Guam § 5119 - Conferment of Additional Rights Upon Obligee; Receiver.

§ 5119. Conferment of Additional Rights Upon Obligee; Receiver.

(a) The Authority may by its resolution, or by declaration of trust,

trust indenture, mortgage, lease or other contract confer upon any obligee

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holding or representing a specified amount in bonds, the right (in

addition to all rights that may otherwise be conferred), upon the

happening of an event of default as defined in such resolution or

instrument, by a civil action in any court of competent jurisdiction:

(1) Cause possession of any project or any part thereof to be

surrendered to any such obligee;

(2) Obtain the appointment of a receiver of any project of the

Authority or any part thereof and of the rents and profits therefrom;

(3) Require the Authority and the Commissioners, officers,

agents and employees thereof to account as if it and they were

trustees of an express trust.

(b) A receiver appointed under clause (2) of this Section may enter

and take possession of the project or any part thereof and operate and

maintain the same, and collect and receive all fees, rents, revenues or

other charges thereafter arising therefrom, and shall keep all moneys in a

separate account or accounts and apply the same in accordance with the

obligations of the Authority as the court directs.