§ 34-25-7 - Application of mortgages to after-acquired property of public utilities. - Rhode Island Statutes

SECTION 34-25-7

   § 34-25-7  Application of mortgages toafter-acquired property of public utilities. – Notwithstanding the provisions of chapter 9 of title 6A, whenever any publicutility, as defined in chapter 1 of title 39, shall have given a mortgageexpressly including real or personal property to be acquired after the date ofthe execution of the mortgage, and the mortgage shall have been duly recorded,no further deed, conveyance or recording, or delivery of possession from themortgagor to the mortgagee, his, her, or its heirs, executors, administrators,successors, or assigns shall be required as to any real or personal propertysituated in any town or city in which the mortgage shall have been dulyrecorded, if real property, or the office of the secretary of state, ifpersonal property, and all right, title and interest of the public utility inand to any real or personal property situated in any town or city in which themortgage shall have been duly recorded, if real property, or the office of thesecretary of state, if personal property, and acquired by the mortgagor afterthe execution and prior to the discharge of the mortgage, unless otherwiseexpressly provided in the mortgage, shall vest in the mortgagee, his, her, orits heirs, executors, administrators, successors, or assigns, subject to theterms of the mortgage, as against all persons whatsoever, immediately upon theacquisition of the real or personal property by the mortgagor.