(a)
(1) Whenever any railroad company, corporation, or individual purchases any railroad from any other railroad company, corporation, or individual, the company, corporation, or individual purchasing shall take and hold the railroad subject to all debts, liabilities, and obligations of the company from which the road was purchased.
(2) Whenever any two (2) or more railroad companies shall be consolidated, the consolidated company shall be liable for all the debts, liabilities, and obligations of all the consolidated companies.
(b) All persons or corporations having claims against the purchasing company or individual under this section shall present the claims to the purchasing company or individual within twelve (12) months after receiving notice from the purchasing company or individual of the sale or be forever barred.
Structure Arkansas Code
Title 23 - Public Utilities and Regulated Industries
Subtitle 1 - Public Utilities And Carriers
Chapter 11 - Establishment and Organization of Railroads
Subchapter 3 - Sale, Lease, or Consolidation
§ 23-11-301. Authority of railroad to sell or lease road or property
§ 23-11-303. Construction, purchase, or lease of railroad in adjoining state authorized
§ 23-11-304. Formation of connecting lines — Aid to construction of other railroad authorized
§ 23-11-305. Consolidation when lines connect at state boundary line
§ 23-11-306. Consolidation of two or more railroad companies to effect continuous line
§ 23-11-307. Consolidation with foreign corporation
§ 23-11-308. Bonds issued by leasing, purchasing, or consolidating corporation — Security for bonds
§ 23-11-309. Stockholders' consent required for purchase of stock, lease, or consolidation
§ 23-11-310. Articles of consolidation or purchase — Amount of capital stock
§ 23-11-311. Control of parallel or competing line prohibited — Contracts, etc., void — Penalties
§ 23-11-312. Rights and privileges of consolidated and purchasing companies
§ 23-11-313. Debts of purchased or consolidated companies — Claims