North Dakota Code § 40-36-17

General remedies of holders of refunding bonds - Receiver of enterprise
Open in Lexace · Ask the AI about this section
The holders of bonds issued under this chapter, or a trustee for such holders, may exercise 
any or all of the general remedies provided in section 40 -35-15, subject, however, to the 
restrictions and limitations contained in that section. A receiver for an enterprise may be 
appointed for the reasons and in the manner prescribed in section 40 -35-16 for the appointment 
of a receiver for an undertaking. Any receiver appointed for an enterprise shall have the powers 
and shall perform the duties prescribed in section 40 -35-16 for the receiver of an undertaking. 
The termination of a receivership for an enterprise shall be governed by the provisions of 
section 40 -35-18, and after the enterprise is surrendered to the municipality, the holder of 
refunding bonds, upon any subsequent default, may secure the appointment of a receiver as in 
the case of the original default. The receiver for an enterprise shall be subject to the continuing 
jurisdiction of the court and may be removed by the court as specified in section 40-35-19.

‹ Prev All North Dakota sections Next ›


Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.