Arkansas § 14-164-412 Bonds - Mortgage lien

Arkansas Statutes

§ 14-164-412 — Bonds - Mortgage lien

Arkansas § 14-164-412

Title14

This text of Arkansas § 14-164-412 (Bonds - Mortgage lien) is published on Counsel Stack Legal Research, covering Arkansas primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ark. Code Ann. § 14-164-412 (2026).

Text

(a)The ordinance or trust indenture authorized in §§ 14-164-405 or 14-164-407 may, but need not, impose a foreclosureable mortgage lien upon the capital improvements financed or refinanced, in whole or in part, with the proceeds of bonds issued under this subchapter.

(b)The nature and extent of the mortgage lien may be controlled by the ordinance or trust indenture including, without limitation, provisions pertaining to:

(1)The release of all or part of the land, buildings, or facilities from the mortgage lien;

(2)The priority of the mortgage lien in the event of successive bond issues; and (3) Authorizing any owner of bonds, or a trustee on behalf of all owners, either at law or in equity, to enforce the mortgage lien and, by proper suit, compel the performance of the duties of the of

Free access — add to your briefcase to read the full text and ask questions with AI

(a) The ordinance or trust indenture authorized in §§ 14-164-405 or 14-164-407 may, but need not, impose a foreclosureable mortgage lien upon the capital improvements financed or refinanced, in whole or in part, with the proceeds of bonds issued under this subchapter. (b) The nature and extent of the mortgage lien may be controlled by the ordinance or trust indenture including, without limitation, provisions pertaining to: (1) The release of all or part of the land, buildings, or facilities from the mortgage lien; (2) The priority of the mortgage lien in the event of successive bond issues; and (3) Authorizing any owner of bonds, or a trustee on behalf of all owners, either at law or in equity, to enforce the mortgage lien and, by proper suit, compel the performance of the duties of the officials of the issuer set forth in this subchapter or in the ordinance or trust indenture authorizing or securing the bonds. (c) References in this section to mortgage lien shall include a security interest in any personal property constituting the capital improvements, or part thereof, financed or refinanced, in whole or in part, with the proceeds of bonds issued under this subchapter.