261A.48 - POWERS OF HOLDERS AND TRUSTEES.
261A.48 POWERS OF HOLDERS AND TRUSTEES.
A holder of obligations or of the coupons pertaining to
obligations and the trustee under a trust agreement, except to the
extent the rights given in this division are restricted by the
authorizing resolution or trust agreement, may, by suit, mandamus, or
other proceedings, protect and enforce any and all rights under the
laws of this state, or under the trust agreement or resolution
authorizing the issuance of the obligations, and may enforce and
compel the performance of all duties required by this division or by
the trust agreement or resolution to be performed by the authority or
by an officer, employee, or agent of the authority, including the
fixing, charging, and collecting of fees and charges authorized in
this division and required by the resolution or trust agreement to be
fixed and collected.
The rights of holders include the right to compel the performance
of all duties of the authority required by this division or the
resolution or trust agreement, to enjoin unlawful activities, and in
the event of default with respect to the payment of any principal of,
premium, if any, and interest on an obligation or in the performance
of a covenant or agreement on the part of the authority in the
resolution, to apply to a court having jurisdiction of the cause to
appoint a receiver to administer and operate the project, the revenue
of which is pledged to the payment of the principal of, premium, if
any, and interest on the obligations, the receiver to have full power
to pay and to provide for payment of the principal of, premium, if
any, and interest on the obligations, and to have the powers, subject
to the direction of the court, as are permitted by law and are
accorded receivers in general equity cases, including the power to
foreclose the mortgage on the project in the same manner as the
foreclosure of a mortgage on real estate of private corporations, but
excluding any power to pledge additional revenue of the authority to
the payment of the principal, premium, and interest. Section History: Recent Form
85 Acts, ch 210, §18