N.J.S.A. 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.

This is the verbatim text of N.J.S.A. 48:12-138, retrieved from the New Jersey Legislature's public statute corpus. Statutes are amended periodically — for the most current version, check the external source link above. Kyzer is not a law firm and this page is not legal advice.