Whenever the property and franchises of any railroad are sold, under any judgment, decree, or process from any of the courts of record of this state, for the payment of any debt due from the incorporated company, the purchasers at the sale, or their assignees, may organize into a corporate body, with the right to have, hold, and operate the property and franchises so purchased, with all powers, rights, privileges, and immunities, and subject to all the restrictions, imposed by the original charter, and amendments thereto, of the corporation whose property and franchises have been sold.Acts 1879, ch. 52, § 2; Shan., § 1513a; Code 1932, § 2586; T.C.A. (orig. ed.), § 65-807.
Tennessee Legal Code