Ohio Code § 4971.01
Ohio Code § 4971.01. Reproduced from the official Ohio Revised Code, with a citation summary, verification link, and related provisions.
§ 4971.01.
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 company agree, in writing, upon
a plan for the readjustment or capitalization of the debt and stock of the company,
the court shall render judgment against the company for the amount due and in arrear
upon such securities. From the time of its rendition, such judgment is a lien on all the property embraced
in such securities, and all the franchises and powers of the company, including its
franchises to be and act as a corporation, conferred by the charter and the amendments
to the charter of the company. Upon a sale had under such judgment, and a purchase at such sale by trustees, appointed
by such agreement, on behalf of the parties to such agreement, all the property bound
by the judgment, including such franchises, shall vest in such trustees. Such agreement shall provide that the unsecured debts of the company incurred for
repairs or running expenses shall be paid in money or bonds of the reorganized company
of the highest class issued. A copy of the agreement shall be filed in such court before the rendition of the
judgment.
Source: official Ohio text · Last verified 2026-08-27
At a glance
- Citation: Ohio Revised Code § 4971.01
- Jurisdiction: Ohio
- Code: Ohio Revised Code
- Text: transcribed from the official source (verify below)
Verify the text
Statute text is transcribed from the official Ohio Revised Code. Confirm it against the primary source before relying on it:
Not legal advice. Verify against the official source and consult a licensed Ohio attorney.
Common questions
What is the source of Ohio Revised Code § 4971.01?
The text above is transcribed from the Ohio Revised Code, the codified statutes of Ohio. The official publisher link appears under "Verify the text" on this page.
What subject does Ohio Revised Code § 4971.01 address?
It addresses the rule set out in the section text. Read the section together with the surrounding provisions listed under "Nearby provisions" for the full picture.
Is Ohio Revised Code § 4971.01 still in force?
Statutes are amended, repealed, and renumbered every session. Confirm the current version at the official Ohio source before relying on this text.
Can this page be used as legal advice?
No. This is a reference transcription for research. Applying Ohio law to your facts requires a licensed Ohio attorney who can review the specifics.