Sec. 16-222. Accounts. Trustee may complete foreclosure.
Sec. 16-222. Accounts. Trustee may complete foreclosure. The trustee, while
operating such road, shall file quarterly, in the office of the Secretary of the State, an
account of all moneys received or disbursed by him in the course of his agency; and
may proceed at his discretion, in the superior court for any judicial district in which
such railroad or any part thereof is located, to foreclose against such company and all
subsequent encumbrancers, for the benefit of the bondholders or other creditors for
whom he acts; and such court may limit the time for the redemption of the mortgaged
property, as in ordinary foreclosure proceedings.
(1949 Rev., S. 5633; P.A. 78-280, S. 2, 127.)
History: P.A. 78-280 replaced "county" with "judicial district".
Trustee represents all bondholders, and they need not be given personal notice of judicial proceedings. 53 C. 349.