North Dakota Code 23-11-27 – Additional remedies conferrable by authority on obligee
An authority, by its resolution, trust indenture, mortgage, lease, or other contract, may confer upon any obligee holding or representing a specified amount in bonds, or holding a lease, in addition to all rights that otherwise may be conferred, the right, 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:
Terms Used In North Dakota Code 23-11-27
- Contract: A legal written agreement that becomes binding when signed.
- 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.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
1. To cause possession of any housing project, or any part thereof, to be surrendered to such obligee.
2. To obtain the appointment of a receiver of any housing project of said authority, or of any part thereof, and of the rents and profits therefrom. If such receiver is appointed, the receiver may enter into and take possession of such housing project, or of any part thereof, and operate and maintain the same and collect and receive all fees, rents, revenues, or other charges thereafter arising therefrom, and the receiver shall keep such moneys in a separate account or accounts and apply the same in accordance with the obligations of the authority as the court shall direct.
3. To require the authority and the commissioners thereof to account as if it and they were the trustees of an express trust.