Indiana § 5-1.4-7-3 Trustee; duties; powers; venue; notice

Indiana Statutes

§ 5-1.4-7-3 — Trustee; duties; powers; venue; notice

Indiana § 5-1.4-7-3

Title 5STATE AND LOCAL ADMINISTRATION

Art. 1.4LOCAL PUBLIC IMPROVEMENT BOND BANKS

Ch. 7Default of the Bank

This text of Indiana § 5-1.4-7-3 (Trustee; duties; powers; venue; notice) is published on Counsel Stack Legal Research, covering Indiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ind. Code § 5-1.4-7-3 (2026).

Text

(a)A trustee appointed under section 2 of this chapter shall, in the trustee's name, upon written request of the holders of twenty-five percent (25%) in principal amount of the outstanding notes or bonds:

(1)by civil action enforce all rights of the holders, including the right to require the bank to:

(A)collect rates, charges, and other fees and to collect interest and principal payments on securities held by it adequate to carry out an agreement as to, or pledge of, the rates, charges, and other fees and of the interest and principal payments; and

(B)carry out any other agreements with the holders of the notes or bonds and to perform its duties under this article;

(2)bring a civil action upon the notes or bonds;

(3)by civil action require the bank to account as if it were the trust

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(a) A trustee appointed under section 2 of this
chapter shall, in the trustee's name, upon written request of the holders
of twenty-five percent (25%) in principal amount of the outstanding
notes or bonds:
(1) by civil action enforce all rights of the holders, including the
right to require the bank to:
(A) collect rates, charges, and other fees and to collect interest
and principal payments on securities held by it adequate to
carry out an agreement as to, or pledge of, the rates, charges,
and other fees and of the interest and principal payments; and
(B) carry out any other agreements with the holders of the notes
or bonds and to perform its duties under this article;
(2) bring a civil action upon the notes or bonds;
(3) by civil action require the bank to account as if it were the
trustee of an express trust for the holders of the notes or bonds;
(4) by civil action enjoin anything that may be unlawful or in
violation of the rights of the holders of the notes or bonds; and
(5) declare all the notes or bonds due and payable, and if all
defaults are made good, then with the consent of the holders of
twenty-five percent (25%) of the principal amount of the
outstanding notes or bonds, annul the declaration and its
consequences.
(b) The trustee also has all the powers necessary for the exercise of
functions specifically set out or incident to the general representation
of holders in the enforcement and protection of their rights.
(c) The venue of any suit, action, or proceeding brought by the
trustee on behalf of the holders shall be laid in the county in which the
bank is located.
(d) Before declaring the principal of notes or bonds due and
payable, the trustee must first give not less than thirty (30) days notice
in writing to the chairman of the board and the board's attorney.