Terms Used In Maine Revised Statutes Title 23 Sec. 7152

• 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.
• Financially responsible person: means a financially responsible person, as defined in the United States Code, title 49, § 10910(a), who intends to acquire, lease or contract to operate all or part of the railroad line in question. See Maine Revised Statutes Title 23 Sec. 7152
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• Person: means a natural person, corporation, partnership or state agency. See Maine Revised Statutes Title 23 Sec. 7152
• Railroad: includes every commercial, interurban and other railway and each and every branch and extension thereof by whatsoever power operated, together with all tracks, bridges, trestles, rights-of-way, subways, tunnels, stations, depots, union depots, ferries, yards, grounds, terminals, terminal facilities, structures and equipment and all other real estate, fixtures and personal property of every kind used in connection therewith, owned, controlled, operated or managed for public use in the transportation of persons or property. See Maine Revised Statutes Title 23 Sec. 5001
• Railroad line: means the right-of-way, track, track appurtenances, ties, bridges, station houses, sidings, terminals and other appurtenant structures of a railroad. See Maine Revised Statutes Title 23 Sec. 7152