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49 U.S.C. § 24908 — Transfer taxes and levies and recording charges
Federal law — U.S. Code and appendices · legal_authorities
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.
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Source file: Laws/federal/codes/united-states-code/title-49/section-24908-transfer-taxes-and-levies-and-recording-charges--d46e914b7c.md
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Source location: Title 49, Chapter 249, § 24908; chapter-249-northeast-corridor-improvement-program.md
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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.
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Federal law — U.S. Code and appendices · legal_authorities
### Statutory Notes
Section, Pub. L. 94–210, title VII, § 701, Feb. 5, 1976, 90 Stat. 119; Pub. L. 96–254, title II, § 205, May 30, 1980, 94 Stat. 412, specified powers and duties of National Railroad Passenger Corporation with respect to implementing the Northeast Corridor improvement project. See sections 24102, 24305, 24315, 24902, and 24903 of Title 49, Transportation.
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Federal law — U.S. Code and appendices · legal_authorities
Page 726
TITLE 49—TRANSPORTATION
§ 24908
1 See References in Text note below.
Transportation gets only notes and mortgage agree-
ments under the source provisions restated in sub-
section (a) of this section.
In subsection (b), the words ‘‘obtained by the Sec-
retary’’ and ‘‘the provisions of subtitle IV of title 49,
the Securities Act of 1933 (15 U.S.C. 77a et seq.), and
. . . other’’ are omitted as surplus. The words ‘‘has the
same’’ are substituted for ‘‘shall enjoy all of the’’ for
clarity. The words ‘‘conveyance or’’ are omitted, and
the word ‘‘transfer’’ is substituted for ‘‘conveyances’’,
for consistency in this subtitle. The words ‘‘(including
section 303(e) thereof [45 U.S.C. 743(e)])’’ are omitted as
surplus. The words ‘‘section 303(b)’’ are substituted for
‘‘section 306(b)’’ to correct a mistake in section 217(c) of
the Rail Transportation Improvement Act (Public Law
94–555, 90 Stat. 2628).
In subsection (c), the words ‘‘to any party for any
damages, or in any other matter’’ are omitted as sur-
plus. The word ‘‘because’’ is substituted for ‘by reason
of the fact that’’ to eliminate unnecessary words. The
words ‘‘related to the note or agreement’’ are sub-
stituted for ‘‘in connection with’’ for clarity. The words
‘‘all’’ and ‘‘(including fees of accountants, experts, and
attorneys)’’ are omitted as surplus. The words ‘‘a civil
action’’ are substituted for ‘‘any litigation’’ for consist-
ency with rule 2 of the Federal Rules of Civil Procedure
(28 App. U.S.C.). The words ‘‘legal’’ and ‘‘given, issued,
or entered into’’ are omitted as surplus.
Editorial Notes
REFERENCES IN TEXT
The Regional Rail Reorganization Act of 1973, re-
ferred to in subsecs. (a) and (b), is Pub. L. 93–236, Jan.
2, 1974, 87 Stat. 985, which is classified principal
Source: Supplied 2024 U.S. Code historical extraction · 49 U.S.C. § 24908
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