If the interest or any serial maturity of any bond is in default, any obligee may foreclose against the municipality under the same procedure provided for foreclosure of real estate mortgages. The district court may appoint a receiver to operate the transit facilities in default.
History: 1953 Comp., § 14-53-11, enacted by Laws 1965, ch. 300.
Cross references. — For foreclosure of mortgages, see 39-5-1 NMSA 1978 et seq.
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