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Arkansas Code Title 14. Local Government § 14-169-233. Obligee rights upon default

Current as of March 28, 2024 | Updated by FindLaw Staff

A housing authority shall have power, by its resolution, trust indenture, mortgage, 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 otherwise be conferred, upon the happening of an event of default as defined in the resolution or instrument, by suit, action, or proceeding in any court of competent jurisdiction to:

(1) Cause possession of any housing project, or any part of it, to be surrendered to any such obligee;

(2)(A) Obtain the appointment of a receiver of any housing project of the authority, or any part of it, and of the rents and profits from it.

(B) If a receiver is appointed, he may:

(i) Enter and take possession of the housing project or any part of it;

(ii) Operate and maintain the project; and

(iii) Collect and receive all fees, rents, revenues, or other charges thereafter arising from the project.

(C) The receiver shall keep the moneys in a separate account or accounts and apply them in accordance with the obligations of the authority, as the court shall direct; and

(3) Require the authority and its commissioners to account as if it and they were the trustees of an express trust.

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Cite this article: FindLaw.com - Arkansas Code Title 14. Local Government § 14-169-233. Obligee rights upon default - last updated March 28, 2024 | https://codes.findlaw.com/ar/title-14-local-government/ar-code-sect-14-169-233/

Read this complete Arkansas Code Title 14. Local Government § 14-169-233. Obligee rights upon default on Westlaw

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