§ 5281 - Default - Vermont Statutes

§ 5281. Default

If the authority defaults in the payment of principal or interest on any issue of notes or bonds after they become due, whether at maturity or upon call for redemption, and the default continues for 30 days, or if the authority fails or refuses to comply with this chapter or defaults in any agreement made with the holders of any issue of notes or bonds, the holders of 25 percent in aggregate principal amount of the outstanding notes or bonds of that issue, by instrument filed in the office of the Washington County clerk and executed in the same manner as a deed to be recorded, may appoint a trustee to represent the holders of those notes or bonds for the purposes herein provided. (Added 1999, No. 121 (Adj. Sess.), § 1.)