Delaware Code Title 14 Sec. 9209 – Trust agreement
(a) Any bonds issued under this chapter may be secured by a trust agreement by and between the Authority, a participating institution and a corporate trustee or trustees, which may be any trust company or bank having the powers of a trust company within or without the State.
Terms Used In Delaware Code Title 14 Sec. 9209
- Contract: A legal written agreement that becomes binding when signed.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- State: means the State of Delaware; and when applied to different parts of the United States, it includes the District of Columbia and the several territories and possessions of the United States. See Delaware Code Title 1 Sec. 302
- Trustee: A person or institution holding and administering property in trust.
(b) Any trust agreement or bond resolution may:
(1) Pledge or assign any revenues to be received by the Authority or proceeds or benefits of any contract and may serve to convey or mortgage or otherwise secure any property or property rights;
(2) Contain provisions for protecting and enforcing the rights and remedies of bondholders;
(3) Restrict the individual right of action by bondholders; and
(4) Contain such other provisions as the Authority deems appropriate.
(c) Any expense incurred in carrying out the trust agreement may be treated as a part of the cost of the operation of an education loan program.