Legislation
SECTION 146
Foreclosure of mortgages made by consolidated railroads partly in the state
Railroad (RRD) CHAPTER 49, ARTICLE 4
§ 146. Foreclosure of mortgages made by consolidated railroads partly
in the state. Whenever a railroad corporation of this or of any other
state or states whose line of road lies partly in this state and partly
in another state or states, shall have executed a mortgage upon its
entire line of railroad, and a sale of the entire line of road under
such mortgage shall have been or may hereafter be ordered, adjudged and
decreed by a court of competent jurisdiction of the state or states, or
by a court of the United States sitting within the state or states in
which the greater part of such line of railroad may be situated, upon
the confirmation of such judgment or decree, and of the sale made
thereunder, by the supreme court of this state or by the circuit court
of the United States in the judicial district in which some part of such
line of road is situated, such sale shall operate to pass title to the
purchaser, of that part of the line of railroad lying in this state,
together with its appurtenances and franchises, with the same force and
effect as if the judgment or decree under which such sale is had, had
been made by a court of competent jurisdiction of this state. Such
judgment or decree and sale may be so ordered, adjudged, decreed or
confirmed in any action or proceeding heretofore or hereafter brought in
the supreme court, or in a court of the United States sitting in this
state, for the foreclosure of such mortgage, or in aid of an action for
that purpose in such other state or states, if it shall appear that such
confirmation is for the interest of the public and of the parties, due
and lawful provision being made for and in respect of any liens upon
that part of the line of road or other property sold situate in this
state, and for such costs, expenses and charges as may appear to be just
and lawful. If a receiver of the entire line of such railroad shall have
been, or may hereafter be appointed by such court of competent
jurisdiction of the state in which the greater part of the line of
railroad is situated, or by a court of the United States sitting in such
other state, such receiver may perform, within this state, the duties of
his office not inconsistent with the laws of this state, and may sue and
be sued in the courts of this state.
in the state. Whenever a railroad corporation of this or of any other
state or states whose line of road lies partly in this state and partly
in another state or states, shall have executed a mortgage upon its
entire line of railroad, and a sale of the entire line of road under
such mortgage shall have been or may hereafter be ordered, adjudged and
decreed by a court of competent jurisdiction of the state or states, or
by a court of the United States sitting within the state or states in
which the greater part of such line of railroad may be situated, upon
the confirmation of such judgment or decree, and of the sale made
thereunder, by the supreme court of this state or by the circuit court
of the United States in the judicial district in which some part of such
line of road is situated, such sale shall operate to pass title to the
purchaser, of that part of the line of railroad lying in this state,
together with its appurtenances and franchises, with the same force and
effect as if the judgment or decree under which such sale is had, had
been made by a court of competent jurisdiction of this state. Such
judgment or decree and sale may be so ordered, adjudged, decreed or
confirmed in any action or proceeding heretofore or hereafter brought in
the supreme court, or in a court of the United States sitting in this
state, for the foreclosure of such mortgage, or in aid of an action for
that purpose in such other state or states, if it shall appear that such
confirmation is for the interest of the public and of the parties, due
and lawful provision being made for and in respect of any liens upon
that part of the line of road or other property sold situate in this
state, and for such costs, expenses and charges as may appear to be just
and lawful. If a receiver of the entire line of such railroad shall have
been, or may hereafter be appointed by such court of competent
jurisdiction of the state in which the greater part of the line of
railroad is situated, or by a court of the United States sitting in such
other state, such receiver may perform, within this state, the duties of
his office not inconsistent with the laws of this state, and may sue and
be sued in the courts of this state.