A transfer of an interest in rail property under this chapter is exempt from a tax or levy related to the transfer that is imposed by the United States Government, a State, or a political subdivision of a State. On payment of the appropriate and generally applicable charge for the service performed, a transferee or transferor may record an instrument and, consistent with the final system plan, the release or removal of a pre-existing lien or encumbrance of record related to the interest transferred.
49 U.S.C. § 24908
HISTORICAL AND REVISION NOTES | ||
Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
24908 | 45:743(e) (words "title VII of the Railroad Revitalization and Regulatory Reform Act of 1976 [ 45 U.S.C. 851 et seq.] or of"). | Jan. 2, 1974, Pub. L. 93-236, 87 Stat. 985, §303(e) (words "title VII of the Railroad Revitalization and Regulatory Reform Act of 1976 or of"); added Feb. 5, 1976, Pub. L. 94-210, §601(d), 90 Stat. 84; Sept. 30, 1976, Pub. L. 94-436, §5 (related to title VII), 90 Stat. 1399. |
- final system plan
- "final system plan" means the final system plan (including additions) adopted by the United States Railway Association under the Regional Rail Reorganization Act of 1973 ( 45 U.S.C. 701 et seq.).