Any railway corporation in Louisiana may sell, pledge or hypothecate, for railroad purposes, its bonds, stock, earnings, revenues, income rights, and credits, to any person or other railway corporation unless the railroad lines of the contracting railway corporations are parallel and competing lines.
La. R.S. 45:614
Sale, pledge or hypothecation of bonds, stock, earnings, etc., power to make
Official source: Louisiana State Legislature. Reproduced from public-domain Louisiana statutes; confirm against the official source for the current text. Not legal advice.