Section 49-34-11 - Recordation of security with secretary of state--Effective date of lien--After acquiredproperty. - South Dakota Statutes

49-34-11. Recordation of security with secretary of state--Effective date of lien--After acquired property. Any trust deed or mortgage executed by a corporation organized under the provisions of chapter 49-33 or qualified in accordance with the provisions of §§ 47-1A-1501 to 47-1A-1532, inclusive, relative to the qualification of foreign corporations to transact business in this state, and carrying on a street railway, natural or artificial gas or electric public utility business shall be filed and recorded in the office of the secretary of state and such filing for record thereof shall create a lien upon such property, real and personal, from the time of such filing, and shall have the same effect, as to any property in this state described therein, as the record or filing of any similar instrument in the office of the register of deeds as to property in his county as if it were filed or recorded in each and every county in which any property therein described may be situated, and such filing and recording in the office of the secretary of state shall be the only recording or filing required. The deeds of trust or mortgages may by their terms include after-acquired real and personal property, and are as valid and effectual for that purpose as if this after-acquired property were owned by, and in possession of, the corporation giving the deed of trust or mortgage at the time of its execution.

Source: SDC 1939, § 52.1516; SL 1947, ch 237; SL 1989, ch 402, § 1; SL 2005, ch 202, § 13.