The Vermont Statutes Online
The Statutes below include the actions of the 2025 session of the General Assembly.
NOTE: The Vermont Statutes Online is an unofficial copy of the Vermont Statutes Annotated that is provided as a convenience.
(Cite as: 24 V.S.A. § 4018)
-
§ 4018. Powers may be conferred on obligee
An authority shall have power by its resolution, trust indenture, mortgage, lease,
or other contract to confer upon any obligee holding or representing a specified amount
in bonds, or holding a lease, the right, in addition to all rights that may be otherwise
conferred, upon the happening of an event of default as defined in such resolution
or instrument, by suit, action, or proceeding in any court of competent jurisdiction:
(1) To cause possession of any housing project or any part thereof to be surrendered to
any such obligee.
(2) To obtain the appointment of a receiver of any housing project of said authority or
any part thereof and of the rents and profits therefrom. If such receiver be appointed,
he or she may enter and take possession of such housing project or any part thereof
and operate and maintain the same and collect and receive all fees, rents, revenues,
or other charges thereafter arising therefrom and shall keep such monies in a separate
account or accounts and apply the same in accordance with the obligations of said
authority as the court shall direct.
(3) To require said authority and the commissioners thereof to account as if it and they
were the trustees of an express trust. (1961, No. 212, § 18, eff. July 11, 1961.)