The trustee, while operating such road, shall file quarterly, in the office of the Secretary of the State, an account of all moneys received or disbursed by him in the course of his agency; and may proceed at his discretion, in the superior court for any judicial district in which such railroad or any part thereof is located, to foreclose against such company and all subsequent encumbrancers, for the benefit of the bondholders or other creditors for whom he acts; and such court may limit the time for the redemption of the mortgaged property, as in ordinary foreclosure proceedings.
(1949 Rev., S. 5633; P.A. 78-280, S. 2, 127.)
History: P.A. 78-280 replaced “county” with “judicial district”.
Trustee represents all bondholders, and they need not be given personal notice of judicial proceedings. 53 C. 349.