§ 45-27-12 - Remedies conferrable on obligee by housing authority. - Rhode Island Statutes

SECTION 45-27-12

   § 45-27-12  Remedies conferrable on obligeeby housing authority. – Any authority has power by its trust indenture, mortgage, lease, or othercontract to confer upon any obligee, holding or representing a specified amountin bonds, lease, or other obligations, the right upon the happening of an"event of default" as defined in the 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 of it. If the receiver is appointed, he orshe may enter and take possession of the housing project or any part or partsof it, and operate and maintain the housing project, and collect and receiveall fees, rents, revenues, or other charges arising from it in the same manneras the authority itself might do, and keep those moneys in a separate accountor accounts and apply them in accordance with the obligations of the authorityas the court directs.

   (2) By suit, action, or proceeding in any court of competentjurisdiction to require the authority and commissioners to account as if it andthey were the trustees of an express trust.