Minnesota Session Laws - 1983, Regular Session

  

                         Laws of Minnesota 1983 

                         CHAPTER 87--S.F.No. 854
           An act relating to commerce; providing for the filing 
          and recording of mortgages and deeds of trust of 
          pipeline companies; amending Minnesota Statutes 1982, 
          section 300.115. 
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
    Section 1.  Minnesota Statutes 1982, section 300.115, is 
amended to read: 
    300.115 [MORTGAGES AND DEEDS OF TRUST OF PIPELINE 
COMPANIES, FILING AND RECORDING.] 
    Subdivision 1.  A mortgage or deed of trust covering real 
property in whole or in part to secure a debt executed by a 
company engaged in the business of transporting oil, gas, 
petroleum products, or other derivatives by pipeline other than 
a public utility as defined in Minnesota Statutes 1965, Section 
300.111, shall be filed with the secretary of state, and 
recorded in the office of the county recorder or in the office 
of the registrar of titles of each county through which the 
pipeline runs or in which it may hold land or interests in 
land.  To secure the rights of all parties interested under such 
mortgage or deed of trust so executed, filed, and recorded, the 
personal property and fixtures belonging or appertaining thereto 
shall be deemed a part of the line, and notwithstanding the 
provisions of the uniform commercial code the filing and 
recording of such mortgage and deed of trust shall be notice of 
the rights of all parties in the real and personal property and 
fixtures covered thereby and will so remain until satisfied or 
discharged without further affidavit, continuation statement, or 
proceeding whatever.  A mortgage or deed of trust to secure a 
debt executed by a pipeline company engaged in the business of 
transporting oil, gas, petroleum products, or other commodities 
that may be transported by pipeline other than a "public 
utility" as defined in Minnesota Statutes 1982, section 300.111 
covering the whole or any part of its easements or other less 
than fee simple interests in real estate used in the 
transportation or distribution of oil, gas, petroleum products, 
or other commodities that may be transported by pipeline, and 
also covering the fixtures of the pipeline company which are 
annexed to the pipeline, may be filed in the office of the 
secretary of state along with or as a part of the financing 
statement covering the fixtures.  The filing of the mortgage or 
deed of trust shall have the same effect, and shall be notice of 
the rights and interests of the mortgagee or trustee in the 
easements and other less than fee simple interests in real 
estate to the same extent as if the mortgage or deed of trust 
were duly recorded in the office of the county recorder, or duly 
registered in the office of the registrar of titles of the 
county or counties in which the real estate is situated.  The 
mortgages or deeds of trust may by their terms include after 
acquired property, real and personal, and shall be as valid and 
effectual for that purpose as if the after acquired property 
were owned by, and in possession of, the company giving the 
mortgage and deed of trust at the time of the execution. 
Notwithstanding the uniform commercial code the filing and 
recording of the mortgage and deed of trust in the office of the 
secretary of state shall be notice of the rights of all parties 
in the real and personal property and fixtures covered by the 
filing and will so remain until satisfied or discharged without 
further affidavit, continuation statement, or proceeding 
whatever.  
    Subd. 2.  Any instrument described in subdivision 1 and 
heretofore recorded as a real estate mortgage and filed as a 
chattel mortgage in accordance with law, shall be deemed to have 
been validly recorded and filed and to be notice of the rights 
of the parties thereto in the real and personal property and 
fixtures covered thereby.  For the purposes of this section, any 
mortgage or deed of trust filed under this section shall be 
deemed to contain a sufficient description to give notice of the 
rights and interest of the mortgagee or trustee in the easements 
and other less than fee simple interests in the real estate used 
for the transmission of oil, gas, petroleum products, or other 
commodities which may be transported by pipeline if the mortgage 
and deed of trust states that the security includes 
rights-of-way, transmission systems, or lines of the pipeline 
company, or all property owned by the pipeline company. 
     Subd. 3.  This section shall not apply to any real estate 
owned by a pipeline company in fee simple. 
    Approved May 9, 1983