247.952 Trust agreement to secure obligation.
In the discretion of the corporation, any obligations issued under the provisions of KRS <br>247.940 to 247.978 may be secured by a trust agreement by and between the corporation <br>and a corporate trustee, which may be any trust company or bank having powers of a trust <br>company within or without the Commonwealth. Such trust agreement or the resolution <br>providing for the issuance of such obligations may pledge or assign all or any part of the <br>revenues or assets of the corporation, including, without limitation, mortgage loans, <br>mortgage loan commitments, contracts, agreements and other security or investment <br>obligations, the fees or charges made or received by the corporation, the moneys received <br>in payment of loans and interest thereon, and any other moneys received or to be received <br>by the corporation. Such trust agreement or resolution may contain such provisions for <br>protecting and enforcing the rights and remedies of the holders of any such obligations as <br>may be reasonable and proper and not in violation of law, including covenants setting <br>forth the duties of the corporation in relation to the purposes to which the obligation <br>proceeds may be applied, the disposition of the pledging of the revenues or assets of the <br>corporation, the terms and conditions for the issuance of additional obligations, and the <br>custody, safeguarding and application of all moneys. It shall be lawful for any corporate <br>trustee which may act as depository of the proceeds of obligations, revenues or other <br>money hereunder to furnish such indemnifying bonds or to pledge such securities as may <br>be required by the corporation. Any such trust agreement or resolution may set forth the <br>rights and remedies of the holders of the obligations of the corporation and of the trustee, <br>and may restrict the individual right of action by any such holders. In addition to the <br>foregoing, any such trust agreement or resolution may contain such other provisions as <br>the corporation may deem reasonable and proper for the security and source of payment <br>of its obligations. All expenses incurred in carrying out the provisions of such trust <br>agreement or resolution may be paid from the revenues or assets pledged or assigned to <br>the payment of the principal of and the interest on the obligations or from any other funds <br>available to the corporation.
Effective: April 11, 1984 <br>History: Created 1984 Ky. Acts ch. 347, sec. 7, effective April 11, 1984.
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