(a) The purchasers of any railroad chartered by this state, and lying in whole or in part in this state, sold under any mortgage executed by it, when put in possession of the railroad by any court of competent jurisdiction, shall have the same right to operate the same in this state as the incorporated company which executed the mortgage.
(b) When a mortgage executed, as provided or allowed by law, upon the franchises and property, of every description of an incorporated railroad lying within the state, either in whole or in part, shall be foreclosed in any court of this state or of the United States having jurisdiction thereof, by sale under the mortgage, the purchasers at the sale shall, by virtue thereof, be entitled to and be invested with the franchises and property, and with all the rights, privileges, and immunities appertaining thereto by the laws of this state, in the act of incorporation of the company, and the amendments thereto, and the general internal improvement law, or other laws of this state, in as full a manner as the company or companies are or were.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.