In case the railroad company, whose corporate powers have been transferred by a sale as aforementioned, has brought suits in law or equity, or holds any claims or rights of action, excepted and reserved by the terms of the sale, the corporation may have a continuance sufficiently long for the purpose of collecting the claims and paying to or dividing the same among the stockholders or the persons entitled to such claims.
Structure 2021 Tennessee Code
Title 65 - Public Utilities and Carriers
Chapter 8 - Purchase and Sale of Railroads
§ 65-8-101. Power to Acquire and Operate Other Railroads
§ 65-8-102. Borrowing Money for Payment — Issuance of Bonds
§ 65-8-103. Continuation of Business by Seller to Wind Up Business
§ 65-8-104. Authority to Purchase Under Judicial Sale
§ 65-8-105. Rights of Purchase Under Judicial Sale