Any defect in any lease or sale of any railroad property by a railroad pursuant to the provisions of chapter 49-16A made prior to January 1, 1994, is hereby validated, legalized and cured, and as to any such sale the railroad's instrument of conveyance shall operate to convey and transfer title to the person or persons named as grantee or grantees in such instrument of conveyance all the right, title, and interest of the railroad and in and to such property. This section does not affect any action pending on July 1, 1994.
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