35A-8-421. Obligees -- Additional rights conferred by authority.

203 words·~1 min read·/ut/title-35a/chapter-8/35a-8-421

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(1)An authority may by resolution, trust indenture, mortgage, lease, or other contract, confer upon an obligee the right, in addition to all rights that may otherwise be conferred, upon default as defined in a resolution or instrument, by suit, action, or proceeding in a court of competent jurisdiction to:

(a)cause possession of a project, in whole or in part, to be surrendered to the obligee;

(b)obtain the appointment of a receiver of a project, in whole or in part, and of the rents and profits from the project; and

(c)require the authority and its officers, agents, and employees to account as if they were the trustees of an express trust.

(2)The receiver:

(a)may enter and take possession of the project or any part of it;

(b)may operate and maintain the project;

(c)may collect and receive all fees, rents, revenues, or other charges arising from the project;

(d)shall keep the money collected from the project in a separate account; and

(e)shall use the money in accordance with the obligations of the authority as the court directs.

Renumbered and Amended by Chapter 212 , 2012 General Session