(a) The purchasers of any railroad chartered by this state, and lying in whole or in part in this state, sold under any mortgage executed by it, when put in possession of the railroad by any court of competent jurisdiction, shall have the same right to operate the same in this state as the incorporated company which executed the mortgage.

Terms Used In Tennessee Code 65-8-106

  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Property: includes both personal and real property. See Tennessee Code 1-3-105
  • State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
  • United States: includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
(b) When a mortgage executed, as provided or allowed by law, upon the franchises and property, of every description of an incorporated railroad lying within the state, either in whole or in part, shall be foreclosed in any court of this state or of the United States having jurisdiction thereof, by sale under the mortgage, the purchasers at the sale shall, by virtue thereof, be entitled to and be invested with the franchises and property, and with all the rights, privileges, and immunities appertaining thereto by the laws of this state, in the act of incorporation of the company, and the amendments thereto, and the general internal improvement law, or other laws of this state, in as full a manner as the company or companies are or were.
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