48:12-141 - Foreclosure sale of railroad of another state with part of routeĀ in this state
48:12-141.Ā Foreclosure sale of railroad of another state with part of routeĀ in this state
Where suit is brought to foreclose a mortgage of the railroad and franchisesĀ of any railroad company of another State, any part of whose route, whetherĀ acquired by lease or otherwise, lies within this State, the suit in this StateĀ shall, so far as is consistent with the protection of parties having liens inĀ this State, be conducted as auxiliary to the foreclosure suit in the StateĀ where the company is domiciled.Ā The Superior Court may order the sale ofĀ property and franchises in this State to be made in such other State at theĀ same time and place as the foreclosure sale therein under such regulations asĀ to advertisement or otherwise and on such terms as the Chancellor may direct.
No conveyance shall be made until confirmation of the sale by the Superior Court.Ā The Superior Court may impose such terms as may be equitable upon the acquisition by the purchaser of the property and franchises of the company in the hands of the receiver, if any, in this State.
Amended by L.1962, c. 198, s. 150.
Ā
Where suit is brought to foreclose a mortgage of the railroad and franchisesĀ of any railroad company of another State, any part of whose route, whetherĀ acquired by lease or otherwise, lies within this State, the suit in this StateĀ shall, so far as is consistent with the protection of parties having liens inĀ this State, be conducted as auxiliary to the foreclosure suit in the StateĀ where the company is domiciled.Ā The Superior Court may order the sale ofĀ property and franchises in this State to be made in such other State at theĀ same time and place as the foreclosure sale therein under such regulations asĀ to advertisement or otherwise and on such terms as the Chancellor may direct.
No conveyance shall be made until confirmation of the sale by the Superior Court.Ā The Superior Court may impose such terms as may be equitable upon the acquisition by the purchaser of the property and franchises of the company in the hands of the receiver, if any, in this State.
Amended by L.1962, c. 198, s. 150.
Ā