§ 45-33-13 — § 45-33-13. Additional remedies conferrable on obligees.

Rhode Island § 45-33-13

• Jurisdiction: Rhode Island
• Title 45: Towns and cities
• Ch. 45-33: Redevelopment Financing

Text

§ 45-33-13. Additional remedies conferrable on obligees.

An agency has power, by its resolution, trust indenture, mortgage, lease, or other contract, to confer upon any obligee holding or representing a specified amount in bonds, the right (in addition to all rights that may otherwise be conferred), upon the happening of an event or default as defined in the resolution or instrument, by suit, action, or proceeding in any court of competent jurisdiction:

(1) To cause possession of any redevelopment project or any part of it to be surrendered to the obligee.

(2) To obtain the appointment of a receiver of any redevelopment project of the agency or any part of it and of the rents and profits from it. If a receiver is appointed, he or she may enter and take possession of the redevelopment project or any part of it, and operate and maintain the redevelopment project, and collect and receive all fees, rents, revenues, or other charges thereafter arising from it, and keep those moneys in a separate account or accounts and apply the moneys in accordance with the obligation of the agency as the court directs.

(3) To require the agency and its members and employees to account as if it and they were the trustees of an express trust.

Legislative History

P.L. 1956, ch. 3654, § 82; G.L. 1956, § 45-33-13.