N.Y. Railroad Law § 238
Increased deposit, when and how required
New York · New York Railroad Law · Status: effective · Effective 2014-09-22
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- N.Y. Railroad Law § 238, Increased deposit, when and how required, New York, version 1 as recorded 2026-07-25, yourstate.us, https://yourstate.us/provision/1128745
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Full text
§ 238. Increased deposit, when and how required. In case any of the
securities deposited in lieu of money as provided in section two hundred
and twenty-five, shall in the opinion of the county treasurer or trust
company with whom they may be deposited, fall below their actual value
at the time of deposit, the county treasurer or trust company shall call
upon such railroad corporation to substitute therefor other securities
equivalent at their par or market value to the amount in lieu of which
the securities for which they are to be substituted were deposited, and
in case such other securities shall not be furnished, the county
treasurer or trust company shall call upon such corporation to furnish
as a substitute, and it shall so furnish an amount of money equal to the
amount in lieu of which the securities first above referred to were
deposited.