Section 65-8-103 - Continuation of business by seller to wind up business

In case the railroad company, whose corporate powers have been transferred by a sale as aforementioned, has brought suits in law or equity, or holds any claims or rights of action, excepted and reserved by the terms of the sale, the corporation may have a continuance sufficiently long for the purpose of collecting the claims and paying to or dividing the same among the stockholders or the persons entitled to such claims.Acts 1871, ch. 22, § 2; Shan., § 1510a1; Code 1932, § 2582; T.C.A. (orig. ed.), § 65-803.