CORPORATIONS, ASSOCIATIONS, AND PROPRIETORS OF COMMON LANDS
CORPORATE MORTGAGES AND REORGANIZATION AFTER FORECLOSURE
Reorganization of Corporations After Foreclosure
299:4 Foreclosure Sales; Franchises.
The foreclosure of a mortgage of any corporation organized under the laws of this state shall inure to the benefit of the holders of bonds, coupons and other claims secured thereby, and whenever the franchises of the corporation are included in the mortgage with power of sale and foreclosure is made by decree of court, and the property, rights and franchises are sold thereunder, the purchasers of the property, rights and franchises of such corporation, their successors and assigns, shall be a corporation as of the date of foreclosure for all purposes, and they are vested with all the rights, powers, privileges, duties and liabilities of the original corporation under its charter or the general law.
Source. 1895, 52:1. PL 230:4. RL 279:4.