CHAPTER 12. ABANDONMENT OF CERTAIN RAILROADS
IC 8-4-12
Chapter 12. Abandonment of Certain Railroads
IC 8-4-12-1
Forfeiture of rights, privileges, and franchises
Sec. 1. Any railroad company organized under a special charter,
or under the general law of the state for the construction of railroads,
whose lines are wholly within this state or partly within this state and
partly in another state, which shall fail to keep up the directory of
their road and expend at least the sum of fifty thousand dollars
($50,000) upon the line of their road in this state, within any period
of two (2) years from March 11, 1867; or where any railroad
company, so organized as aforesaid, shall have located before March
11, 1867, the line of her road in this state, and have afterwards
adopted another and different line and route thereof in this state,
then, in either of the above cases, such railroad company shall be
taken and held to have abandoned such road, or so much of the line
thereof in this state as has been abandoned by so selecting and
adopting another and different line; and such company is hereby
declared to have forfeited all her rights, privileges, and franchises in
such road or part thereof.
(Formerly: Acts 1867, c.80, s.1; Acts 1877, c.68, s.1.) As amended by
P.L.62-1984, SEC.61.
IC 8-4-12-2
Takeover of derelict company by new company; appraisement
Sec. 2. Any company that is or that may be organized under the
general laws of this state providing for the incorporation of railroad
companies may complete any such abandoned road or part thereof,
and shall, for such purpose, be invested with all the rights, privileges,
interests, rights of way, franchises, properties, and immunities of
such derelict railroad company, and shall proceed to construct the
same, as is hereafter provided. However, before any such new
company shall succeed to said rights, privileges, interests, rights of
way, franchises, properties and immunities, and before it shall
proceed to complete such road or part of such road, the value of the
same shall be ascertained by:
(1) one (1) disinterested freeholder in any county through which
the line of the road may run; and
(2) two (2) disinterested appraisers licensed under IC 25-34.1;
who are residents of Indiana, one (1) of whom shall be selected by
said new company, and one (1) by the old company, or the assignee
or purchaser of the franchises thereof, and the other by the auditor of
such county. One (1) of the appraisers described under subdivision
(2) must reside not more than fifty (50) miles from the property. The
freeholder and the two (2) appraisers appointed under subdivisions
(1) and (2) shall constitute a board of appraisers; and in the event that
the said old company, or the assignee or purchaser of the franchises
thereof, shall fail or refuse, upon request, to name such appraiser,
then the appraiser shall be named by the said auditor. Such board of
appraisers shall take an oath to faithfully discharge their duties, and
make a true and impartial appraisement of such rights, privileges,
interests, rights of way, franchises, properties and immunities. Such
board shall report their appraisement to said auditor, and, upon the
payment of the same by such new company to the treasurer of such
county, it shall succeed to and be invested as aforesaid. Nothing in
this chapter shall authorize or permit any railroad company which
has constructed and is operating its road to change its line of road
from that now used and occupied so as to avoid any point named in
their charter or articles of association.
(Formerly: Acts 1867, c.80, s.2; Acts 1877, c.68, s.2; Acts 1975,
P.L.76, SEC.3.) As amended by P.L.113-2006, SEC.5.
IC 8-4-12-3
Payment of appraised value; disposition
Sec. 3. The money so paid, as is provided in section 2 of this
chapter, shall be held by such treasurer in trust for the payment,
firstly, of the debts of such old company; and, secondly, the balance,
if any, shall be equitably distributed among the stockholders thereof.
(Formerly: Acts 1867, c.80, s.3.) As amended by P.L.62-1984,
SEC.62.
IC 8-4-12-4
Fees of appraisers
Sec. 4. The said appraisers shall receive for their service, five
dollars ($5.00) per day for the time by them employed, to be paid by
said treasurer out of the amount of said assessment.
(Formerly: Acts 1867, c.80, s.4.)
IC 8-4-12-5
Evidence of abandonment
Sec. 5. Any such railroad company whose road is incomplete who
shall fail to complete the same, or who shall fail to expend at least
twenty-five thousand dollars ($25,000) towards the completion
thereof in each year, shall be taken and held to come within the
purview of this chapter.
(Formerly: Acts 1867, c.80, s.5.) As amended by P.L.62-1984,
SEC.63.
IC 8-4-12-6
Annual financial statement and report; filing
Sec. 6. All railroad companies in this state, or whose roads run
into this state, shall, on the fifteenth day of January of each year, file
with the auditor of state a statement in writing, verified by the
affidavit of the treasurer of such company, showing the gross receipts
of such company; the amount paid to each officer, the gross amount
paid to other employees; the amount paid for rolling-stock; the
amount paid for the actual construction of such road; itemizing the
amount paid for earthwork, bridges, iron, ties, culverts and all other
items of such construction; and also the amount of the capital stock
of such company, the assets thereof, and the rate of dividends to the
stockholders, and also any and all other expenses of such company.
(Formerly: Acts 1867, c.80, s.6.)
IC 8-4-12-7
Completion of road by transferee company
Sec. 7. Whenever any railroad company, coming within the
provision of this chapter, shall sell or transfer their property, rights,
or franchises to any other railroad company, it shall be the duty of
such last named railroad company to complete the road so transferred
to them, and put the same in complete running order, within three (3)
years after the time of such transfer; and upon failure so to do, it
shall be taken and held to have abandoned and forfeited the same,
and any company organized, as provided in this chapter, shall
succeed to and be invested with the same, as is herein provided;
provided, however, that nothing in this chapter contained shall be
regarded as a recognition of the right of two (2) or more railroad
companies to consolidate by voluntary agreement.
(Formerly: Acts 1867, c.80, s.7.) As amended by P.L.62-1984,
SEC.64.