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New Jersey Statutes, Title: 48, PUBLIC UTILITIES
Chapter 15: "Street railway or traction company" ; "street"
Section: 48:15-14: Bonds and mortgages; recording mortgages
Any company borrowing any sums pursuant to section 48:15-13 of this title may, for the repayment thereof, issue coupon or registered bonds, or both, secured by a mortgage covering the corporate franchises, real estate and personal property of the company including stocks and securities of such company or of any other corporation whose stocks or securities it owns.
The mortgage may be recorded as mortgages of real estate are recorded in the office of the clerk or register of deeds of the county or counties in which the railway described in the mortgage may be located and in the office of the clerk or register of deeds of the county in which the principal office of the company is located.
The recording of the mortgage shall have the same force and effect as to judgment creditors, purchasers or mortgagees in good faith as the recording of mortgages of real estate although the mortgage may not have been executed, proved or recorded as a chattel mortgage.
This section added to the Rutgers Database: 2012-09-26 13:37:55.
Older versions of 48:15-14 (if available):
Court decisions that cite this statute:
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