63H-1-605 - Obligee rights -- Board may confer other rights. - Utah Statutes

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63H-1-605. Obligee rights -- Board may confer other rights.
(1) In addition to all other rights that are conferred on an obligee of a bond issued by theauthority under this part and subject to contractual restrictions binding on the obligee, an obligeemay:
(a) by mandamus, suit, action, or other proceeding, compel an authority and its board,officers, agents, or employees to perform every term, provision, and covenant contained in anycontract of the authority with or for the benefit of the obligee, and require the authority to carryout the covenants and agreements of the authority and to fulfill all duties imposed on theauthority by this part; and
(b) by suit, action, or proceeding in equity, enjoin any acts or things that may be unlawfulor violate the rights of the obligee.
(2) (a) In a board resolution authorizing the issuance of bonds or in a trust indenture,mortgage, lease, or other contract, an authority board may confer upon an obligee holding orrepresenting a specified amount in bonds, the rights described in Subsection (2)(b), to accrueupon the happening of an event or default prescribed in the resolution, indenture, mortgage,lease, or other contract, and to be exercised by suit, action, or proceeding in any court ofcompetent jurisdiction.
(b) (i) The rights that the board may confer under Subsection (2)(a) are the rights to:
(A) cause possession of all or part of a development project to be surrendered to anobligee;
(B) obtain the appointment of a receiver of all or part of an authority's developmentproject and of the rents and profits from it; and
(C) require the authority and its board and employees to account as if the authority andthe board and employees were the trustees of an express trust.
(ii) If a receiver is appointed through the exercise of a right granted under Subsection(2)(b)(i)(B), the receiver:
(A) may enter and take possession of the development project or any part of it, operateand maintain it, and collect and receive all fees, rents, revenues, or other charges arising from itafter the receiver's appointment; and
(B) shall keep money collected as receiver for the authority in separate accounts andapply it pursuant to the authority obligations as the court directs.

Enacted by Chapter 23, 2007 General Session

State Codes and Statutes

Statutes > Utah > Title-63h > Chapter-01 > 63h-1-605

63H-1-605. Obligee rights -- Board may confer other rights.
(1) In addition to all other rights that are conferred on an obligee of a bond issued by theauthority under this part and subject to contractual restrictions binding on the obligee, an obligeemay:
(a) by mandamus, suit, action, or other proceeding, compel an authority and its board,officers, agents, or employees to perform every term, provision, and covenant contained in anycontract of the authority with or for the benefit of the obligee, and require the authority to carryout the covenants and agreements of the authority and to fulfill all duties imposed on theauthority by this part; and
(b) by suit, action, or proceeding in equity, enjoin any acts or things that may be unlawfulor violate the rights of the obligee.
(2) (a) In a board resolution authorizing the issuance of bonds or in a trust indenture,mortgage, lease, or other contract, an authority board may confer upon an obligee holding orrepresenting a specified amount in bonds, the rights described in Subsection (2)(b), to accrueupon the happening of an event or default prescribed in the resolution, indenture, mortgage,lease, or other contract, and to be exercised by suit, action, or proceeding in any court ofcompetent jurisdiction.
(b) (i) The rights that the board may confer under Subsection (2)(a) are the rights to:
(A) cause possession of all or part of a development project to be surrendered to anobligee;
(B) obtain the appointment of a receiver of all or part of an authority's developmentproject and of the rents and profits from it; and
(C) require the authority and its board and employees to account as if the authority andthe board and employees were the trustees of an express trust.
(ii) If a receiver is appointed through the exercise of a right granted under Subsection(2)(b)(i)(B), the receiver:
(A) may enter and take possession of the development project or any part of it, operateand maintain it, and collect and receive all fees, rents, revenues, or other charges arising from itafter the receiver's appointment; and
(B) shall keep money collected as receiver for the authority in separate accounts andapply it pursuant to the authority obligations as the court directs.

Enacted by Chapter 23, 2007 General Session

State Codes and Statutes

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State Codes and Statutes

Statutes > Utah > Title-63h > Chapter-01 > 63h-1-605

63H-1-605. Obligee rights -- Board may confer other rights.
(1) In addition to all other rights that are conferred on an obligee of a bond issued by theauthority under this part and subject to contractual restrictions binding on the obligee, an obligeemay:
(a) by mandamus, suit, action, or other proceeding, compel an authority and its board,officers, agents, or employees to perform every term, provision, and covenant contained in anycontract of the authority with or for the benefit of the obligee, and require the authority to carryout the covenants and agreements of the authority and to fulfill all duties imposed on theauthority by this part; and
(b) by suit, action, or proceeding in equity, enjoin any acts or things that may be unlawfulor violate the rights of the obligee.
(2) (a) In a board resolution authorizing the issuance of bonds or in a trust indenture,mortgage, lease, or other contract, an authority board may confer upon an obligee holding orrepresenting a specified amount in bonds, the rights described in Subsection (2)(b), to accrueupon the happening of an event or default prescribed in the resolution, indenture, mortgage,lease, or other contract, and to be exercised by suit, action, or proceeding in any court ofcompetent jurisdiction.
(b) (i) The rights that the board may confer under Subsection (2)(a) are the rights to:
(A) cause possession of all or part of a development project to be surrendered to anobligee;
(B) obtain the appointment of a receiver of all or part of an authority's developmentproject and of the rents and profits from it; and
(C) require the authority and its board and employees to account as if the authority andthe board and employees were the trustees of an express trust.
(ii) If a receiver is appointed through the exercise of a right granted under Subsection(2)(b)(i)(B), the receiver:
(A) may enter and take possession of the development project or any part of it, operateand maintain it, and collect and receive all fees, rents, revenues, or other charges arising from itafter the receiver's appointment; and
(B) shall keep money collected as receiver for the authority in separate accounts andapply it pursuant to the authority obligations as the court directs.

Enacted by Chapter 23, 2007 General Session