Nebraska § 70-648 Receivership; when authorized; discharge of receiver; when

Nebraska Statutes

§ 70-648 — Receivership; when authorized; discharge of receiver; when

Nebraska § 70-648

Ch. 70Power Districts and Corporations

This text of Nebraska § 70-648 (Receivership; when authorized; discharge of receiver; when) is published on Counsel Stack Legal Research, covering Nebraska primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Neb. Rev. Stat. § 70-648 (2026).

Text

The board of directors of any district organized under or subject to Chapter 70, article 6, issuing revenue debentures, notes, warrants, or other evidences of indebtedness is hereby also authorized and empowered to agree and contract with the purchasers or holders thereof that in the event of default in the payment of interest on, or principal of, any such revenue debentures, notes, warrants, or other evidences of indebtedness, issued, or in the event of default in the performance of any duty or obligation under any agreement by such district, the holder or holders of such revenue debentures, notes, warrants, or other evidences of indebtedness then outstanding shall be entitled as a matter of right, upon application to a court of competent jurisdiction, to have appointed a receiver of the 

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

The board of directors of any district organized under or subject to Chapter 70, article 6, issuing revenue debentures, notes, warrants, or other evidences of indebtedness is hereby also authorized and empowered to agree and contract with the purchasers or holders thereof that in the event of default in the payment of interest on, or principal of, any such revenue debentures, notes, warrants, or other evidences of indebtedness, issued, or in the event of default in the performance of any duty or obligation under any agreement by such district, the holder or holders of such revenue debentures, notes, warrants, or other evidences of indebtedness then outstanding shall be entitled as a matter of right, upon application to a court of competent jurisdiction, to have appointed a receiver of the business and property of the district, including all tolls, rents, revenue, issues, income, receipts, profits, benefits, and additions derived, received or had thereof or therefrom, with power to operate and maintain such business and property, collect, receive, and apply all revenue, income, profits, and receipts arising therefrom, and prescribe rates, tolls, and charges, in the same way and manner as the district might do. Whenever all defaults in the payment of principal of, and interest on, such revenue debentures, notes, warrants, or other evidences of indebtedness, and any other defaults under any agreement made by the district, shall have been made good, such receiver shall be discharged by the court and shall therefor surrender control of the business and possession of the property in his or her hands to the district.

Legislative History

Source: Laws 1937, c. 152, § 7, p. 587; Laws 1939, c. 88, § 1, p. 382; C.S.Supp.,1941, § 70-712; Laws 1943, c. 146, § 6, p. 527; R.S.1943, § 70-648; Laws 1981, LB 181, § 25.