LegalFix
Sign In

14-33-20-34. Surrender of possession of water facilities by receiver

IN Code § 14-33-20-34 (2019) (N/A)
Copy with citation
Copy as parenthetical citation

Sec. 34. (a) Whenever:

(1) all that is due:

(A) upon the bonds, notes, or other evidences of indebtedness payable from revenues, including interest; and

(B) upon other notes, bonds, or other obligations, including interest, having a charge, lien, or encumbrance on the revenues of the water facilities;

under the terms of covenants or agreements with the holders have been paid or deposited as provided; and

(2) all defaults have been cured;

the court may, after notice and hearing that the court considers reasonable and proper, direct the receiver to surrender possession of the facilities to the board.

(b) The same right of the holders of the bonds, notes, or other evidences of indebtedness to secure the appointment of a receiver exists upon a subsequent default as provided in this chapter.

[Pre-1995 Recodification Citation: 13-3-4-13(c).]

As added by P.L.1-1995, SEC.26.

Previous Section
14-33-20-33. Duties of receiver
Next Section
14-33-20-35. Court supervision of receiver