A rural development 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 other evidence of indebtedness the right, in addition to all rights that may otherwise be conferred, upon the happening of an event of default as defined in the resolution or instrument, by suit, action, or proceeding in any court of competent jurisdiction, to:(1) Cause possession of any development project, or any part of it, to be surrendered to any obligee;(2) Obtain the appointment of a receiver of any development project of the authority, or any part of it, and of the rents and profits from it. If a receiver is appointed, he may enter and take possession of the project, or any part of it, and operate and maintain it, collect and receive all fees, rents, revenues, or other charges thereafter arising from it, and shall keep the moneys in a separate account and apply them in accordance with the obligations of the authority, as the court shall direct; and(3) Require the authority and the commissioners of it to account as if it and they were the trustees of an express trust.Acts ance with the obligations of the authority, as the court shall direct; and(3) Require the authority and the commissioners of it to account as if it and they were the trustees of an express trust.Acts 1963, No. 172, § 17; A.S.A. 1947, § 20-1417.
Arkansas Legal Code