§ 7503 Railroad Trustee Selection Rules

Public Utilities Code·California

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Key Takeaways

•A railroad company can pick a person or another company to be in charge of their money agreements.
•The people in charge of the railroad company must all agree on who gets to be the money manager.
•The money manager can be from any state in the U.S.

Example

A railroad company in California wants to borrow money to build new tracks.

The railroad company's bosses all agree to pick a bank from Texas to be in charge of the money they borrow. The bank will make sure the railroad company follows the rules of the loan.

AI-generated — May contain errors. Not legal advice. Always verify source.

Official Source

View on CA.gov

§ 7503 Railroad Trustee Selection Rules

Any person or any corporation formed under the laws of this State or of any other state within the United States that the directors of a railroad corporation may by unanimous concurrence select, may be trustees in any deed of trust securing bonds, debentures, notes, and evidences of indebtedness issued by such railroad corporation. (Amended by Stats. 1951, Ch. 1036.)

Last verified: January 23, 2026

Key Terms

corporation deed road director united states concurrence

References

Official text at leginfo.legislature.ca.gov
California Legislature. Public Utilities Code. Section 7503.

Key Takeaways

Example

Key Terms

Related Statutes

References

Key Takeaways

Example

Key Terms

Related Statutes

References