Effective: October 1, 1953
Latest Legislation: House Bill 1 - 100th General Assembly
The earnings of a railroad in the hands of a receiver, and all other money which comes into his hands as receiver, shall be applied first to pay:
(A) Costs and expenses of the suit in which he was appointed;
(B) The expenses of operating and managing the railroad, including materials and supplies procured by him for it;
(C) The liabilities incurred by him in such operation and management.
Judgments recovered against a receiver for injuries to person or property, for wages of employees, for work done, or for materials furnished while he is operating or managing the railroad, shall be a lien on the funds in his hands as receiver, but shall affect him only in his trust capacity and not individually.