(a) Whenever any railroad is seized by any order or process from any court appointing a receiver for the railroad company, it shall be the duty of the judge presiding in the court to order payments on account of the liabilities specified in Code Section 46-8-250 to be made out of any funds of the company available for that purpose as soon as the amount of the liabilities is liquidated, or, if the same are disputed, then as soon as they can be judicially ascertained, and without awaiting the final judgment in the cause.

(b) Whenever any railroad is seized by any trustee or other person by authority of any provision in any trust deed or other conveyance to secure debt, it shall be the duty of the person so seizing the railroad to pay the liabilities specified in Code Section 46-8-250 out of the first moneys coming into his hands, as soon as the amount of the liabilities can be ascertained or, if disputed, can be determined judicially or otherwise. In all such cases, the persons having such claims of liability shall have the same right to proceed against the property of the railroad and to collect and secure the amount due on account of the liabilities as if the railroad had not been seized by a trustee or other person under a trust deed or other conveyance for the security of debt.