Rhode Island General Laws 39-6-24. Redemption of franchise and property from sale on execution
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The franchise and property of a railroad corporation may be redeemed by it, or any mortgagee thereof, from sale on execution by paying or tendering to the purchaser the sum paid therefor at the sale, with interest, at any time within sixty (60) days after the final determination of any appeal to reverse the judgment upon which the execution issued, or of any suit to test the validity of the sale, brought before the sale or within sixty (60) days thereafter; but nothing in this section shall be construed as authorizing a sale.
History of Section.
G.L. 1896, ch. 177, § 16; G.L. 1909, ch. 213, § 16; G.L. 1923, ch. 251, § 63; G.L. 1938, ch. 124, § 63; G.L. 1956, § 39-6-24; P.L. 1997, ch. 326, § 109.
Terms Used In Rhode Island General Laws 39-6-24
- Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
- 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.
- Mortgagee: The person to whom property is mortgaged and who has loaned the money.
- Railroad: means and includes every railroad other than a street railway, by whatsoever power, operated for public use in the conveyance in this state of persons or property for compensation, with all bridges, ferries, tunnels, switches, spurs, tracks, stations, wharves, and terminal facilities of every kind, used, operated, controlled, leased, or owned by or in connection with any railroad. See Rhode Island General Laws 39-1-2