136-44.36C. Installment contracts authorized.
The Department of Transportation may purchase active or inactive railroad lines, corridors, rights-of-way, locomotives, rolling stock, and other rail property, both real and personal, by installment contracts which create in the property purchased a security interest to secure payment of the purchase money. No deficiency judgment may be rendered against the Department of Transportation in any action for breach of a contractual obligation authorized by this section, and the taxing power of the State is not and may not be pledged directly or indirectly to secure any money due the seller. (1991, c. 673, s. 2.)
Structure North Carolina General Statutes
North Carolina General Statutes
Article 2D - Railroad Revitalization.
§ 136-44.35 - Railroad revitalization and corridor preservation a public purpose.
§ 136-44.36A - Railway corridor preservation.
§ 136-44.36B - Power of Department to preserve and acquire railroad corridors.
§ 136-44.36C - Installment contracts authorized.
§ 136-44.36D - Recreational leasing requirements.
§ 136-44.37 - Department to provide nonfederal matching share.
§ 136-44.39 - Department to provide State and federal financial assistance to short-line railroads.