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Nevada Revised Statutes Title 25. Public Organizations for Community Service § 315.780. Additional remedies conferrable by authority on obligee

Current as of January 01, 2025 | Updated by Findlaw Staff

By its resolution, trust indenture, mortgage, lease or other contract, an authority may confer upon any obligee holding or representing a specified amount in bonds, the right (in addition to all rights that may otherwise be conferred), upon the happening of an event of default as defined in such resolution or instrument, by suit, action or proceeding in any court of competent jurisdiction:

1. To cause possession of any housing project or any part thereof to be surrendered to any such obligee.

2. To obtain the appointment of a receiver of any housing project of the authority or any part thereof and of the rents and profits therefrom. If the receiver be appointed, he or she may enter and take possession of such project or any part thereof and operate and maintain it, collect and receive all fees, rents, revenues or other charges thereafter arising therefrom, and shall keep such moneys in a separate account or accounts and apply the same in accordance with the obligations of the authority as the court shall direct.

3. To require the authority to account as if it were the trustees of an express trust.

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Cite this article: FindLaw.com - Nevada Revised Statutes Title 25. Public Organizations for Community Service § 315.780. Additional remedies conferrable by authority on obligee - last updated January 01, 2025 | https://codes.findlaw.com/nv/title-25-public-organizations-for-community-service/nv-rev-st-315-780/

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