Sec. 7. No purchaser or purchasers of any railroad shall be entitled to any rights or benefits under this chapter until such purchaser or purchasers shall first assume and pay, in money or first class or satisfactory securities, to be issued by the new corporation formed upon the sale or transfer of any railroad as provided in this chapter for, as the creditor or creditors may elect, all ticket balances and back charges for freight, with interest, whether due upon account, judgment of a court of record, bond, note, or other instrument in writing, which the former railroad corporation may have owned or been in arrears for, to any connecting railroad company, operating a railroad entirely or in part in this state.
Formerly: Acts 1861, c.78, s.7. As amended by P.L.62-1984, SEC.78; P.L.136-2018, SEC.95.
Structure Indiana Code
Title 8. Utilities and Transportation
Article 4. Organization and Operation of Railroads
Chapter 24. Purchase and Sale of Defunct Railroads
8-4-24-1. Certificate of Sale; Public Lease; Sale Notice
8-4-24-2. Powers, Privileges, Facilities, and Franchises
8-4-24-3. Reciprocity; Foreign Corporations
8-4-24-4. Liens and Encumbrances
8-4-24-6. Surrender or Assignment of Stock; Acquisition of Stock in Reorganized Company