More recently and closer to home, Union Pacific abandoned part of its Valley Subdivision from Lincoln,NE to Marysville, KS and successfully railbanked the entire route. Adjacent landowners fought it to no avail. Today the trail has three segments--Lincoln to Beatrice, NE, Beatrice to the Kansas/Nebraska state line, and from the state line to Marysville, KS.
As I understand, railbanking is a way for railroads to abandon a route while protecting the right of way for possible future railroad use. In the mean time the trails make use of the right of way and maintain it.