Section 11-50-7

Provision in purchase agreement as to franchise right of purchaser at foreclosure sale.

By the terms of purchase, it may be further provided that the purchaser at a foreclosure sale under such mortgage or deed of trust shall have a franchise for not exceeding 30 years to operate such plant.

(Code 1907, §1263; Code 1923, §2005; Code 1940, T. 37, §366.)