The acceptance of a terminable permit, or the acceptance of an amendment to any existing license, grant, franchise, permit or consent incorporating therein the terms of a terminable permit, shall constitute a consent by the street surface railroad corporation or corporations, or other person, firm or corporation so accepting the same to the purchase by the city, town or village of all or any part of the street surface railroad property, plant and equipment actually used and useful for the public and situated within the corporate limits of the city, town or village, as provided for in this article.
New York Legal Code