§ 14-139-110 — Statutory mortgage lien

Arkansas § 14-139-110

• Jurisdiction: Arkansas
• Title: 14

Text

(a) (1) There shall be a statutory mortgage lien upon the exhibition grounds and buildings acquired or constructed from the proceeds of bonds authorized by this chapter to be issued, which shall exist in favor of the holder of the bonds and each of them, and to and in favor of the holder of the coupons attached to the bonds. (2) The exhibition grounds and buildings shall remain subject to the statutory mortgage lien until payment in full of the principal and interest of the bonds. (b) Subject to such restrictions as may be contained in the indenture authorized in this chapter, any holder of bonds issued under the provisions of this chapter, or of any coupons representing interest accrued thereon, may, either at law or in equity, enforce the statutory mortgage lien conferred by this section and may, by proper suit, compel the performance of the duties of the officials of the issuing municipality set forth in this chapter. (c) If there is default in the payment of the principal of or interest upon any of the bonds, any court having jurisdiction in any proper action may appoint a receiver to administer the exhibition grounds and buildings on behalf of the municipality, with power to charge and collect rents or charges sufficient to provide for the payment of the bonds and interest thereon, and for the payment of the operating expense, and to apply the income and revenues in conformity with this chapter and the ordinance providing for the issuance of the bonds.

Legislative History

Acts 1938 (Ex. Sess.), No. 17, § 7; A.S.A. 1947, § 19-2907.