of itssuccessors or assigns, shall make and file with the recorderaffidavits stating that all of the bonds, notes or couponssecured by said security instrument have been paid or thatsufficient funds have been deposited with a bank or trust companyto pay all the bonds, notes or coupons still outstanding andunpaid; and that said money is deposited for the express purposeof paying said bonds, notes or coupons when the same shall bepresented at said bank or trust company for payment.

(RSMo 1939 § 3467, A.L. 1947 V. I p. 229, A.L. 1985 H.B. 210)

Prior revisions: 1929 § 3080; 1919 § 2239; 1909 § 2846

Effective 1-1-86

CROSS REFERENCE:

Division of motor carrier and railroad safety abolished, duties and functions transferred to highways and transportation commission and department of transportation, RSMo 226.008