7-15-4530. Special remedies of an obligee resulting from mortgage or trust indenture. (1) Any authority shall have power by its trust indenture, mortgage, lease, or other contract to confer upon any obligee holding or representing a specified amount in bonds, leases, or other obligations the right, upon the happening of an event of default as defined in such instrument:
     (a) by suit, action, or proceeding in any court of competent jurisdiction, to obtain the appointment of a receiver of any housing project of the authority or any part or parts thereof;
     (b) by suit, action, or proceeding in any court of competent jurisdiction, to require the authority and the commissioners thereof to account as if it and they were the trustees of an express trust.
     (2) If a receiver is appointed pursuant to subsection (1)(a), he may enter and take possession of such housing project or any part of parts thereof and operate and maintain the same and collect and receive all fees, rents, revenues, or other charges thereafter arising therefrom in the same manner as the authority itself might do and shall keep such money in a separate account or accounts and apply the same in accordance with the obligations of the authority as the court shall direct.

     History: En. Sec. 19, Ch. 140, L. 1935; re-en. Sec. 5309.19, R.C.M. 1935; R.C.M. 1947, 35-119.