ยง 151. Mortgagee may purchase at foreclosure sale. Any mortgagee of
the property and franchises of any railroad corporation may become the
purchaser of the same at any sale thereof under the mortgage, upon
foreclosure by advertisement, or under a judgment, or decree, or
otherwise, and hold and use the same, with all the rights and privileges
belonging thereto or connected therewith for the period of six months,
and convey the same to any railroad corporation.
Structure New York Laws
Article 4 - Consolidation, Lease, Sale and Reorganization
141 - Mergers and Consolidations of Certain Railroad Corporations.
144 - Assessment of Property of New or Surviving Corporation.
145 - Stocks of Municipal Corporations, How Represented.
146 - Foreclosure of Mortgages Made by Consolidated Railroads Partly in the State.
147 - Powers of Corporations Organized to Acquire and Operate Railroads Partly in the State.
148 - Lease and Conveyance of Road.