426.180 Railroads -- Property subject to execution -- Receiver to enforce judgment.
307 words·~1 min read·
/ky/chapter-426/426-180A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(1)The rolling stock and other movable property belonging to any railroad company in
this state shall be considered personal property, and liable to execution and sale in
the same manner as the property of individuals. The earnings, money and choses in
action of any railroad company in the hands of any officer, agent or employee may
be subjected to the payment of debts in the same manner as similar property of
individuals.
(2)If an execution on a judgment against any company owning or operating any
railroad in this state is returned by the proper officer showing no property found, in
whole or in part, the plaintiff therein may institute an equitable action against the
company in the circuit court of the county in which the judgment was rendered to
place its road and property in the hands of a receiver. The court, upon a petition
showing such return and the failure to pay the judgment, shall, upon the service of
summons upon the company, appoint some suitable person as receiver of the
company.
(3)The receiver shall take possession and control of all the road and property belonging
to and operated by the company, including all rolling stock. The receiver shall
operate the road until he has collected a sum sufficient to pay the judgment and
costs and the cost of the receivership, and he shall then surrender the road and
property to the defendant. The receiver shall first pay out of the earnings and
receipts of the road collected by him the necessary operating expenses, including
what shall be necessary to keep the road in such repair that it can be safely and
properly operated. A bond for the faithful performance of his duties with good and
sufficient surety approved by the court shall be executed by the receiver before
entering upon his duties.