48:12-138 - Sale or lease;Ā title vested in purchaser or lessee
48:12-138.Ā Sale or lease;Ā title vested in purchaser or lessee
When a sale is made of a railroad in this State under execution or by forceĀ of a decree or judgment in foreclosure or insolvency proceedings or otherwise,Ā or when a lease of a railroad is made by a receiver by order of the SuperiorĀ Court, the sale and conveyance or lease shall vest in the purchaser or lesseeĀ such title of the parties to the suit as the court may direct, and may includeĀ all property and franchises of the company subject to all conditions,Ā limitations and restrictions.
Amended by L.1962, c. 198, s. 148.
Ā
When a sale is made of a railroad in this State under execution or by forceĀ of a decree or judgment in foreclosure or insolvency proceedings or otherwise,Ā or when a lease of a railroad is made by a receiver by order of the SuperiorĀ Court, the sale and conveyance or lease shall vest in the purchaser or lesseeĀ such title of the parties to the suit as the court may direct, and may includeĀ all property and franchises of the company subject to all conditions,Ā limitations and restrictions.
Amended by L.1962, c. 198, s. 148.
Ā