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Current as of January 01, 2024 | Updated by Findlaw Staff
Any authority has power by its trust indenture, mortgage, lease, or other contract to confer upon any obligee, holding or representing a specified amount in bonds, lease, or other obligations, the right upon the happening of an “event of default” as defined in the instrument:
(1) By suit, action, or proceeding in any court of competent jurisdiction to obtain the appointment of a receiver of any housing project of the authority or any part or parts of it. If the receiver is appointed, he or she may enter and take possession of the housing project or any part or parts of it, and operate and maintain the housing project, and collect and receive all fees, rents, revenues, or other charges arising from it in the same manner as the authority itself might do, and keep those moneys in a separate account or accounts and apply them in accordance with the obligations of the authority as the court directs.
(2) By suit, action, or proceeding in any court of competent jurisdiction to require the authority and commissioners to account as if it and they were the trustees of an express trust.
Cite this article: FindLaw.com - Rhode Island General Laws Title 45. Towns and Cities § 45-27-12. Remedies conferrable on obligee by housing authority - last updated January 01, 2024 | https://codes.findlaw.com/ri/title-45-towns-and-cities/ri-gen-laws-sect-45-27-12/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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