Louisiana Revised Statutes 45:617 – Guaranty of bonds or contract of another railroad
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Terms Used In Louisiana Revised Statutes 45:617
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC
Any railway corporation may guarantee the bonds or contract of any other railway company unless the lines of the guarantor and guarantee companies are parallel and competing lines.