Maine Statutes
§ 23 §5181 — Purchasers at sale have rights of original corporation; redemption
When the franchise of a railroad and its road, wholly or partly constructed, or the right of redeeming the same from a mortgage, are sold by a decree of court by a power of sale in a mortgage, or on execution, the purchasers have all the rights, powers and obligations of the corporation under its charter and may form a new corporation in the manner provided. If the original corporation or those claiming under it have a right to redeem, they may do so in the manner provided for the redemption of mortgaged real estate, but shall pay, in addition to the amount of the sale and interest, the reasonable expenditures made by the new corporation in completing, repairing and equipping the road, and in the purchase of necessary property, after deducting the net earnings.
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Maine § 23 §5181 (Purchasers at sale have rights of original corporation; redemption) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
PL 1987, c. 141, §A4 (NEW).
Nearby Sections
15
§ 23 §51
Appointment; tenure; reports§ 23 §5121
Fares and tolls established§ 23 §5122
Rights of ticket holders§ 23 §5124
Sale of limited tickets§ 23 §5141
Intersecting roads§ 23 §5143
Equal facilities to all expresses§ 23 §5144
Discontinuance of service§ 23 §5151
Shares§ 23 §5152
Rights of coupon holders§ 23 §5155
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