48:12-141 - Foreclosure sale of railroad of another state with part of route in this state - New Jersey Statutes

48:12-141.  Foreclosure sale of railroad of another state with part of route  in this state
    Where suit is brought to foreclose a mortgage of the railroad and franchises  of any railroad company of another State, any part of whose route, whether  acquired by lease or otherwise, lies within this State, the suit in this State  shall, so far as is consistent with the protection of parties having liens in  this State, be conducted as auxiliary to the foreclosure suit in the State  where the company is domiciled.  The Superior Court may order the sale of  property and franchises in this State to be made in such other State at the  same time and place as the foreclosure sale therein under such regulations as  to advertisement or otherwise and on such terms as the Chancellor may direct.

    No conveyance shall be made until confirmation of the sale by the Superior Court.  The Superior Court may impose such terms as may be equitable upon the acquisition by the purchaser of the property and franchises of the company in the hands of the receiver, if any, in this State.

     Amended by L.1962, c. 198, s. 150.