7-15-4530. Special remedies of an obligee resulting from mortgage or trust indenture. (1) An authority may by its trust indenture, mortgage, lease, or other contract confer upon an obligee holding or representing a specified amount in bonds, leases, or other obligations the right, upon the happening of an event of default as defined in the instrument:
(a) by suit, action, or proceeding in any court of competent jurisdiction, to obtain the appointment of a receiver of a housing project of the authority or any part of a project;
(b) by suit, action, or proceeding in any court of competent jurisdiction, to require the authority and the commissioners to account as if it and they were the trustees of an express trust.
(2) If a receiver is appointed pursuant to subsection (1)(a), the receiver may enter and take possession of the housing project or any part of the project, may operate and maintain the project, and may collect and receive all fees, rents, revenue, or other charges arising from the project in the same manner as the authority itself might do. The receiver shall keep the money in a separate account or accounts and apply the money in accordance with the obligations of the authority as the court directs.
History: En. Sec. 19, Ch. 140, L. 1935; re-en. Sec. 5309.19, R.C.M. 1935; R.C.M. 1947, 35-119; amd. Sec. 626, Ch. 61, L. 2007.