I've done lots of excavating work on brownfields type sites, and have run across lots of railroad bits and pieces--spikes, plates, etc., and even the occasional piece of rail, although never any great length of it. I probably never had more than a couple of hundred pounds of it mixed in with a ton of other stuff.
Now, 25 years ago, I remember one guy at the yard telling me that if I ever came across a lot of rail, they'd pay a better price for that than say, heavy melt, but more recently, I've been told that they couldn't technically take that stuff, but since they knew me, they'd take it, (and hide it in that pile over there.)
My experience digging near a railroad siding was as follows--the property owner wanted me to use a narrow backhoe bucket, and dig across the tracks between two ties, so they could lay a conduit across the tracks. The railroad about flipped out! They made them get a boring machine and bore beneath the tracks. The people might have owned the property, but THEY, the railroad own the tracks, and you don't do ANYTHING in that right of way without their OK.
Kss, we're both in PA, so I imagine we're working under the same laws. The OP doesn't list a location, so I'd say the best bet for them is to call the yard they'd take it to, explain the situation, and ask what they'd need to make it all legal. The answers could range anywhere from "Sure, bring it on in." to "It doesn't matter how long it's been laying there, or how many miles it is from the nearest active line, the railroad still owns it and we don't want any part of it."
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