234.20 Default; trustee.
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/wi/chapter-234/234-20-2A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
234.20 Default; trustee.
(1)If the authority defaults in the payment of principal of or interest on any issue of notes or bonds after they become due, whether at maturity or upon call for redemption, and the default continues for a period of 30 days or if the authority fails or refuses to comply with this chapter or defaults in any agreement made with the holders of any issue of notes or bonds, the holders of 25 percent in aggregate principal amount of the notes or bonds of the issue then outstanding, by instrument recorded in the office of the register of deeds of Dane County and approved or acknowledged in the same manner as a deed to be recorded, may appoint a trustee to represent the holders of the notes or bonds for the purposes otherwise specifically provided.
(2)The trustee may, and upon written request of the holders of 25 percent in principal amount of such notes or bonds then outstanding shall, in the trustee’s name: