No mortgage, agreement that creates or provides for a security interest, bill of sale, conditional sales contract, deed of trust or conveyance of personal property which is not accompanied by a permanent delivery thereof to the vendee is valid as to persons who do not have actual knowledge thereof unless all of the following conditions are met:
(1) it is in writing signed by the person to be bound and attested to by at least one witness;
(2) it is filed with the Territorial Registrar within 10 days after its execution;
(3) it truly states the consideration upon which it was based or the debt or liability which it was intended to secure, and contains a description of the land sold or mortgaged, or the security for the debt or liability that reasonably identifies the security, whether specific or not. The security may be described by its listing, category, type, quantity and/or location and may include property so described which is acquired after execution of the mortgage or agreement creating or providing for the security interest.
History: 1962, PL 7-31; 1968, PL 10-68; amd 2006, PL 29-19.