Texas Vernon's Texas Civil Statutes - Article 6421. Road Sold For Debts
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Art. 6421. [6624] [4549] [4260] ROAD SOLD FOR DEBTS. In case
of the sale of the property and franchises of a railroad company,
whether by virtue of an execution, order of sale, deed of trust, or
any other power, or by a receiver acting under judgment heretofore
or to be hereafter rendered by any court of competent jurisdiction,
the purchaser or purchasers at such sale, and associates, if any,
shall acquire full title to such property and franchises, with full
power to maintain and operate the railroad and other property
incident to it, under the restrictions imposed by law; provided,
that said purchaser or purchasers, and associates, if any, shall
not be deemed to be the owners of the charter of the railroad
company and corporations under the same, nor vested with the
powers, rights, privileges and benefits of such charter ownership
as if they were the original corporators of said company, unless the
purchaser or purchasers, and associates, if any, shall agree to
take and hold said property and franchises charged with and subject
to the payment of all subsisting liabilities and claims for death
and for personal injuries sustained in the operation of the
railroad by the company, and by any receiver thereof, and for loss
of and damage to property sustained in the operation of the railroad
by the company and by any receiver thereof, and for the current
expenses of such operation, including labor, supplies and repairs;
provided that all such subsisting claims and liabilities shall have
accrued within two years prior to the beginning of the receivership
resulting in the sale of said property and franchises or within two
years prior to the sale, if said property and franchises be sold
otherwise than under receivership proceedings, unless suit was
pending on such claims and liabilities when the receiver was
appointed or when the sale was made, in which event claims and
liabilities on which suits were so pending shall be protected
hereby as though accruing within the two years; such agreement to
be evidenced by a written instrument signed and acknowledged by
said purchaser or purchasers and associates, if any, and filed in
the office of the Secretary of State. Such charter, together with
the powers, rights and privileges and benefits thereof, shall pass
to said purchaser or purchasers and associates, if any, subject to
the provisions and limitations imposed and to be imposed by law.
The amount of stock and bonds which may be held against said
property and franchises, after the sale thereof, as well as the
manner of issuance of such stock and bonds shall be fixed,
determined and regulated by the Railroad Commission of Texas at its
discretion save that the total incumbrance secured by the lien on
said property and franchises shall not exceed the amount allowed by
Article 6521.
Acts 1910, 4th C.S. p. 120.
Article: 6418a 6418b 6419 6419a 6419b 6419c 6420 6421 6422 6423 6424 6425 6426 6427 6428
Last modified: August 10, 2007
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