§5186. Holders of unpaid scrip and bonds may foreclose mortgages
69 words·~1 min read·
/me/title-23-transportation/chapter-605-management-and-operation/5186·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A corporation formed by the holders of the scrip or bonds, or if no such corporation has been formed, the holders of not less than a majority of the scrip or bonds, may commence a civil action to foreclose the mortgage and the court may decree a foreclosure thereof, unless the arrears are paid within such time as the court orders. [PL 1987, c. 141, Pt. A, §4 (NEW).]