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Title 45 — RailroadsRelease 119-73

§1016 Temporary rail banking

Title 45 › Chapter CHAPTER 19— - ROCK ISLAND RAILROAD EMPLOYEE ASSISTANCE › § 1016

Last updated Apr 6, 2026|Official source

Summary

Lines or facilities of the Rock Island Railroad that the Commission or the bankruptcy court approved for abandonment cannot be torn up, downgraded, or sold without the Secretary's permission during the 180-day period beginning on May 30, 1980. While those 180 days run and before abandonment is approved, the Secretary must not approve transfers to anyone not in the railroad business. If Rock Island asks for permission, the Secretary must grant it unless a carrier, shipper, State, or other interested party has put in writing that they want to buy, lease, or repair the line for rail service and it is likely the sale will go through.

Full Legal Text

Title 45, §1016

Railroads — Source: USLM XML via OLRC

During the 180-day period beginning on May 30, 1980, no rail line or facility of the Rock Island Railroad which has been approved for abandonment by the Commission or the bankruptcy court may be downgraded, scrapped, or otherwise disposed of without the approval of the Secretary under this section. In no case before abandonment has been approved and before the 180-day period has elapsed shall the Secretary approve a disposition of such portion of the rail line or related facility to any carrier or other entity not engaged in providing railroad services or not formed for the purpose of providing railroad services. The Secretary, upon application by the Rock Island Railroad, shall grant such approval unless he finds that—
(1)a rail carrier, shipper, State, or other interested party has expressed in writing an interest in purchasing, leasing or rehabilitating the particular rail line or facility for purposes of providing rail service; and
(2)there is a reasonable expectation that such purchase transaction will be consummated.

Legislative History

Notes & Related Subsidiaries

Statutory Notes and Related Subsidiaries

Abolition of Interstate Commerce Commission and

Transfer of Functions

Interstate Commerce Commission abolished and functions of Commission transferred, except as otherwise provided in Pub. L. 104–88, to Surface Transportation Board effective Jan. 1, 1996, by section 1302 of Title 49, Transportation, and section 101 of Pub. L. 104–88, set out as a note under section 1301 of Title 49. References to Interstate Commerce Commission deemed to refer to Surface Transportation Board, a member or employee of the Board, or Secretary of Transportation, as appropriate, see section 205 of Pub. L. 104–88, set out as a note under section 1301 of Title 49.

Reference

Citations & Metadata

Citation

45 U.S.C. § 1016

Title 45 — Railroads

Last Updated

Apr 6, 2026

Release point: 119-73