§ 14-186-413 — Statutory mortgage lien

Arkansas § 14-186-413

• Jurisdiction: Arkansas
• Title: 14

Text

(a) (1) There shall be a statutory mortgage lien upon the port constructed or acquired from the proceeds of bonds authorized to be issued under the provisions of this subchapter. This lien shall exist in favor of the holders of the bonds and each of them and to and in favor of the holders of the coupons attached to the bonds. (2) The port shall remain subject to this statutory mortgage lien until the payment in full of the principal of, and interest on, the bonds. (b) (1) Subject to such restrictions as may be contained in the indenture authorized in this subchapter, any holder of bonds issued under the provisions of this subchapter, or of any coupons representing interest accrued on them, 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 respective municipality or county set forth in this subchapter. (2) If there is default in the payment of the principal or interest upon any of the bonds, any court having jurisdiction, in any proper action, may appoint a receiver to administer the port. This receiver shall have power to charge and collect rates sufficient to provide for the payment of the bonds and the interest on them and for the payment of the operating expenses, and power to apply the income and revenues in conformity with this subchapter and the respective ordinance or order providing for the issuance of the bonds.

Legislative History

Acts 1959, No. 310, § 7; A.S.A. 1947, § 19-2738.