The commissioner may enter into an agreement or agreements with any trust company,
or with any bank having the powers of a trust company, either within or outside the
state, as trustee for the holders of bonds or notes issued hereunder, setting forth
therein such duties of the commissioner in respect to the payment of the bonds or
notes, the conservation and application of all moneys, the security for moneys on
hand or on deposit, and the rights and remedies of the trustee and the holders of
the bonds or notes, as may be agreed upon with the original purchasers of such bonds
or notes, except that competitive bids shall be used to determine such trust company;
and including therein provisions restricting the individual right of action of bondholders
or noteholders as is customary in trust agreements respecting bonds or notes and debentures
of corporations, protecting and enforcing the rights and remedies of the trustee and
the bondholders or noteholders.
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 or via Westlaw before relying on it for your legal needs.
Was this helpful?
Response sent, thank you
Welcome to FindLaw's Cases & Codes
A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw's Learn About the Law.