100.480. Powers of obligee granted by authority. - Missouri Statutes

Powers of obligee granted by authority.

100.480. Any 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 project or any part thereof,title to which is in the authority, to be surrendered to any suchobligee;

(2) To obtain the appointment of a receiver of any projectof said authority or any part thereof, title to which is in theauthority, and of the rents and profits therefrom. If suchreceiver be appointed, he may enter and take possession of, carryout, operate and maintain such project or any part thereof andcollect and receive all fees, rents, revenues, or other chargesthereafter arising therefrom, and shall keep such moneys in aseparate account or accounts and apply the same in accordancewith the obligations of said authority 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. 1967 p. 172 § 19)