301B.05 EXECUTION OF MORTGAGES AND DEEDS OF TRUST LEGALIZED.
If a public service corporation owning property in this state has mortgaged or executed deeds
of trust of the whole, or any part, of its property and franchises to secure money borrowed by it
for the construction and equipment of lines and properties and for its corporate purposes and has
issued its corporate bonds in sums of at least $100 secured by mortgages or deeds of trust, bearing
interest at a rate not exceeding eight percent per year and the mortgages or deeds of trust have by
their terms included after-acquired real and personal property, or have borne interest at a rate not
exceeding eight percent per year, the mortgages and deeds of trust are legalized and made valid
and effectual to all intents and purposes as if the after-acquired property were owned by and in
possession of the corporation giving the mortgage or deed of trust at the time of its execution, and
as if the corporate bonds bore interest at the rate of seven percent per year.
History: (7450) 1917 c 10 s 2; 1921 c 131 s 2; 1984 c 628 art 5 s 1; 2005 c 69 art 1 s 21