Oklahoma § 66-65 - Purchase of abandoned real property or real property of

§ 66-65. Purchase of abandoned real property or real property of

bankrupt railroad company - Priority - Price.

A. 1. Any person who owns real property adjacent to real

property owned by a railroad company shall have first priority to

purchase such real property, at the price provided by subsection D

of this section, from the railroad company upon the bankruptcy of

Oklahoma Statutes - Title 66. Railroads

the railroad company or the abandonment of the real property as

determined by the Interstate Commerce Commission and offered for

sale if such real property is not purchased within one (1) year by:

a.

Another railroad company;

b.

Businesses operated on such railroad property pursuant

to a lease or other agreement which was in effect at

the time bankruptcy or abandonment occurred;

c.

The State Department of Transportation under the

authority of the Railroad Revitalization Act, Section

302.1 et seq. of this title;

d.

Other federal entities for valid public purposes; or

e.

In counties of over five hundred thousand (500,000)

population, municipalities or counties, or joint

agreements between municipalities and counties for

valid public purposes.

2. If any of the persons or entities specified in paragraph 1

of this subsection fail to purchase any such real property, any

state or local governmental entity shall be entitled to purchase the

property for valid public purposes.

3. Provided, if more than one of the parties named in paragraph

1 or 2 of this subsection shall offer to purchase, they shall be

granted a preference in the order specified in this subsection. If

two (2) or more people own property adjacent to the same portion of

railroad property, the person from whose property such railroad

property was taken shall be entitled to the priority provided for in

this section.

B. Notice for the sale of any real property under the

provisions of this section shall be given by the bankruptcy court,

the receiver, or the railroad company by publication once a week for

two (2) consecutive weeks in a newspaper authorized by law to

publish legal notices in the county where the real property is

located.

C. Any purchase as provided for in this section shall be

subject to any encumbrances on the real property. Nothing in this

act shall affect any reversionary interest retained in the original

grant.

D. The price of such property shall be established by the

receiver or bankruptcy court if the railroad company is in

bankruptcy or by the railroad company if such property is determined

abandoned pursuant to this section.

E. However, for any railroad company purchasing property under

subparagraph a of paragraph 1 of subsection A of this section, the

Corporation Commission shall certify the intent of said railroad

company to continue operation of rail service on said property as a

prerequisite to making such purchase.

Oklahoma Statutes - Title 66. Railroads

Laws 1981, c. 241, § 1, emerg. eff. June 23, 1981; Laws 1988, c.

289, § 14, operative July 1, 1988; Laws 1991, c. 266, § 1, emerg.

eff. May 27, 1991.