Section 11-50-151 Purchaser to assume payment of existing bonded indebtedness upon plant.
Section 11-50-151
Purchaser to assume payment of existing bonded indebtedness upon plant.
If there is any bonded indebtedness existing which was incurred in the purchase or construction of such electric plant, gas plant or waterworks plant and which is a lien upon the plant, the purchaser shall assume the payment of such bonded indebtedness.
(Acts 1909, No. 212, p. 253; Code 1923, §2069; Code 1940, T. 37, §386.)