IC 8-4-12
    Chapter 12. Abandonment of Certain Railroads

IC 8-4-12-1
Forfeiture of rights, privileges, and franchises
    Sec. 1. Any railroad company organized under a special charter,or under the general law of the state for the construction of railroads,whose lines are wholly within this state or partly within this state andpartly in another state, which shall fail to keep up the directory oftheir road and expend at least the sum of fifty thousand dollars($50,000) upon the line of their road in this state, within any periodof two (2) years from March 11, 1867; or where any railroadcompany, so organized as aforesaid, shall have located before March11, 1867, the line of her road in this state, and have afterwardsadopted another and different line and route thereof in this state,then, in either of the above cases, such railroad company shall betaken and held to have abandoned such road, or so much of the linethereof in this state as has been abandoned by so selecting andadopting another and different line; and such company is herebydeclared to have forfeited all her rights, privileges, and franchises insuch road or part thereof.
(Formerly: Acts 1867, c.80, s.1; Acts 1877, c.68, s.1.) As amended byP.L.62-1984, SEC.61.

IC 8-4-12-2
Takeover of derelict company by new company; appraisement
    Sec. 2. Any company that is or that may be organized under thegeneral laws of this state providing for the incorporation of railroadcompanies may complete any such abandoned road or part thereof,and shall, for such purpose, be invested with all the rights, privileges,interests, rights of way, franchises, properties, and immunities ofsuch derelict railroad company, and shall proceed to construct thesame, as is hereafter provided. However, before any such newcompany shall succeed to said rights, privileges, interests, rights ofway, franchises, properties and immunities, and before it shallproceed to complete such road or part of such road, the value of thesame shall be ascertained by:
        (1) one (1) disinterested freeholder in any county through whichthe line of the road may run; and
        (2) two (2) disinterested appraisers licensed under IC 25-34.1;
who are residents of Indiana, one (1) of whom shall be selected bysaid new company, and one (1) by the old company, or the assigneeor purchaser of the franchises thereof, and the other by the auditor ofsuch county. One (1) of the appraisers described under subdivision(2) must reside not more than fifty (50) miles from the property. Thefreeholder and the two (2) appraisers appointed under subdivisions(1) and (2) shall constitute a board of appraisers; and in the event thatthe said old company, or the assignee or purchaser of the franchisesthereof, shall fail or refuse, upon request, to name such appraiser,then the appraiser shall be named by the said auditor. Such board of

appraisers shall take an oath to faithfully discharge their duties, andmake a true and impartial appraisement of such rights, privileges,interests, rights of way, franchises, properties and immunities. Suchboard shall report their appraisement to said auditor, and, upon thepayment of the same by such new company to the treasurer of suchcounty, it shall succeed to and be invested as aforesaid. Nothing inthis chapter shall authorize or permit any railroad company whichhas constructed and is operating its road to change its line of roadfrom that now used and occupied so as to avoid any point named intheir charter or articles of association.
(Formerly: Acts 1867, c.80, s.2; Acts 1877, c.68, s.2; Acts 1975,P.L.76, SEC.3.) As amended by P.L.113-2006, SEC.5.

IC 8-4-12-3
Payment of appraised value; disposition
    Sec. 3. The money so paid, as is provided in section 2 of thischapter, shall be held by such treasurer in trust for the payment,firstly, of the debts of such old company; and, secondly, the balance,if any, shall be equitably distributed among the stockholders thereof.
(Formerly: Acts 1867, c.80, s.3.) As amended by P.L.62-1984,SEC.62.

IC 8-4-12-4
Fees of appraisers
    Sec. 4. The said appraisers shall receive for their service, fivedollars ($5.00) per day for the time by them employed, to be paid bysaid treasurer out of the amount of said assessment.
(Formerly: Acts 1867, c.80, s.4.)

IC 8-4-12-5
Evidence of abandonment
    Sec. 5. Any such railroad company whose road is incomplete whoshall fail to complete the same, or who shall fail to expend at leasttwenty-five thousand dollars ($25,000) towards the completionthereof in each year, shall be taken and held to come within thepurview of this chapter.
(Formerly: Acts 1867, c.80, s.5.) As amended by P.L.62-1984,SEC.63.

IC 8-4-12-6
Annual financial statement and report; filing
    Sec. 6. All railroad companies in this state, or whose roads runinto this state, shall, on the fifteenth day of January of each year, filewith the auditor of state a statement in writing, verified by theaffidavit of the treasurer of such company, showing the gross receiptsof such company; the amount paid to each officer, the gross amountpaid to other employees; the amount paid for rolling-stock; theamount paid for the actual construction of such road; itemizing theamount paid for earthwork, bridges, iron, ties, culverts and all otheritems of such construction; and also the amount of the capital stock

of such company, the assets thereof, and the rate of dividends to thestockholders, and also any and all other expenses of such company.
(Formerly: Acts 1867, c.80, s.6.)

IC 8-4-12-7
Completion of road by transferee company
    Sec. 7. Whenever any railroad company, coming within theprovision of this chapter, shall sell or transfer their property, rights,or franchises to any other railroad company, it shall be the duty ofsuch last named railroad company to complete the road so transferredto them, and put the same in complete running order, within three (3)years after the time of such transfer; and upon failure so to do, itshall be taken and held to have abandoned and forfeited the same,and any company organized, as provided in this chapter, shallsucceed to and be invested with the same, as is herein provided;provided, however, that nothing in this chapter contained shall beregarded as a recognition of the right of two (2) or more railroadcompanies to consolidate by voluntary agreement.
(Formerly: Acts 1867, c.80, s.7.) As amended by P.L.62-1984,SEC.64.