N.J.S.A. 48:12-146 — Operation of insolvent railroad by receiver; expenses

48:12-146. Operation of insolvent railroad by receiver; expenses When a railroad company in this State shall become insolvent and its property shall have passed into the hands of a receiver by order of the Superior Court, the receiver shall operate the railroad for the use of the public, subject at all times to the order of the Superior Court. All expenses incident to the operation of the railroad shall be a first lien on the receipts, to be paid before any other encumbrances whatever. Amended by L.1962, c. 198, s. 153.

This is the verbatim text of N.J.S.A. 48:12-146, 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.