Title 45
Towns and Cities

Chapter 27
Housing Authority Bonds and Obligations

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

Any authority has power by its trust indenture, mortgage, lease, or other contract to confer upon any obligee, holding or representing a specified amount in 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 competent jurisdiction to obtain the appointment of a receiver of any housing project of the authority or any part or parts of it. If the receiver is appointed, he or she may enter and take possession of the housing project or any part or parts of it, and operate and maintain the housing project, and collect and receive all fees, rents, revenues, or other charges arising from it in the same manner as the authority itself might do, and keep those moneys in a separate account or accounts and apply them in accordance with the obligations of the authority as the court directs.

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