Railroad property rights which are extinguished upon cessation of service by the railroad divest when the railway finance authority or the railroad, having obtained authority to abandon the rail line, removes the track materials to the right-of-way. If the railway finance authority does not acquire the line and the railway company does not remove the track materials, the property rights which are extinguished upon cessation of service by the railroad divest one year after the railway obtains the final authorization necessary from the proper authority to remove the track materials.
[C24, 27, 31, 35, 39, § 7861; C46, 50, 54, 58, 62, 66, 71, 73, 75, § 473.1; C77, 79, 81, § 327G.76]
83 Acts, ch 121, § 5
Referred to in § 327G.77
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