47-21-46.3. Filing of mortgage or trust deed covering less than fee simple interest--Effect--Termination--Sufficiency of description.
A mortgage or trust deed to secure a debt executed by a rural electric cooperative, 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 electric service, and also covering the fixtures of the rural electric cooperative 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 each county in which the real estate is situated. The effectiveness of the filing terminates at the same time as provided in §47-21-46.2 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 electric service of the rural electric cooperative if the mortgage or deed of trust states that the security includes easements, rights-of-way of, or transmission or distribution systems of, or lines of, the rural electric cooperative, or all property owned by the rural electric cooperative. A mortgage or deed of trust filed before July 1, 2009, pursuant to §47-21-46, which complies with the provisions of this section, is considered filed and effective under this section as of July 1, 2009. Section 47-21-46 applies to real estate owned in fee simple by a rural electric cooperative. Any mortgage or deed of trust filed before July 1, 2009, with the Office of the Secretary of State pursuant to chapter 57A-9, that complies with the provisions of this section, is considered filed and effective under this section as of July 1, 2009.
Source: SL 2009, ch 233, §3.
Structure South Dakota Codified Laws
Chapter 21 - Rural Electric Cooperatives
Section 47-21-1 - Definitions.
Section 47-21-2 - Purpose and authority.
Section 47-21-3 - Name of cooperative--Exceptions.
Section 47-21-4 - Exclusive use of particular words.
Section 47-21-5 - Requirement that name be distinct.
Section 47-21-6 - Incorporators--Requisites and qualifications.
Section 47-21-7 - Articles of incorporation--Unnecessary recitals--Signing of articles.
Section 47-21-8 - Amendment of articles--Procedure--Two-thirds vote required.
Section 47-21-9 - Required recitals in amendment--Affidavit of compliance.
Section 47-21-10 - Board of directors--Bylaws--Meetings by teleconference.
Section 47-21-11 - Compensation of directors.
Section 47-21-12 - First directors--Term of office.
Section 47-21-13 - Election of directors--Maximum term of office.
Section 47-21-14 - Quorum of directors.
Section 47-21-15 - Husband and wife as directors.
Section 47-21-16 - Powers of board of directors.
Section 47-21-17 - Directors not disqualified from acknowledging instruments.
Section 47-21-18 - Adoption of first bylaws by directors--Subsequent bylaws adopted by members.
Section 47-21-19 - Provisions of bylaws.
Section 47-21-21 - Officers--Election and qualifications--Removal of officers.
Section 47-21-22 - Conversion of corporation into cooperative.
Section 47-21-23 - Submission of conversion proposition to stockholders--Notice of meeting.
Section 47-21-25 - Consolidating cooperatives.
Section 47-21-26 - Submission of consolidation proposition to members--Notice of meeting.
Section 47-21-28 - Merging cooperatives.
Section 47-21-29 - Submission of merger proposition to members--Notice of meeting.
Section 47-21-32 - Transfer of rights and obligations to surviving cooperative.
Section 47-21-34 - Rights of creditors and lienors unaffected by consolidation or merger.
Section 47-21-36 - Dissolution after commencement of business.
Section 47-21-37 - Submission of dissolution proposition to members--Majority vote required.
Section 47-21-41 - Articles of dissolution--Contents of articles.
Section 47-21-43 - Fee schedule of secretary of state.
Section 47-21-44 - Encumbering cooperative property in favor of governmental agency permitted.
Section 47-21-46 - Place of recordation of encumbrance.
Section 47-21-46.4 - Applicability of other laws--Single filing--Index.
Section 47-21-46.5 - Assignment or discharge of trust deed or mortgage.
Section 47-21-46.6 - Filing fee.
Section 47-21-47 - After-acquired property as subject to encumbrance--Recordation as notice.
Section 47-21-48 - Encumbrance against personal property--Continuance of lien without refiling.
Section 47-21-49 - Members of cooperatives--Qualifications.
Section 47-21-50 - Use of electric energy required--Failure to make energy available.
Section 47-21-52 - Liability of members for acts of cooperative.
Section 47-21-53 - Annual members' meeting.
Section 47-21-54 - Special meetings for members--Procedure for calling.
Section 47-21-55 - Notice of meeting--Contents of notice--Method of giving notice.
Section 47-21-57 - Voting by members--Spouse voting for member--Mail voting.
Section 47-21-58 - Waiver of notice--Attendance as waiver--Exceptions.
Section 47-21-59 - Powers of cooperative--Capacity to sue and be sued.
Section 47-21-60 - Powers of cooperative--Perpetual existence.
Section 47-21-61 - Powers of cooperative--Corporate seal.
Section 47-21-62 - Powers of cooperative--Generation and distribution of electric energy.
Section 47-21-63 - Powers of cooperative--Dealing in property and equipment.
Section 47-21-64 - Powers of cooperative--Franchises, licenses and easements.
Section 47-21-65 - Powers of cooperative--Borrowing--Security for borrowing.
Section 47-21-67 - Powers of cooperative--Eminent domain.
Section 47-21-68 - Powers of cooperative--Joining other cooperatives.
Section 47-21-69 - Powers of cooperative--Extraterritorial powers.
Section 47-21-70 - Powers of cooperative--Bylaws.
Section 47-21-71 - Powers of cooperative--Other powers.
Section 47-21-72 - Requirement that cooperative be nonprofit--Disposition of revenues.
Section 47-21-73 - Municipal corporation or county grant to use public streets.
Section 47-21-76 - Change of location of principal office--Certificate to secretary of state.
Section 47-21-77 - Securities regulation laws inapplicable.
Section 47-21-78 - Construction of chapter.
Section 47-21-79 - Limitation of actions.
Section 47-21-80 - Severability and saving clause.
Section 47-21-81 - Citation of chapter.
Section 47-21-83 - Forfeiture of unclaimed credits.
Section 47-21-84 - Application of South Dakota's Public Communications Network Infrastructure.