Section 60
SEC. 60. The corporation whoso franchise or right of way is sold as provided in section fifty-six hereof, except as to the rights and powers acquired by the purchaser and the duties, obligations, penalties, and forfeitures imposed on the purchaser of the franchise or right of way, retains the same powers, is bound to discharge the same duties, and is liable to the same obligations, penalties, and forfeitures as before such sale. The lights acquired by the purchaser of the franchise shall be subject to the prior rights of mortgagees and lien holders.