§ 8-4-12-2 — Takeover of derelict company by new company; appraisement

Indiana § 8-4-12-2

• Jurisdiction: Indiana
• Art. 4: ORGANIZATION AND OPERATION OF
• Ch. 12: Abandonment of Certain Railroads

Text

Any company that is or that may be organized
under the general laws of this state providing for the incorporation of
railroad companies may complete any such abandoned road or part
thereof, and shall, for such purpose, be invested with all the rights,
privileges, interests, rights of way, franchises, properties, and
immunities of such derelict railroad company, and shall proceed to
construct the same, as is provided under this chapter. However, before
any such new company shall succeed to said rights, privileges,
interests, rights of way, franchises, properties and immunities, and
before it shall proceed to complete such road or part of such road, the
value of the same shall be ascertained by:
(1) one (1) disinterested freeholder in any county through which
the line of the road may run; and
(2) two (2) disinterested appraisers licensed under IC 25-34.1;
who are residents of Indiana, one (1) of whom shall be selected by said
new company, and one (1) by the old company, or the assignee or
purchaser of the franchises thereof, and the other by the auditor of such
county. One (1) of the appraisers described under subdivision (2) must
reside not more than fifty (50) miles from the property. The freeholder
and the two (2) appraisers appointed under subdivisions (1) and (2)
shall constitute a board of appraisers; and in the event that the said old
company, or the assignee or purchaser of the franchises thereof, shall
fail or refuse, upon request, to name such appraiser, then the appraiser
shall be named by the said auditor. Such board of appraisers shall take
an oath to faithfully discharge their duties, and make a true and
impartial appraisement of such rights, privileges, interests, rights of
way, franchises, properties and immunities. Such board shall report
their appraisement to said auditor, and, upon the payment of the same
by such new company to the treasurer of such county, it shall succeed
to and be invested as aforesaid. Nothing in this chapter shall authorize
or permit any railroad company which has constructed and is operating
its road to change its line of road from that now used and occupied so
as to avoid any point named in their charter or articles of association.
Formerly: Acts 1867, c.80, s.2; Acts 1877, c.68, s.2; Acts 1975,
P.L.76, SEC.3. As amended by P.L.113-2006, SEC.5; P.L.136-2018,
SEC.91.