Florida Statutes 159.618 – Additional remedies conferrable by a housing finance authority
Current as of: 2023 | Check for updates
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Terms Used In Florida Statutes 159.618
- Bonds: means any bonds, notes, debentures, interim certificates, or other evidences of financial indebtedness issued by a housing finance authority under and pursuant to this act. See Florida Statutes 159.603
- Contract: A legal written agreement that becomes binding when signed.
- Housing finance authority: means a housing finance authority created pursuant to…. See Florida Statutes 159.603
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
A housing finance authority shall have power by resolution, trust indenture, or other contract to confer upon any obligee holding or representing a specified amount in bonds, the right, in addition to all rights that may otherwise be 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 obtain the appointment of a receiver of any payments made pursuant to any loan agreement or sale of any loan. If such receiver is appointed, he or she may collect and receive all payments made pursuant to any such loan agreement or sale of any loan or loan commitment and shall keep such moneys in a separate account or accounts and apply the same in accordance with the obligations of said housing finance authority as the court shall direct.
(2) To require the housing finance authority and the members thereof to account as if it and they were the trustees of an express trust.