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426.180 Railroads -- Property subject to execution -- Receiver to enforce
judgment.
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The rolling stock and other movable property belonging to any railroad
company in this state shall be considered personal property, and liable to
execution and sale in the same manner as the property of individuals. The
earnings, money and choses in action of any railroad company in the hands of
any officer, agent or employee may be subjected to the payment of debts in the
same manner as similar property of individuals.
If an execution on a judgment against any company owning or operating any
railroad in this state is returned by the proper officer showing no property
found, in whole or in part, the plaintiff therein may institute an equitable action
against the company in the circuit court of the county in which the judgment
was rendered to place its road and property in the hands of a receiver. The
court, upon a petition showing such return and the failure to pay the judgment,
shall, upon the service of summons upon the company, appoint some suitable
person as receiver of the company.
The receiver shall take possession and control of all the road and property
belonging to and operated by the company, including all rolling stock. The
receiver shall operate the road until he has collected a sum sufficient to pay the
judgment and costs and the cost of the receivership, and he shall then
surrender the road and property to the defendant. The receiver shall first pay
out of the earnings and receipts of the road collected by him the necessary
operating expenses, including what shall be necessary to keep the road in
such repair that it can be safely and properly operated. A bond for the faithful
performance of his duties with good and sufficient surety approved by the court
shall be executed by the receiver before entering upon his duties.
Effective:October 1, 1942
History: Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from
Ky. Stat. sec. 814.
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