Indiana § 14-33-20-34 Surrender of possession of water facilities by receiver

Indiana Statutes

§ 14-33-20-34 — Surrender of possession of water facilities by receiver

Indiana·Art. 33 CONSERVANCY DISTRICTS·Ch. 20 Water Supply Systems

(a)Whenever:

(1)all that is due:

(A)upon the bonds, notes, or other evidences of indebtedness payable from revenues, including interest; and

(B)upon other notes, bonds, or other obligations, including interest, having a charge, lien, or encumbrance on the revenues of the water facilities; under the terms of covenants or agreements with the holders have been paid or deposited as provided; and

(2)all defaults have been cured; the court may, after notice and hearing that the court considers reasonable and proper, direct the receiver to surrender possession of the facilities to the board.

(b)The same right of the holders of the bonds, notes, or other evidences of indebtedness to secure the appointment of a receiver exists upon a subsequent default as provided in this chapter. [Pre-1995 R

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

(a) Whenever:
(1) all that is due:
(A) upon the bonds, notes, or other evidences of indebtedness
payable from revenues, including interest; and
(B) upon other notes, bonds, or other obligations, including
interest, having a charge, lien, or encumbrance on the revenues
of the water facilities;
under the terms of covenants or agreements with the holders have
been paid or deposited as provided; and
(2) all defaults have been cured;
the court may, after notice and hearing that the court considers
reasonable and proper, direct the receiver to surrender possession of
the facilities to the board.
(b) The same right of the holders of the bonds, notes, or other
evidences of indebtedness to secure the appointment of a receiver
exists upon a subsequent default as provided in this chapter.
[Pre-1995 Recodification Citation: 13-3-4-13(c).]

Indiana § 14-33-20-34 (Surrender of possession of water facilities by receiver) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.