§ 10 §1045-A — Trust agreements or other documents

Maine § 10 §1045-A

• Jurisdiction: Maine
• Title 10: COMMERCE AND TRADE
• Part 2: BUILDING AND DEVELOPMENT
• Ch. 110: FINANCE AUTHORITY OF MAINE

Text

1.
Trust agreements or other documents.
At the discretion of the authority, revenue obligation securities may be issued under this subchapter pursuant to a trust agreement or other document. The trust agreement or other document may:
2.
Mortgages.
To further secure the payment of the revenue obligation securities, the trust agreement or other document may mortgage or assign the mortgage of the project, or any part, and create a lien upon or security interest in any or all of the project. In the event of a default with respect to the revenue obligation securities, the trustee, mortgagee or other person may be authorized by the trust agreement or other document containing a mortgage or assignment of a mortgage to take possession of, hold, manage and operate all or any part of the mortgaged property and, with or without taking possession, to sell or, from time to time, to lease the property in accordance with law. Any security interest granted by the authority under this chapter may be created and perfected in accordance with the Uniform Commercial Code, Title 11, Article 9‑A.
3.
Additional provisions.
Any trust agreement or other document may contain provisions which shall be a part of the contract with holders of revenue obligation securities as to:
4.
Expenses; pledges.
All expenses incurred in carrying out a trust agreement or financial document may be treated as a part of the cost of the operation of the project. All pledges of revenue or eligible collateral under this subchapter shall be valid and binding from the time when the pledge is made. All the revenues or eligible collateral pledged and later received by the authority shall immediately be subject to the lien of the pledges without any physical delivery or further action under the Uniform Commercial Code or otherwise. The lien of the pledges shall be valid and binding against all parties having claims of any kind in tort, contract or otherwise, against the authority, irrespective of whether the parties have notice thereof.
5.
Other provisions.
A trust agreement or financial document may contain other provisions the authority deems reasonable and proper for the security of the security holders.

Legislative History

PL 1985, c. 344, §73 (NEW). PL 1999, c. 699, §D4 (AMD). PL 1999, c. 699, §D30 (AFF).