Annual Reports of the Railroad Commissioners for the State of Tennessee

This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1884. Excerpt: ... and franchises so sold, and the said purchaser would take and be vested with all the title and interest of said company and its stockholders in and to said road, its property, rights and franchises, free from all claims whatsoever, except those of the State reserved by the contract of sale and the act under the provisions of which the sale should be made. The court was further of opinion, and so decreed, that upon a sale of the franchises of said railroad company by the commissioners under said decree, and the provisions of the said act of 21st of December, 1870, all the rights, privileges and immunities appertaining to the franchises so sold under its act of incorporation and the amendments thereto, and the general internal improvement law of the State and the acts amendatory thereof, would pass, and be transferred to and vested in such purchaser, and-the purchaser would hold said franchises subject to all liens and liabilities in favor of the State as were then provided by law against the railroad companies so far as might be necessary to secure the purchase money as aforesaid, and the other rights of the State under the decrees in said cause and the said act of the Legislature. The court was further of opinion, and so decreed, adjudicated and determined, that the purchaser, inasmuch as under said decree he would also purchase thedebt, mortgage and interest of the State as aforesaid, would, independent of his purchase of the company's road, its rights, property and franchises as aforesaid, have the right to take immediate and exclusive possession of said road, its rights, property and franchises as aforesaid, and to use and operate the same as a railroad, with all the rights and powers of the original charter of said company and amendments thereto, unti...