63 - Recordation of mortgages; effect thereof. - New York Statutes

§ 63. Recordation of mortgages; effect thereof. In case of conflict between this section and article nine of the uniform commercial code, the provisions of this section shall control. Any mortgage, deed of trust or other instrument executed by a cooperative or foreign corporation doing business in this state pursuant to this chapter, which affects real and personal property and which is recorded in the real property records in any county in which such property is located or is to be located, shall have the same force and effect as if the security interest created by such mortgage in the personal property thereby affected, had been perfected by filing in accordance with section 9--501 of the uniform commercial code. All after-acquired property of such cooperative or foreign corporation described or referred to as being mortgaged or pledged in any such mortgage, deed of trust or other instrument, shall become subject to the lien thereof immediately upon the acquisition of such property by such cooperative or foreign corporation, whether or not such property was in existence at the time of the execution of such mortgage, deed of trust or other instrument. Recordation of any such mortgage, deed of trust or other instrument shall constitute notice and otherwise have the same effect with respect to such after-acquired property as it has under the laws relating to recordation, with respect to property owned by such cooperative or foreign corporation at the time of the execution of such mortgage, deed of trust or other instrument and therein described or referred to as being mortgaged or pledged thereby. The security interest in personal property created by any such mortgage, deed of trust or other instrument shall, after recordation thereof, continue perfected and of record without the filing of any continuation statement as required by section 9--515 of the uniform commercial code.