IC 8-4-26
    Chapter 26. Settlement of Railroad Mortgages

IC 8-4-26-1
Notice; procedure
    Sec. 1. If any railroad company has heretofore executed, or mayhereafter execute, any mortgage upon the whole or any portion oftheir road, it shall be lawful for such company, with the consent ofpersons owning a majority of the capital stock of such company, tosettle and compromise with such mortgagees, and release and conveyto such mortgagees or creditors for whose benefit such mortgage isor may be held such part of the road mortgaged, and upon such termsas may be agreed upon; and thereafter such vendees, by such nameas they may assume, shall possess, own, and enjoy all the rights,privileges and immunities of said company over the part of the roadso conveyed; and no act or omission of the company making theconveyance shall work a forfeiture of their franchises over that partof the road so conveyed. And such vendees, by the name by themassumed, shall be a body corporate and politic, with the rights,privileges, franchises and immunities as aforesaid, and may issuestock not exceeding twenty thousand dollars ($20,000) per mile, andsell the same, and issue certificates therefor, which shall beassignable upon such terms as they may prescribe; and if from anycause there shall be any failure of the title to any right of way, orwhen the title thereto has not been acquired, upon which any railroadof this state is now constructed, it shall be lawful for the companyowning the road, or for the party owning such lands upon which anypart of the road is constructed, to apply to the proper court for thewrit of assessment or damages, and have the damages which theowner of said property has sustained or may sustain by reason of thetaking, use and occupancy thereof by the company for theconstruction and maintenance of said road; and upon assessment andpayment by the company of the damages which may be assessed orawarded, the title to such property shall vest absolutely in thecompany for the purposes of said railroad; and the business of noroad actually constructed shall be obstructed by reason of any suchdefect of title to any part of the property upon which it may be built,unless there shall be default in the payment of money awarded afterthe verdict shall have been rendered and judgment thereon; but everycompany, having actually constructed and having in operation saidroad shall be entitled to maintain the same and avail itself of theprivilege of this section, whenever, from any cause, its right of wayfor the track occupied is not perfect and absolute: Provided, That nosuch compromise or conveyance shall be made until thirty (30) days'notice has been given of the intention so to do, by publication insome newspaper published in this state in the county in which theprincipal office of such company is kept.
(Formerly: Acts 1855, c.81, s.1.)