New Jersey § 48:12-147
Full text of New Jersey New Jersey Statutes § 48:12-147, with citation guidance and answers to common questions.
§ 48:12-147.
The receiver, appointed by the Superior Court, of an insolvent railroad company of
this State, or of another State holding railroad franchises and property in this State,
may with the approval of the Superior Court, lease or sell the railroad with all its
chartered rights, privileges and franchises. The purchaser or lessee shall hold, use and enjoy the same during the residue of the
term limited in the charter of the company or during the term in such lease specified
as fully as the company could have enjoyed the same, subject to all the restrictions,
limitations and conditions contained in the charter. Where the railroad of an insolvent company lies partly in another State, the Superior
Court may order the sale of any of its property or franchises at the same time or
place, whether in or out of this State, of any official or foreclosure sale thereof
out of this State. Such sale may be made in such manner that a purchase thereof may be made on one
and the same bid by the purchaser of the property and franchises out of this State
or otherwise as the Superior Court may direct, imposing on the purchaser such terms
as shall be equitable. The Superior Court may order the company to join with the receiver in the conveyance
of the property and franchises.
Frequently Asked Questions About New Jersey § 48:12-147
What does New Jersey Statutes § 48:12-147 cover?
Section 48:12-147 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 § 48:12-147?
A common citation format is "New Jersey Statutes § 48:12-147" (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 § 48:12-147 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.