New Jersey Statutes 48:3-27. Railroad, canal or turnpike lying partly within and partly without state
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Terms Used In New Jersey Statutes 48:3-27
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- State: extends to and includes any State, territory or possession of the United States, the District of Columbia and the Canal Zone. See New Jersey Statutes 1:1-2
When any such railroad, canal or turnpike lies partly within and partly without this state and shall have been purchased under a mortgage sale of the consolidated rights, property, privileges and franchises of either of said companies, and the foreclosure and sales shall have been carried on separately in the different states where the railroad, canal or turnpike was located, the new company which may be thereafter formed in each state shall be taken and considered to be one company in law and in fact; provided that the persons for or on whose account such purchase was made, shall be the same persons and shall so certify under the hand of the first president of the consolidated company in its certificate of organization, in which case all of the aforesaid rights, property, privileges and franchises of the consolidated companies shall be merged into the new or reorganized company.