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Home » US Law » 2022 Ohio Revised Code » Title 49 | Public Utilities » Chapter 4971 | Reorganization of Railroads

Section 4971.01 | Proceedings for Reorganization.

Effective: October 1, 1953 Latest Legislation: House Bill 1 – 100th General Assembly 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 […]

Section 4971.02 | Meeting of Creditors – Proceedings.

Effective: October 7, 1977 Latest Legislation: House Bill 42 – 112th General Assembly As soon as practicable after the sale of the railroad of a railroad company under a judgment, the trustees shall call a meeting of the parties to the agreement provided by section 4971.01 of the Revised Code, by a notice signed by […]

Section 4971.03 | Certificate to Be Filed.

Effective: October 1, 1953 Latest Legislation: House Bill 1 – 100th General Assembly A certificate, under the common seal of the company referred to in section 4971.02 of the Revised Code, specifying its name, and the railroad which it is to hold, maintain, and operate, shall be filed in the office of the secretary of […]

Section 4971.04 | Powers of New Company.

Effective: July 30, 1984 Latest Legislation: House Bill 250 – 115th General Assembly The reorganized railroad company may, within six months after the organization, assume such debts or liabilities of the original company and make such adjustments or exchanges with any bondholder of the original company, and, within one year, make such adjustments or exchanges […]

Section 4971.05 | Property of New Company.

Effective: October 1, 1953 Latest Legislation: House Bill 1 – 100th General Assembly Upon reorganization and a conveyance by the trustees, or of such of them as are vested with the legal title, or their survivors, the railroad and other property, franchises, and things purchased, and the franchises, powers, faculties, privileges, and immunities which were […]

Section 4971.06 | Issue of Stock or Securities.

Effective: July 30, 1984 Latest Legislation: House Bill 250 – 115th General Assembly In cases of railroad companies organized or reorganized under the laws of this state, in which the organization or reorganization agreement provides and stipulates that any class of creditors, bondholders, or stockholders of the original company, shall in any way be restricted […]

Section 4971.07 | Lien of Mortgages.

Effective: October 1, 1953 Latest Legislation: House Bill 1 – 100th General Assembly The lien of the mortgages and deeds of trust authorized by section 4971.04 of the Revised Code shall be subordinated to the lien of judgments recovered against the railroad company, after its reorganization, for labor performed for it, materials or supplies furnished […]

Section 4971.08 | Lien for Labor Performed.

Effective: October 1, 1953 Latest Legislation: House Bill 1 – 100th General Assembly In an action against a railroad company, domestic or foreign, operating a railroad in this state, when such action is to recover judgment for labor done, supplies furnished, damages or losses, or injuries suffered or sustained by the misconduct of its agents, […]

Section 4971.09 | Enforcement of Lien.

Effective: October 1, 1953 Latest Legislation: House Bill 1 – 100th General Assembly In order to take advantage of section 4971.08 of the Revised Code, before the day fixed for the sale of the property of such railroad company under judgment or decree of foreclosure and sale, a party prosecuting an action referred to in […]

Section 4971.10 | Court to Retain Amount of Lien.

Effective: October 1, 1953 Latest Legislation: House Bill 1 – 100th General Assembly On the return of the officer or other person making a sale referred to in section 4971.09 of the Revised Code, before confirming such sale and ordering distribution of the funds arising from it, the court shall retain in its custody or […]

Section 4971.11 | Action to Satisfy Judgment.

Effective: October 1, 1953 Latest Legislation: House Bill 1 – 100th General Assembly Within sixty days after the determination of the action referred to in section 4971.08 of the Revised Code, the party claiming such priority of lien, if he has recovered judgment against the railroad company, shall file his answer and cross-petition in the […]

Section 4971.12 | Provisions Applicable to Certain Other Companies.

Effective: October 1, 1953 Latest Legislation: House Bill 1 – 100th General Assembly Sections 4971.01 to 4971.19, inclusive, of the Revised Code apply to companies whose railroads are party within and party without this state. A domestic company possessing such a railroad, may exercise all its powers, privileges, faculties, and franchises outside this state. A […]

Section 4971.13 | Mortgaged Property May Be Sold Without Appraisement.

Effective: October 1, 1953 Latest Legislation: House Bill 1 – 100th General Assembly Railroads and other property mortgaged by a reorganized railroad company, if the court deems it expedient, may be sold without appraisement, at judicial sales under judgments upon such mortgage but the court shall fix a minimum sum below which no sale shall […]

Section 4971.14 | Creditors May Agree on Capitalization – Notice.

Effective: October 1, 1953 Latest Legislation: House Bill 1 – 100th General Assembly When judicial proceedings are pending in a court for the sale of a railroad, and such railroad is in the hands of a receiver appointed by such court, two thirds in interest of each class of mortgagees or holders of the bonds […]

Section 4971.15 | Stocks or Bonds Held in a Fiduciary Capacity.

Effective: October 1, 1953 Latest Legislation: House Bill 1 – 100th General Assembly When a portion of the stock or bonds of a railroad company is held by the state, by a county, township, or municipal corporation, or by an executor, administrator, guardian, or otherwise in a fiduciary capacity, the governor, board of county commissioners, […]

Section 4971.16 | Rights of Creditors Who Do Not Sign Agreement.

Effective: October 12, 2016 Latest Legislation: House Bill 158 – 131st General Assembly As used in this section, “incompetent person” means a person who is so mentally impaired, as a result of a mental or physical illness or disability, as a result of an intellectual disability, or as a result of chronic substance abuse, that […]

Section 4971.17 | Court to Make Order as to Costs.

Effective: October 1, 1953 Latest Legislation: House Bill 1 – 100th General Assembly When the agreement provided for by section 4971.14 of the Revised Code is made and filed, notice of it given, and proof thereof made or offered to be made in the court in which the proceedings are pending, the court shall dismiss […]

Section 4971.18 | Agreement May Be With Each Interest.

Effective: October 1, 1953 Latest Legislation: House Bill 1 – 100th General Assembly The adjustment agreement is not required to be between the several interests specified in section 4971.14 of the Revised Code, but may be between each interest separately, and the railroad company.

Section 4971.19 | When Railroad Used by Two Companies.

Effective: October 1, 1953 Latest Legislation: House Bill 1 – 100th General Assembly If the railroad involved in the judicial proceedings referred to in sections 4971.01 to 4971.19, inclusive, of the Revised Code, is used, in whole or part, by the railroad company in common with another railroad company, on the same track, between points […]