Alabama Statutes

§ 11-50-151 — Purchaser to Assume Payment of Existing Bonded Indebtedness Upon Plant

Alabama·Title 11 Counties and Municipal Corporations·Ch. 50 Public Utilities·Art. 4 Sale, Lease, Etc., of Electric, Gas or Waterworks Plants by Municipalities

If there is any bonded indebtedness existing which was incurred in the purchase or construction of such electric plant, gas plant or waterworks plant and which is a lien upon the plant, the purchaser shall assume the payment of such bonded indebtedness.

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Alabama § 11-50-151 (Purchaser to Assume Payment of Existing Bonded Indebtedness Upon Plant) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

(Acts 1909, No. 212, p. 253; Code 1923, §2069; Code 1940, T. 37, §386.)

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