New Jersey § 48:12-142
Full text of New Jersey New Jersey Statutes § 48:12-142, with citation guidance and answers to common questions.
§ 48:12-142.
Where a new railroad company is formed in the State of the domicile of such former
company by or on behalf of the purchasers, to take and operate the railroad and its
franchises, the new company may, within 6 months after the sale, apply to the Superior
Court in the foreclosure suit in this State by complaint containing a copy of its
charter, certificate of incorporation or other documentary legal evidence, and the
Superior Court on due proof may adjudge that the new company has been legally created
and has acquired the property and franchises of the original company. A duly certified copy of the complaint, proceedings and judgment shall be filed
in the office of the Secretary of State. Said record or a copy thereof, shall be evidence of the incorporation and rights
in this State of the new company. The purchasers at the official sale of the property and franchises may transfer them
to the new company, or, if no conveyance has been made, may assign their bids, in
which case the Superior Court may direct the receiver, master or officer to make conveyance
to the new company on such terms as shall be equitable. The new company shall possess all powers of corporations organized under the laws
of this State and all powers conferred by such laws on the company whose property
and franchises were sold. The new company may enjoy the property and exercise the franchises so conveyed to
it within this State as fully as if it were organized under the laws of this State,
subject to all liens, contracts, limitations, covenants and agreements relative to
the mortgaged premises, property and franchises prior to the making of such mortgage. The filing of the record in the office of the Secretary of State shall operate as
a covenant to perform such contracts, limitations, covenants and agreements.
Frequently Asked Questions About New Jersey § 48:12-142
What does New Jersey Statutes § 48:12-142 cover?
Section 48:12-142 is part of the New Jersey Statutes, the codified statutory law of New Jersey. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite New Jersey § 48:12-142?
A common citation format is "New Jersey Statutes § 48:12-142" (New Jersey). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of New Jersey law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New Jersey official source linked on this page or consult a licensed New Jersey attorney.
How does New Jersey § 48:12-142 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New Jersey can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in New Jersey.