A regional housing authority shall have the power by its resolution, trust indenture, lease or other contract to confer upon any obligee holding or representing a specified amount in indebtedness, or holding a lease, the right, in addition to all rights that may otherwise be conferred, upon default as defined in the resolution or instrument, by suit, action or proceeding in any court of competent jurisdiction:
A. to cause possession of any housing project or any part of a housing project to be surrendered to the obligee and retained by the holder of debt or trustee so long as the regional housing authority continues in default;
B. to obtain the appointment of a receiver of any housing project of the regional housing authority and of the rents and profits from the housing project. If a receiver is appointed, the receiver may enter and take possession of all or a part of the housing project and, so long as the regional housing authority continues in default, operate and maintain the housing project and collect and receive all fees, rents, revenues or other charges arising from the housing project and shall keep the money in a separate account and apply it in accordance with the obligations of the regional housing authority as the court directs; and
C. to require the regional housing authority and its officers and agents to account for the money actually received as if it and they were the trustees of an express trust.
History: Laws 1994, ch. 132, § 20; 1995, ch. 191, § 19; 2009, ch. 48, § 13.
ANNOTATIONSCompiler's notes. — Laws 1995, ch. 191, § 25, effective June 16, 1995, repealed Laws 1994, ch. 132, § 30, which provided for the repeal of this section on July 1, 1995.
The 2009 amendment, effective March 31, 2009, added "regional housing authority" and in Subsection A, changed "bondholder" to "holder of debt".
The 1995 amendment, effective June 16, 1995, made minor stylistic changes throughout the section.