§ 327G.78 — Sale of railroad property

Iowa § 327G.78

• Jurisdiction: Iowa
• Title VIII: TRANSPORTATION
• Ch. 327G: RAILROAD RIGHTS-OF-WAY, CROSSINGS, TRACKS, AND FENCING

Text

1. Subject to section 6A.16 and 327G.77, when a railroad corporation, its trustee, or its
successor in interest has interests in real property adjacent to a railroad right-of-way that are
abandoned by order of the surface transportation board, reorganization court, bankruptcy
court, or the department, or when a railroad corporation, its trustee, or its successor in
interest seeks to sell its interests in that property under any other circumstance, the railroad
corporation, its trustee, or its successor in interest shall extend a written offer to sell at a fair
market value price to the persons holding leases, licenses, or permits upon those properties,
allowing sixty days from the time of receipt for a written response. If a disagreement arises
between the parties concerning the price or other terms of the sale transaction, either or
both parties may make written application to the department to resolve the disagreement.
The application shall be made within sixty days from the time an initial written response is
served upon the railroad corporation, trustee, or successor in interest by the person wishing
to purchase the property. The department shall notify the department of inspections,
appeals, and licensing which shall hear the controversy and make a final determination of
the fair market value of the property and the other terms of the transaction which were
in dispute, within ninety days after the application is filed. The determination is subject
11 RAILROAD RIGHTS-OF-WAY, CROSSINGS, TRACKS, AND FENCING, §327G.81
to review by the department and the department’s decision is the final agency action. All
correspondence shall be by certified mail.
2. The decision of the department is binding on the parties, except that a person who
seeks to purchase the real property may withdraw the offer to purchase within thirty days
of the decision of the department. If a withdrawal is made, the railroad corporation, trustee,
or successor in interest may sell or dispose of the real property without further order of the
department.
3. This section does not apply when a rail line is being sold for continued railroad use.
[82 Acts, ch 1207, §3]