33-415. Recording of master mortgages; including master mortgage provisions by reference in other mortgage

A. Any person may record in the office of the county recorder of any county master mortgages of real property. Master mortgages are not required to be acknowledged or proved or certified to be recorded or entitled to be recorded. Such mortgages shall have noted upon the face thereof that they are master mortgages.

B. The county recorder shall index and record master mortgages in the same manner as other mortgages are indexed and recorded and shall note on all indices and records thereof that they are master mortgages.

C. Thereafter any provisions of a recorded master mortgage may be included for any and all purposes in a mortgage by reference therein to any of such provisions without setting them forth in full, if the master mortgage is of record in the county in which the mortgage adopting or including by reference any provisions thereof is recorded.

D. The reference shall contain a statement:

1. As to each county in which the mortgage containing the reference is recorded.

2. The date such master mortgage was recorded.

3. The county recorder's office wherein the master mortgage is recorded.

4. The book, volume and page or pages or recording number of the records in the recorder's office where the master mortgage is recorded.

5. Paragraph numbers, or any other method, which will definitely identify the specific provisions of the master mortgage which are being adopted and included in the reference.

E. Recording a master mortgage which has included therein any provisions by reference as provided in this section shall operate as constructive notice of the whole thereof, including its terms, as a part of the written contents of any such mortgage, and of any provisions so included by reference as though they were written in full therein.

F. The parties bound, or to be bound, by provisions adopted and included by reference shall be bound thereby in the same manner and with like effect for all purposes as though such provisions were set forth in full in writing in such mortgage.