Ohio § 4971.01
Full text of Ohio Ohio Revised Code § 4971.01, with citation guidance and answers to common questions.
§ 4971.01.
When proceedings are pending in any court for the sale of the railroad of a railroad
company, under a mortgage or deed of trust, and two thirds in interest of the creditors
and two thirds in interest of the stockholders of the company agree, in writing, upon
a plan for the readjustment or capitalization of the debt and stock of the company,
the court shall render judgment against the company for the amount due and in arrear
upon such securities. From the time of its rendition, such judgment is a lien on all the property embraced
in such securities, and all the franchises and powers of the company, including its
franchises to be and act as a corporation, conferred by the charter and the amendments
to the charter of the company. Upon a sale had under such judgment, and a purchase at such sale by trustees, appointed
by such agreement, on behalf of the parties to such agreement, all the property bound
by the judgment, including such franchises, shall vest in such trustees. Such agreement shall provide that the unsecured debts of the company incurred for
repairs or running expenses shall be paid in money or bonds of the reorganized company
of the highest class issued. A copy of the agreement shall be filed in such court before the rendition of the
judgment.
Frequently Asked Questions About Ohio § 4971.01
What does Ohio Revised Code § 4971.01 cover?
Section 4971.01 is part of the Ohio Revised Code, the codified statutory law of Ohio. 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 Ohio § 4971.01?
A common citation format is "Ohio Revised Code § 4971.01" (Ohio). 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 Ohio law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Ohio official source linked on this page or consult a licensed Ohio attorney.
How does Ohio § 4971.01 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Ohio 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 Ohio.