Louisiana Revised Statutes 45:124 – Mortgages, power to make; property covered
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Terms Used In Louisiana Revised Statutes 45:124
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
Corporations, domestic or foreign, organized for the purpose of developing and transmitting electric energy or power, lighting, heating and other such uses, may, to secure the payment of any obligation contracted by them, mortgage their transmission lines, in whole or in part, and such mortgage, if made of all the transmission lines of the corporation, shall bear upon the entire system of transmission lines and all extensions or additions made during the term of the mortgage, though not completed or contemplated at the time the mortgage is made, and such mortgage may also bind the appurtenances of transmission lines, its equipment, transformers, sub-stations, and all other parts thereof.