§ 14-164-220 - Statutory mortgage lien. - Arkansas Statutes

14-164-220. Statutory mortgage lien.

(a) (1) The ordinance, order, or indenture referred to in 14-164-209 and 14-164-211 may, but need not, impose a foreclosable mortgage lien upon the land, buildings, or facilities acquired, constructed, reconstructed, extended, equipped, or improved, in whole or in part, with the proceeds of bonds issued under this subchapter.

(2) The nature and extent of the mortgage lien may be controlled by the ordinance, order, or indenture, including, without limitation, provisions pertaining to the release of all, or part of, the land, buildings, or facilities from the mortgage lien and the priority of the mortgage lien in the event of successive bond issues as authorized by 14-164-215.

(b) (1) The ordinance, order, or indenture authorizing or securing the bonds may authorize any holder or registered owner of bonds issued under the provisions of this subchapter, or a trustee on behalf of all holders and registered owners, either at law or in equity, to enforce the mortgage lien and, by proper suit, compel the performance of the duties of the officials of the issuing municipality or county set forth in this subchapter and set forth in the ordinance, order, or indenture authorizing or securing the bonds.

(2) References in this subchapter to mortgage liens shall include and mean security interest in any personal property embodied in the facilities acquired, constructed, reconstructed, extended, equipped, or improved, in whole or in part, with the proceeds of bonds issued under this subchapter.