(a)(1) Whenever any railroad company, corporation, or individual purchases any railroad from any other railroad company, corporation, or individual, the company, corporation, or individual purchasing shall take and hold the railroad subject to all debts, liabilities, and obligations of the company from which the road was purchased.(2) Whenever any two (2) or more railroad companies shall be consolidated, the consolidated company shall be liable for all the debts, liabilities, and obligations of all the consolidated companies.(b) All persons or corporations having claims against the purchasing company or individual under this section shall present the claims to the purchasing company or individual within twelve (12) months after receiving notice from the purchasing company or individual of the sale or be forever barred.Acts 1889, No. 55, §§ 1, 2, p. 71; C. & M. Dig., §§ 8512, 8513; Pope's Dig., §§ 11088, 11089; A.S.A. 1947, §§ 73-419, 73-420.
Arkansas Legal Code