18-2131. Bonds; default; causes of action.
217 words·~1 min read·
/ne/chapter-18/18-2131A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
An authority may by resolution, trust indenture, mortgage, lease, or other instrument confer upon any 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 instruments, by suit, action, or proceeding in any court of competent jurisdiction:
(1)To cause possession of any redevelopment 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 redevelopment project of such authority or any part thereof, title to which is in the authority, and of the rents and profits therefrom. If such receiver be appointed, the receiver may enter and take possession of, carry out, operate, and maintain such project or any part thereof and collect and receive all fees, rents, revenue, or other charges thereafter arising from such project, and shall keep such money in a separate account or accounts and apply the same in accordance with the obligations of such authority as the court shall direct; and
(3)to require the authority and the members, officers, agents, and employees thereof to account as if it and they were the trustees of an express trust.