Railroad Corporation Law and Legal Definition
Railroad Corporation refers to a company organized to construct, maintain, and operate railroads. However, railroad Corporation does not include logging railroad. A railroad corporation organized is authorized to negotiate and deliver its bonds, securities, or obligations in such manner as the board of directors may authorize or determine. A railroad corporation may also execute and deliver mortgages or deeds of trust upon all or any part of its property as the directors may determine. Additionally, the mortgages provide, remains as a valid lien upon the property of the corporation irrespective of the law relating to chattel mortgages.[State ex rel. Nolan v. Montana R.R. Co., 21 Mont. 221, 229 (Mont. 1898)].
In Chicago & N. W. R. Co. v. Oshkosh, A. & B. W. R. Co., 107 Wis. 192 (Wis. 1900), it was held that a railroad corporation is required to do the following:
1.A Railroad corporation is required to receive all grain offered to it for shipment, give a bill of lading therefor, and transport the same;
2.A Railroad Corporation is required to receive and transport live stock;
3.A Railroad corporation is required to transport firewood;
4.A Railroad corporation is required upon reasonable notice, to furnish cars to any person applying, for the transportation of freight, and to transport the same with reasonable dispatch, and provide suitable facilities for the receiving and delivery of the same at its stations.
Legal Definition list
Related Legal Terms
- Actuarial Documents [Federal Crop Insurance Corporation]
- Actuarially Appropriate [Federal Crop Insurance Corporation]
- Alaska Native Corporation
- Amended and Restated Articles of Incorporation
- American Municipal Bond Assurance Corporation
- Ancillary Corporation
- Articles of Incorporation
- Benevolent Corporation
- Business Corporation
- C Corporation
