261A.17 - RIGHTS OF HOLDERS OF OBLIGATIONS.
261A.17 RIGHTS OF HOLDERS OF OBLIGATIONS.
A holder of obligations or a trustee under a trust agreement
entered into pursuant to this chapter, except to the extent that
their rights are restricted by a bond resolution, may, by any
suitable form of legal proceedings, protect and enforce rights under
the laws of this state or granted by the bond resolution, may enjoin
unlawful activities, and if there is a default on the payment of the
principal of, premiums, if any, and interest on an obligation or in
the performance of a covenant or agreement on the part of the
authority in the bond resolution, may apply to the district court to
appoint a receiver to administer and operate the education loan
program, the revenues of which are pledged to the payment of
principal of, premium, if any, and interest on the obligations, with
full power to pay, and to provide for payment of principal of,
premium, if any, and interest on the obligations, and with powers,
subject to the direction of the court, as permitted by law and
accorded to receivers, excluding the power to pledge additional
revenues of the authority to the payment of the principal, premium,
and interest. Section History: Early Form
[82 Acts, ch 1031, § 17]
Referred to in § 261A.24