§ 811 - Default in payment - Vermont Statutes

§ 811. Default in payment

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 the provisions of this chapter or defaults in any agreement made with the holders of notes or bonds, the holders of 25 percent in aggregate principal amount of the notes or bonds of any issue then outstanding, by instrument or instruments filed in the office of the clerk of the county of Washington and proved or acknowledged in the same manner as a deed of real estate to be recorded, may appoint a trustee to represent the holders of these notes or bonds for the purposes herein provided. (Added 1973, No. 14, § 2, eff. Feb. 23, 1973.)