3-50-17. Additional remedies conferrable to an obligee.
255 words·~1 min read·
/nm/chapter-3-municipalities/article-50-municipal-parking/3-50-17·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A city shall have the power by its resolution, trust indenture, lease or other contract to confer upon any obligee holding or representing a specified amount in bonds, or holding a lease, the right, in addition to all rights that may be otherwise 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:
A. to cause possession of any parking facility project or any part thereof to be surrendered to any such obligee, which possession may be retained by such bondholder or trustee so long as the city shall continue in default;
B. to obtain the appointment of a receiver of any parking facility project of said city or any part thereof and of the rents and profits therefrom. If such receiver be appointed he may enter and take possession of such parking facility project or any part thereof and so long as the city shall continue in default operate and maintain the same, 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 city as the court shall direct; and
C. to require said city and the officers and agents thereof to account for the money actually received as if it and they were the trustees of an express trust.
History: 1953 Comp., § 14-51-17, enacted by Laws 1965, ch. 300.