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Title VII CITIES, TOWNS AND VILLAGES

  Chapter 99back to chapter 99

  99.530.  Default of bonds — rights of obligee. — An authority shall have power by its resolution, trust indenture, mortgage, lease or other contract to confer upon an obligee holding or representing a specified amount in bonds, the right (in addition to all rights that may otherwise be conferred), upon the happening of an event of default as defined in such resolution or instrument, by suit, action or proceeding in any court of competent jurisdiction:

  (1)  To cause possession of any land clearance project or any part thereof, title to which is in the authority, to be surrendered to any such obligee;

  (2)  To obtain the appointment of a receiver of any land clearance project of said authority or any part thereof, title to which is in the authority, and of the rents and profits therefrom.  If such receiver be appointed, he may enter and take possession of, carry out, operate and maintain such project or any part thereof and collect and receive all fees, rents, revenues, or other charges thereafter arising therefrom, and shall keep such moneys in a separate account or accounts and apply the same in accordance with the obligations of said authority as the court shall direct; and

  (3)  To require said authority and the commissioners, officers, agents and employees thereof to account as if it and they were the trustees of an express trust.

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(L. 1951 p. 300 § 12)


< end of effective 28 Aug 1951 >

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