2016 New Jersey Revised Statutes
Title 48 - Public Utilities
Section 48:12-138 - Sale Or Lease; Title Vested In Purchaser Or Lessee
48:12-138. Sale or lease; title vested in purchaser or lessee
When a sale is made of a railroad in this State under execution or by force of a decree or judgment in foreclosure or insolvency proceedings or otherwise, or when a lease of a railroad is made by a receiver by order of the Superior Court, the sale and conveyance or lease shall vest in the purchaser or lessee such title of the parties to the suit as the court may direct, and may include all property and franchises of the company subject to all conditions, limitations and restrictions.
Amended by L.1962, c. 198, s. 148.
Disclaimer: These codes may not be the most recent version. New Jersey may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
