Section 3-51-41 - Additional remedies conferrable to an obligee.

NM Stat § 3-51-41 (2019) (N/A)

Copy with citation

Copy as parenthetical citation

A city shall have the power by its ordinance, trust indenture, lease or other contract to confer upon any obligee holding or representing a specified amount in bonds, or holding a lease, the right, in addition to all rights that may be otherwise conferred, upon the happening of an event of default as defined in the ordinance or instrument, to do the following by suit, action or proceeding in any court of competent jurisdiction:

A. obtain the appointment of a receiver of any parking facility project of the city or any part thereof and of the rents and profits therefrom. If the receiver be appointed he may enter and take possession of the parking facility project or any part thereof and so long as the city continues in default operate and maintain the same, and collect and receive all fees, rents, revenues, or other charges thereafter arising therefrom, and shall keep such moneys in a separate account or accounts and apply the same in accordance with the obligations of the city as the court shall direct;

B. require the city and the officers and agents thereof to account for the money actually received as if it and they were the trustees of an express trust.

History: 1953 Comp., § 14-52-37, enacted by Laws 1965, ch. 300.

Previous Section

Section 3-51-40 - Remedies of an obligee.

Next Section

Section 3-51-42 - Bonds; exemption from taxation.