Section 11-50-10
Provision in mortgages or deeds of trust as to franchise right, etc., of purchaser at foreclosure sale.
Such mortgages or deeds of trust may provide that in the event of the foreclosure of such mortgage or deed of trust the purchaser at such foreclosure sale may acquire the right, privilege, and franchise of operating such plants or systems as may be so sold or conveyed, and such purchaser or his vendee may have the right, authority, and privilege to carry on and operate such business, plant, or system in the same manner, on the same terms, and to the same extent as the cities or towns are now authorized to operate until the city or town may redeem such plants or systems from such mortgage sale.
(Acts 1921, Ex. Sess., No. 8, p. 6; Code 1923, §2008; Code 1940, T. 37, §369.)