Indiana § 8-4-14-6 Vesting of railroad in foreign railroad corporation

Indiana Statutes

§ 8-4-14-6 — Vesting of railroad in foreign railroad corporation

Indiana § 8-4-14-6

Art. 4ORGANIZATION AND OPERATION OF

Ch. 14Reorganization of Railroads After Sale

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Bluebook

Ind. Code § 8-4-14-6 (2026).

Text

In case a portion of any railroad situated within
this state (a part of which is situated in another state) shall become
vested in a corporation of another state, the said corporation may
exercise and enjoy within this state, and also in such other state, for the
purposes of such railroad and its business, all the rights, powers,
faculties, franchises, and privileges in this chapter contained; and its
mortgages and trust deeds shall operate and be binding as specified
within the mortgages and trust deeds, and all sales under the same shall
be valid and effectual. Where the railroad of a railroad corporation
organized under the laws of this state has or shall become vested in a
railroad corporation of another state, pursuant to an order or decree of
any court or courts of the United States,

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In case a portion of any railroad situated within
this state (a part of which is situated in another state) shall become
vested in a corporation of another state, the said corporation may
exercise and enjoy within this state, and also in such other state, for the
purposes of such railroad and its business, all the rights, powers,
faculties, franchises, and privileges in this chapter contained; and its
mortgages and trust deeds shall operate and be binding as specified
within the mortgages and trust deeds, and all sales under the same shall
be valid and effectual. Where the railroad of a railroad corporation
organized under the laws of this state has or shall become vested in a
railroad corporation of another state, pursuant to an order or decree of
any court or courts of the United States, in a proceeding for the
reorganization of such railroad corporation of another state, pursuant
to Regional Rail Reorganization Act (11 U.S.C. 101(44), 11 U.S.C.
1163, and 11 U.S.C. 1166 et seq.), such reorganized railroad
corporation may exercise and enjoy within this state for the purpose of
such reorganized railroad and its business, all rights, powers,
privileges, franchises, and immunities that were possessed and enjoyed
by said railroad corporation organized under the laws of this state; and
such reorganized railroad corporation, when necessary or proper, may
exercise the power of eminent domain in acquiring additional lands or
property necessary or convenient for betterments, maintenance,
extension, or operation of such railroad, and for the construction, use,
and maintenance of spurs, switches, sidetracks, depots, stations,
terminals, and other facilities to be used in connection with such
railroad, in the manner and to the extent and subject to the limitations
applying to Indiana railroad corporations.
Formerly: Acts 1945, c.202, s.6. As amended by P.L.62-1984,
SEC.68; P.L.7-2015, SEC.22; P.L.136-2018, SEC.94.