2006 New Mexico Statutes - Section 11-3A-20 — Additional remedies conferrable to an obligee.

11-3A-20. Additional remedies conferrable to an obligee.

An authority shall have the power by its resolution, trust indenture, lease or other contract to confer upon any obligee holding or representing a specified amount in bonds, or holding a lease, the right, in addition to all rights that may otherwise be conferred, upon default as defined in the resolution or instrument, by suit, action or proceeding in any court of competent jurisdiction:   

A.     to cause possession of any housing project or any part of a housing project to be surrendered to the obligee, and retained by the bondholder or trustee so long as the authority continues in default;   

B.     to obtain the appointment of a receiver of any housing project of the authority and of the rents and profits from the housing project.  If a receiver is appointed, he may enter and take possession of all or a part of the housing project and, so long as the authority continues in default, operate and maintain the housing project and collect and receive all fees, rents, revenues or other charges arising from the housing project and shall keep the money in a separate account and apply it in accordance with the obligations of the authority as the court directs; and   

C.     to require the authority and its officers and agents to account for the money actually received as if it and they were the trustees of an express trust.