North Dakota § 40-35-16 - Receiver of undertaking - When appointed

§ 40-35-16. Receiver of undertaking - When appointed

If the municipality shall default in the payment of the principal or interest on any of the revenue bonds after the same shall become due, whether at maturity or upon call for redemption, and such default shall continue for a period of thirty days, or if the municipality or the governing body, or officers, agents, or employees of the municipality shall fail or refuse to comply with the provisions of this chapter, or shall default in any agreement made with the holders of the bonds, any bondholder or bondholders, or the trustee therefor, may apply to the district court of the county in which the undertaking is located for the appointment of a receiver of the undertaking whether or not all of the bonds have been declared due and payable and whether or not such holder, or such trustee therefor, is seeking or has sought to enforce any other right or to exercise any other remedy in connection with such bonds. Upon such application, the court may appoint a receiver of the undertaking. If the application is made by the holders of twenty-five percent in principal amount of such bonds then outstanding, or by any trustee for holders of such bonds in such principal amount, the court shall appoint a receiver of the undertaking.