When any railroad company has mortgaged, or mortgages, its railroad, pursuant to law, to secure its bonds, and has included or includes in such mortgage all or any part of its rolling stock, locomotives, cars and other personal property, and of its property, whether real or personal, thereafter to be acquired by it for use upon such railroad, such mortgage shall be deemed valid and effectual as respects all the property therein included as aforesaid and may be foreclosed in the same manner as ordinary mortgages of real estate; and the record thereof in the office of the Secretary of the State shall be sufficient record and notice to protect the title under the mortgage, although such company remains in possession of the mortgaged property.
(1949 Rev., S. 5629; P.A. 85-246, S. 15.)
History: P.A. 85-246 deleted references to street railway companies.
Held that railroad mortgage could only be foreclosed by State Treasurer. 50 C. 159.
Cited. 28 CS 459.
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