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Nebraska Revised Statutes Chapter 71. Public Health and Welfare § 71-15,119. Obligee; powers conferred

Current as of January 01, 2024 | Updated by Findlaw Staff

A housing agency, by its resolution, trust indenture, mortgage, lease, or other contract, may in its discretion elect to confer upon any obligee holding or representing a specified amount in bonds or other instruments or holding a lease such rights as the housing agency determines are necessary or desirable in order to generate revenue or which it otherwise deems to be in its best interests and in furtherance of its purposes. Such rights, which shall be exercisable upon the happening of an event of default as defined in such resolution or instrument, are cumulative of all rights otherwise conferred and may, in the agency's discretion, include any one or more of the following rights, which shall be enforceable by suit, action, or proceeding in any court of competent jurisdiction:

(1) The right to cause possession of any housing development or any part thereof to be surrendered to an obligee;

(2) The right to obtain the appointment of a receiver for any housing development or part thereof and of the rents and profits therefrom. If a receiver is appointed, the receiver may enter and take possession of the housing development or any part thereof and operate and maintain it and collect and receive all fees, rents, revenue, or other charges thereafter arising therefrom and shall keep such money in separate accounts and apply them in accordance with the obligations of the housing agency as the court directs; and

(3) The right to require the housing agency to account as if it were the trustee of an express trust.

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Cite this article: FindLaw.com - Nebraska Revised Statutes Chapter 71. Public Health and Welfare § 71-15,119. Obligee; powers conferred - last updated January 01, 2024 | https://codes.findlaw.com/ne/chapter-71-public-health-and-welfare/ne-rev-st-sect-71-15-119/

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