§ 8119. Rights of obligation holders and trustees.
170 words·~1 min read·
/pa/title-74/chapter-81/8119A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§ 8119. Rights of obligation holders and trustees.
(a)Scope.-- This section applies to all of the following:
(1)A holder of:
(i)a bond, note or other obligation issued under this chapter; or
(ii)a coupon attached to the bond, note or other obligation.
(2)The trustee under an applicable trust indenture.
(b)Enforcement.-- Subject to subsection (c), a person referred to in subsection
(a)may, by an action at law or in equity, do all of the following:
(1)Protect and enforce rights granted under this chapter or under the resolution or trust indenture.
(2)Enforce and compel performance of all duties required by this chapter or by the resolution or trust indenture to be performed by the commission or an officer of the commission. This paragraph includes fixing, charging and collecting of tolls for the use of the turnpikes.
(c)Restriction.-- Rights under this chapter may be restricted by resolution passed before the issuance of the bond, note or other obligation or by the trust indenture.
74c8120s