§45-33-13  Additional remedies conferrable on obligees. –

Published: 2015

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Redevelopment Financing

SECTION 45-33-13

   § 45-33-13  Additional remedies conferrable

on obligees. –

An agency has power, by its resolution, trust indenture, mortgage, lease, or

other contract, to 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 or default as defined in the

resolution or instrument, by suit, action, or proceeding in any court of

competent jurisdiction:

   (1) To cause possession of any redevelopment project or any

part of it to be surrendered to the obligee.

   (2) To obtain the appointment of a receiver of any

redevelopment project of the agency or any part of it and of the rents and

profits from it. If a receiver is appointed, he or she may enter and take

possession of the redevelopment project or any part of it, and operate and

maintain the redevelopment project, and collect and receive all fees, rents,

revenues, or other charges thereafter arising from it, and keep those moneys in

a separate account or accounts and apply the moneys in accordance with the

obligation of the agency as the court directs.

   (3) To require the agency and its members and employees to

account as if it and they were the trustees of an express trust.

History of Section.

(P.L. 1956, ch. 3654, § 82; G.L. 1956, § 45-33-13.)