Tennessee Code 65-8-107 – Sale under judgment
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Terms Used In Tennessee Code 65-8-107
- 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.
- Property: includes both personal and real property. See Tennessee Code 1-3-105
- Record: means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in a perceivable form. 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
Whenever the property and franchises of any railroad are sold, under any judgment, decree, or process from any of the courts of record of this state, for the payment of any debt due from the incorporated company, the purchasers at the sale, or their assignees, may organize into a corporate body, with the right to have, hold, and operate the property and franchises so purchased, with all powers, rights, privileges, and immunities, and subject to all the restrictions, imposed by the original charter, and amendments thereto, of the corporation whose property and franchises have been sold.