Any railroad company may secure its lawfully issued bonds by a mortgage of its property, or any part thereof, by deed executed by its president, under the corporate seal, to the Treasurer of the state and his successors in office, or other trustee, in trust for the holders of such bonds. Such mortgage shall be recorded in the office of the Secretary of the State and need not be recorded in the records of towns within which the property so mortgaged is situated.
(1949 Rev., S. 5628; P.A. 85-246, S. 14.)
History: P.A. 85-246 deleted reference to street railway companies.
Mortgage of franchise sustained. 23 C. 435. General railroad mortgage held to cover office furniture; 46 C. 129; to cover property acquired after date of mortgage; Id., 156; not to cover lands outside of layout, subsequently acquired and not needed by company; but to cover lands purchased with company's funds, though title was in names of officers. 50 C. 150. Priorities as between supply and other unsecured creditors and mortgage bond holders. 76 C. 17; 101 C. 13; 108 C. 217. Effect of failure to record. 89 C. 59. Rights of bondholder after foreclosure and under reorganization agreement. 90 C. 34.
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