State Codes and Statutes
Statutes > North-carolina > Chapter_157 > GS_157-19§ 157‑19. Additional remedies conferrable by mortgage or trust indenture.
Any authority shall have power by its trust indenture, mortgage, leaseor other contract to confer upon any obligee holding or representing aspecified amount in bonds, lease or other obligations the right upon thehappening of an "event of default" as defined in such instrument:
(1) By suit, action or proceeding in any court of competentjurisdiction to obtain the appointment of a receiver of any housing project ofthe authority or any part or parts thereof. If such receiver be appointed, hemay enter and take possession of such housing project or any part or partsthereof and operate and maintain same, and collect and receive all fees, rents,revenues, or other charges thereafter arising therefrom in the same manner asthe authority itself might do and shall keep such moneys in a separate accountor accounts and apply the same in accordance with the obligations of theauthority as the court shall direct.
(2) By suit, action or proceeding in any court of competentjurisdiction to require the authority and the commissioners thereof to accountas if it and they were the trustees of an express trust. (1935, c. 456, s. 19.)
