financially responsible person
Defined in 2 places across 2 titles of the United States Code.
“financially responsible person” means a person capable of compensating the carrier subject to liquidation for the acquisition of the line or lines proposed to be acquired and able to cover expenses associated with providing service over such line or lines for a period of not less than 4 years.
Source
- 1994–present45 U.S.C. § 915Railroads · Court approved abandonment and sales in pending cases · in this section
In this section, the term “financially responsible person” means a person who—
(1) is capable of paying the constitutional minimum value of the railroad line proposed to be acquired; and
(2) is able to assure that adequate transportation will be provided over such line for a period of not less than 3 years.
Such term includes a governmental authority but does not include a Class I or Class II rail carrier.
Source
- 1995–present49 U.S.C. § 10907Transportation · Railroad development · in this section