Alaska Statutes: AS 10.25.430. Validity of Mortgage Under Rural Electrification Act.

Alaska Statutes. Title 10. Corporations and Associations Chapter 25. Electric and Telephone Cooperative Act Section 430. Validity of Mortgage Under Rural Electrification Act.

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AS 10.25.430. Validity of Mortgage Under Rural Electrification Act.

A mortgage made by a cooperative organized under this chapter to the United States of America, or an agency or instrumentality of it, to secure indebtedness incurred under 7 U.S.C. 901 - 950bb-2 (Rural Electrification Act), as amended, is not void as against creditors of the mortgagor and subsequent purchasers and encumbrancers of the property in good faith for value because the mortgage is not accompanied by an affidavit of the parties to it, or an affidavit of the agent or attorney in fact of a party to it, that the mortgage is made in good faith to secure the amount named, and without a design to hinder, delay or defraud creditors. A mortgage made by a cooperative organized under this chapter to the United States of America, or an agency or instrumentality of it to secure indebtedness incurred under 7 U.S.C. 901 - 950bb-2 (Rural Electrification Act), as amended, need not set out the date upon which the indebtedness secured by it becomes due.

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