99.530. Default of bonds--rights of obligee. - Missouri Statutes

Default of bonds--rights of obligee.

99.530. An authority shall have power by its resolution,trust indenture, mortgage, lease or other contract to confer uponan obligee holding or representing a specified amount in bonds,the right (in addition to all rights that may otherwise beconferred), upon the happening of an event of default as definedin such resolution or instrument, by suit, action or proceedingin any court of competent jurisdiction:

(1) To cause possession of any land clearance project or anypart thereof, title to which is in the authority, to besurrendered to any such obligee;

(2) To obtain the appointment of a receiver of any landclearance project of said authority or any part thereof, title towhich is in the authority, and of the rents and profitstherefrom. If such receiver be appointed, he may enter and takepossession of, carry out, operate and maintain such project orany part thereof and collect and receive all fees, rents,revenues, or other charges thereafter arising therefrom, andshall keep such moneys in a separate account or accounts andapply the same in accordance with the obligations of saidauthority as the court shall direct; and

(3) To require said authority and the commissioners,officers, agents and employees thereof to account as if it andthey were the trustees of an express trust.

(L. 1951 p. 300 § 12)