49-34-11. Recordation of security with secretary of state--Effective date of lien--After acquired property.

Any trust deed or mortgage executed by a corporation organized under the provisions of chapter 49-33 or qualified in accordance with the provisions of §§ 47-1A-1501 to 47-1A-1532, inclusive, relative to the qualification of foreign corporations to transact business in this state, and carrying on a street railway, natural or artificial gas or electric public utility business shall be filed and recorded in the office of the secretary of state and such filing for record thereof shall create a lien upon such property, real and personal, from the time of such filing, and shall have the same effect, as to any property in this state described therein, as the record or filing of any similar instrument in the office of the register of deeds as to property in his county as if it were filed or recorded in each and every county in which any property therein described may be situated, and such filing and recording in the office of the secretary of state shall be the only recording or filing required. The deeds of trust or mortgages may by their terms include after-acquired real and personal property, and are as valid and effectual for that purpose as if this after-acquired property were owned by, and in possession of, the corporation giving the deed of trust or mortgage at the time of its execution.

Source: SDC 1939, § 52.1516; SL 1947, ch 237; SL 1989, ch 402, § 1; SL 2005, ch 202, § 13.



SDLRC - Codified Law 49-34-11 - Recordation of security with secretary of state--Effective date of lien--After acquired property.

49-34-11.1. Public utility defined.

As used in §§ 49-34-11.1 to 49-34-11.4, inclusive, the term "public utility" means a corporation, its lessees, its trustees and receivers, operating, maintaining or controlling in this state after July 1, 1967, equipment or facilities for the production, generation, transmission or distribution at retail of gas or electric service for the public and in the transmission and distribution using, or having a right to use, public roads, streets, alleys, or other public ways for the purpose of constructing, using, operating or maintaining wires, pipes, conduits or other facilities, which corporation is organized under the provisions of chapter 49-33 or is qualified in accordance with the provisions of §§ 47-1A-1501 to 47-1A-1532, inclusive, as a foreign corporation authorized to transact business in this state.

Source: SL 1989, ch 402, § 2; SL 2005, ch 202, § 14.



SDLRC - Codified Law 49-34-11 - Recordation of security with secretary of state--Effective date of lien--After acquired property.

49-34-11.2. Perfection of security interest in personal property or fixtures of public utility--Filing requirements and effectiveness.

Notwithstanding §§ 57A-9-302, 57A-9-401, 57A-9-402, and 57A-9-403, all filings required under the uniform commercial code in order to perfect a security interest against the personal property or fixtures of a debtor public utility shall be made and maintained in the Office of the Secretary of State. If the financing statement covers goods of a debtor public utility which are or are to become fixtures, no description of the real estate or the name of the record owner thereof is required. Filing of a financing statement against the property of a debtor public utility is effective until released or terminated.

Source: SL 1989, ch 402, § 3.



SDLRC - Codified Law 49-34-11 - Recordation of security with secretary of state--Effective date of lien--After acquired property.

49-34-11.3. Mortgage or trust deed securing debt executed by public utility--Filing requirements and effectiveness.

A mortgage or trust deed to secure a debt executed by a public utility as defined in § 49-34-11.1, 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 or electric 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 interest of the mortgagee or trustee in the easements and other less than fee simple interest in real estate to the same extent, as if the mortgage or deed of trust were duly recorded in the office of the register of deeds of the counties in which the real estate is situated. The effectiveness of the filing will terminate at the same time as provided § 49-34-11.2 for the termination of the effectiveness of a fixture filing. For the purpose of this section, a mortgage or deed of trust filed under this section contains 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 interest in the real estate used for the transmission and distribution of gas or electric 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. A mortgage or deed of trust filed before July 1, 1989, pursuant to § 49-34-11, which complies with the provisions of this section, is filed under this section as of July 1, 1989. Section 49-34-11 applies to real estate owned in fee simple by a public utility.

Source: SL 1989, ch 402, § 4.



SDLRC - Codified Law 49-34-11 - Recordation of security with secretary of state--Effective date of lien--After acquired property.

49-34-11.4. Applicability of uniform commercial code and other laws--Single filing--Compliance with retention requirements.

Unless displaced by the specific provisions of §§ 49-34-11.1 to 49-34-11.4, inclusive, the uniform commercial code and other applicable laws remain in full force and effect and supplement the provisions of §§ 49-34-11.1 to 49-34-11.4, inclusive. The public utility may make a single filing under §§ 49-34-11, 49-34-11.2 and 49-34-11.3, and the secretary of state shall accept the same as a single filing for all three purposes. The financing statement shall identify the public utility as a "transmitting utility" and shall be indexed under subsection 57A-9-403(4), but the index may also refer to the secretary of state's recording data for real estate records under §§ 49-34-11 and 49-34-11.3 and the retention by the secretary of state of a microfilm or other photographic copy of the document filed in the real estate records shall be sufficient to comply with the retention requirement of subsection 57A-9-403(4).

Source: SL 1989, ch 402, § 5.