48:12-138 - Sale or lease; title vested in purchaser or lessee - New Jersey Statutes

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.