§ 136-44.36C. Installment contracts authorized. - North Carolina Statutes

§136‑44.36C.  Installment contracts authorized.

The Department ofTransportation may purchase active or inactive railroad lines, corridors,rights‑of‑way, locomotives, rolling stock, and other rail property,both real and personal, by installment contracts which create in the propertypurchased a security interest to secure payment of the purchase money.  Nodeficiency judgment may be rendered against the Department of Transportation inany action for breach of a contractual obligation authorized by this section,and the taxing power of the State is not and may not be pledged directly orindirectly to secure any money due the seller. (1991, c. 673, s. 2.)