KRS 426.180: Railroads -- Property subject to execution -- Receiver to enforce judgment.

(1) The rolling stock and other movable property belonging to any railroad company in

this state shall be considered personal property, and liable to execution and sale in

the same manner as the property of individuals. The earnings, money and choses in

action of any railroad company in the hands of any officer, agent or employee may

be subjected to the payment of debts in the same manner as similar property of

individuals.

(2) If an execution on a judgment against any company owning or operating any

railroad in this state is returned by the proper officer showing no property found, in

whole or in part, the plaintiff therein may institute an equitable action against the

company in the circuit court of the county in which the judgment was rendered to

place i ts road and property in the hands of a receiver. The court, upon a petition

showing such return and the failure to pay the judgment, shall, upon the service of

summons upon the company, appoint some suitable person as receiver of the

company.

(3) The receiver shall take possession and control of all the road and property belonging

to and operated by the company, including all rolling stock. The receiver shall

operate the road until he has collected a sum sufficient to pay the judgment and

costs and the cost of the receivership, and he shall then surrender the road and

property to the defendant. The receiver shall first pay out of the earnings and

receipts of the road collected by him the necessary operating expenses, including

what shall be necessary to keep the road in such repair that it can be safely and

properly operated. A bond for the faithful performance of his duties with good and

sufficient surety approved by the court shall be executed by the receiver before

entering upon his duties.