Conferment of additional rights upon obligee; receiver

  1. Law
  2. US Virgin Islands Code
  3. Education
  4. University of the Virgin Islands
  5. Conferment of additional rights upon obligee; receiver

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  • The University by its resolution, or by declaration of trust, trust indenture, mortgage, lease, or other contract may confer upon any obligee holding or representing a specified amount in bonds, the right (in addition to all rights that may otherwise be conferred), upon the happening of an event of default as defined in such resolution or instrument, by a civil action in any court of complaint jurisdiction to—

    • (1) cause possession of any project thereof to be surrendered to any such obligee;

    • (2) obtain the appointment of a receiver of any project of the University or any part thereof and of the rents and profits therefrom;

    • (3) require the University and the Trustees, officers, agents, and employees thereof to account as if it and they were trustees of an express trust.


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