Arkansas § 14-238-118 - Receiver.
Full text of Arkansas Arkansas Code of 1987 Annotated § 14-238-118 — Receiver., with citation guidance and answers to common questions.
§ 14-238-118. Receiver.
In the event of a default in the payment of the principal of or interest on any bonds issued under the provisions of this chapter, any court having jurisdiction may appoint a receiver to take charge of the waterworks facilities and/or wastewater facilities projects upon or in which there is a mortgage lien or security interest securing the bonds in default. The receiver shall have the power and authority to: Operate and maintain the waterworks facilities project in receivership; Charge and collect payments, fees, rents, and charges sufficient to provide for the payment of any costs of receivership and operating expenses of the project in receivership; and Apply the revenues derived from the project in receivership in conformity with this chapter and the resolution or trust indenture securing the bonds in default. When the default has been cured, the receivership shall be ended and the project returned to the board. The relief provided for in this section shall be construed to be in addition and supplemental to the other remedies provided for in this chapter and the remedies that may be provided for in the resolution or trust indenture authorizing or securing the bonds, and shall be so granted and administered as to accord full recognition to priority rights of bondholders as to the pledge of revenues from and mortgage lien on or security interest in projects as specified in and fixed by the resolution or trust indenture authorizing or securing successive issues of bonds.
Frequently Asked Questions About Arkansas § 14-238-118
What does Arkansas Code of 1987 Annotated § 14-238-118 cover?
Section 14-238-118 ("Receiver.") is part of the Arkansas Code of 1987 Annotated, the codified statutory law of Arkansas. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Arkansas § 14-238-118?
A common citation format is "Arkansas Code of 1987 Annotated § 14-238-118" (Arkansas). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Arkansas law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Arkansas official source linked on this page or consult a licensed Arkansas attorney.
How does Arkansas § 14-238-118 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Arkansas can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Arkansas.