New Jersey § 48:3-28
Full text of New Jersey New Jersey Statutes § 48:3-28, with citation guidance and answers to common questions.
§ 48:3-28.
Whenever any railroad, canal or turnpike company, incorporated under the laws of this
State, has become insolvent or failed for 90 days after the same becomes due, to pay
the principal or interest on any mortgage on its property and franchise, the Superior
Court upon the application of a creditor, mortgagee or stockholder of the company,
may appoint a receiver or receivers, or 3 trustees, who shall have and exercise all
the powers and authority that it is lawful for receivers and trustees to exercise
under Title 14, Corporations, General. The receivers or trustees may sell or lease the canal, railroad or turnpike belonging
to the company, together with all its chartered rights, privileges and franchises. The purchasers or lessees of such works, rights, privileges and franchises shall
thereafter hold, use and enjoy the same during the residue of the term limited in
the charter of the company, or during the term specified in the lease, in as full
and ample a manner as the stockholders of the company could or might have enjoyed
the same, subject, however, to all the restrictions, limitations and conditions contained
in the charter. Upon filing in the office of the Secretary of State, within 6 months after the sale
or lease, a certificate that they accept the charter of the company whose property
has been sold or leased, under a corporate name different from that of such company,
the purchasers or lessees shall become a corporation under the name so specified,
with all the powers, rights, privileges and franchises of the former company. The purchasers or lessees, or the corporation formed by them as aforesaid, shall hold
and enjoy the same, free and clear of all debts, claims and demands of creditors,
mortgagees or stockholders, who shall look only to the fund arising from the sale
or lease, which money, as collected, shall be paid into the Superior Court. Where the property is subject to a mortgage, the Superior Court may, with the consent
of the complainant, or without such consent if the principal is not due, direct a
sale or lease to be made subject to the lien of the mortgage.
Frequently Asked Questions About New Jersey § 48:3-28
What does New Jersey Statutes § 48:3-28 cover?
Section 48:3-28 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 § 48:3-28?
A common citation format is "New Jersey Statutes § 48:3-28" (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 § 48:3-28 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.