164A.090 Trust agreements authorized. In the discretion of the corporation any obligation issued under the provisions of this <br>chapter may be secured by a trust agreement by and between the corporation and a <br>corporate trustee, which may be any trust company or bank having the powers of a trust <br>company within or without the state. Such trust agreement or the resolution providing for <br>the issuance of such obligations may pledge or assign all or any part of the revenues or <br>assets of the corporation, including, without limitation, insured student loans, insured <br>student loan commitments, temporary loans, contracts, agreement and other security or <br>investment obligations, the fees or charges made or received by the corporation, the <br>moneys received in payment of insured student loans and interest thereon, including the <br>proceeds of insurance thereon, and any other moneys received or due to be received by <br>the corporation. Such trust agreement or resolution may contain such provisions for <br>protecting and enforcing the rights and remedies of the holders of any such obligations as <br>may be reasonable and proper and not in violation of law, including covenants setting <br>forth the duties of the corporation in relation to the purposes to which obligation proceeds <br>may be applied, the disposition or pledging of the revenues or assets of the corporation, <br>the terms and conditions for the issuance of additional obligations, and the custody, <br>safeguarding and application of all moneys. It shall be lawful for any bank or trust <br>company incorporated under the laws of the state which may act as depository of the <br>proceeds of obligations, revenues or other money hereunder to furnish such indemnifying <br>bonds or to pledge such securities as may be required by the corporation. Any such trust <br>agreement or resolution may set forth the rights and remedies of the holders of any <br>obligations and of the trustee, and may restrict the individual right of action by any such <br>holders. In addition to the foregoing, any such trust agreement or resolution may contain <br>such other provisions as the corporation may deem reasonable and proper for the security <br>of the holders of any obligations. All expenses incurred in carrying out the provisions of <br>such trust agreement or resolution may be paid from the revenues or assets pledged or <br>assigned to the payment of the principal of and the interest on obligations or from any <br>other funds available to the corporation. Effective: June 17, 1978 <br>History: Created 1978 Ky. Acts ch. 387, sec. 9, effective June 17, 1978.
164A.090 Trust agreements authorized. In the discretion of the corporation any obligation issued under the provisions of this <br>chapter may be secured by a trust agreement by and between the corporation and a <br>corporate trustee, which may be any trust company or bank having the powers of a trust <br>company within or without the state. Such trust agreement or the resolution providing for <br>the issuance of such obligations may pledge or assign all or any part of the revenues or <br>assets of the corporation, including, without limitation, insured student loans, insured <br>student loan commitments, temporary loans, contracts, agreement and other security or <br>investment obligations, the fees or charges made or received by the corporation, the <br>moneys received in payment of insured student loans and interest thereon, including the <br>proceeds of insurance thereon, and any other moneys received or due to be received by <br>the corporation. Such trust agreement or resolution may contain such provisions for <br>protecting and enforcing the rights and remedies of the holders of any such obligations as <br>may be reasonable and proper and not in violation of law, including covenants setting <br>forth the duties of the corporation in relation to the purposes to which obligation proceeds <br>may be applied, the disposition or pledging of the revenues or assets of the corporation, <br>the terms and conditions for the issuance of additional obligations, and the custody, <br>safeguarding and application of all moneys. It shall be lawful for any bank or trust <br>company incorporated under the laws of the state which may act as depository of the <br>proceeds of obligations, revenues or other money hereunder to furnish such indemnifying <br>bonds or to pledge such securities as may be required by the corporation. Any such trust <br>agreement or resolution may set forth the rights and remedies of the holders of any <br>obligations and of the trustee, and may restrict the individual right of action by any such <br>holders. In addition to the foregoing, any such trust agreement or resolution may contain <br>such other provisions as the corporation may deem reasonable and proper for the security <br>of the holders of any obligations. All expenses incurred in carrying out the provisions of <br>such trust agreement or resolution may be paid from the revenues or assets pledged or <br>assigned to the payment of the principal of and the interest on obligations or from any <br>other funds available to the corporation. Effective: June 17, 1978 <br>History: Created 1978 Ky. Acts ch. 387, sec. 9, effective June 17, 1978.
164A.090 Trust agreements authorized. In the discretion of the corporation any obligation issued under the provisions of this <br>chapter may be secured by a trust agreement by and between the corporation and a <br>corporate trustee, which may be any trust company or bank having the powers of a trust <br>company within or without the state. Such trust agreement or the resolution providing for <br>the issuance of such obligations may pledge or assign all or any part of the revenues or <br>assets of the corporation, including, without limitation, insured student loans, insured <br>student loan commitments, temporary loans, contracts, agreement and other security or <br>investment obligations, the fees or charges made or received by the corporation, the <br>moneys received in payment of insured student loans and interest thereon, including the <br>proceeds of insurance thereon, and any other moneys received or due to be received by <br>the corporation. Such trust agreement or resolution may contain such provisions for <br>protecting and enforcing the rights and remedies of the holders of any such obligations as <br>may be reasonable and proper and not in violation of law, including covenants setting <br>forth the duties of the corporation in relation to the purposes to which obligation proceeds <br>may be applied, the disposition or pledging of the revenues or assets of the corporation, <br>the terms and conditions for the issuance of additional obligations, and the custody, <br>safeguarding and application of all moneys. It shall be lawful for any bank or trust <br>company incorporated under the laws of the state which may act as depository of the <br>proceeds of obligations, revenues or other money hereunder to furnish such indemnifying <br>bonds or to pledge such securities as may be required by the corporation. Any such trust <br>agreement or resolution may set forth the rights and remedies of the holders of any <br>obligations and of the trustee, and may restrict the individual right of action by any such <br>holders. In addition to the foregoing, any such trust agreement or resolution may contain <br>such other provisions as the corporation may deem reasonable and proper for the security <br>of the holders of any obligations. All expenses incurred in carrying out the provisions of <br>such trust agreement or resolution may be paid from the revenues or assets pledged or <br>assigned to the payment of the principal of and the interest on obligations or from any <br>other funds available to the corporation. Effective: June 17, 1978 <br>History: Created 1978 Ky. Acts ch. 387, sec. 9, effective June 17, 1978.
