507.327 MORTGAGES, DEEDS OF TRUST AND OTHER INSTRUMENTS OF PUBLIC
UTILITIES; FILING AND RECORDING.
Subdivision 1. Filing with secretary of state.
A mortgage or deed of trust to secure a
debt executed by a public utility as defined in section
covering the whole or part of
its easements or other less than fee simple interests in real estate used in the transmission or
distribution of gas, electric, or telephone service, and also covering the fixtures of the public
utility which are annexed to it, may be filed in the Office of the Secretary of State along with,
or as part of, the financing statement covering the fixtures. The filing of the mortgage or deed
of trust has the same effect, and is 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 counties in which the real estate is situated.
The effectiveness of the filing will terminate at the same time as provided in section
, for the termination of the effectiveness of fixture filing.
Subd. 2. What constitutes a specific description.
For the purposes of this section, a
mortgage or deed of trust filed under this section contains a sufficient description to give notice
of the rights and interests of the mortgagee or trustee in the easements and other less than fee
simple interests in the real estate used for the transmission and distribution of gas, electric, or
telephone service of the public utility if the mortgage or deed of trust states that the security
includes rights-of-way of or transmission or distribution systems of or lines of the public utility,
or all property owned by the public utility.
Subd. 3. Filing of prior instruments.
A mortgage or deed of trust filed before March 28,
1974 along with, or as part of, the financing statements filed under section
complies with the provisions of this section, is filed under this section as of March 28, 1974.
Subd. 4. Application.
This section does not apply to real estate owned in fee simple by
a public utility.
History: 1974 c 272 s 1; 1976 c 181 s 2; 1984 c 628 art 5 s 1; 2005 c 69 art 1 s 21