Conferment of additional rights upon obligee; receiver

  1. Law
  2. US Virgin Islands Code
  3. Public Planning and Development
  4. Public Works Acceleration Authority
  5. Finance
  6. Conferment of additional rights upon obligee; receiver

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  • The Authority may by its resolution, or by declaration of trust, trust indenture, mortgage, lease, or other contract 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 competent jurisdiction to—

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

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

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

  • A receiver appointed under clause (2) of this section may enter and take possession of the project or any part thereof and operate and maintain the same, and collect and receive all fees, rents, revenues, or other charges thereafter arising therefrom, and shall keep all money in a separate account or accounts and apply the same in accordance with the obligations of the Authority as the court directs.


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