Any authority shall have power by its trust indenture, mortgage, lease, or other contract to confer upon any obligee holding, or representing, a specified amount in bonds, lease, or other obligations, the right upon the happening of an "event of default" as defined in such instrument:
(1) By civil action in any court of competent jurisdiction to obtain the appointment of a receiver of any housing project of the authority, or any part or parts thereof. If such receiver be appointed, he may enter and take possession of such housing project or any part or parts thereof, and operate and maintain same, and collect and receive all fees, rents, revenues, or other charges thereafter arising therefrom in the same manner as the authority itself might do and shall keep such moneys in a separate account or accounts and apply the same in accordance with the obligations of the authority as the court shall direct.
(2) By civil action in any court of competent jurisdiction to require the authority and the commissioners thereof to account as if it and they were the trustees of an express trust.
Structure Code of Alabama
Chapter 1 - Housing Authorities.
Article 2 - Municipal Housing Authorities.
Section 24-1-20 - Short Title.
Section 24-1-21 - Legislative Findings and Declaration of Necessity.
Section 24-1-22 - Definitions.
Section 24-1-26 - Conflicts of Interest of Commissioners or Employees.
Section 24-1-27 - Powers and Duties of Authority.
Section 24-1-28 - Acquisition of Property by Eminent Domain.
Section 24-1-29 - Acquisition, etc., of Property for Government Housing Projects.
Section 24-1-30 - Authority Housing Projects Subject to Local Zoning, Building, etc., Laws.
Section 24-1-33 - Powers of Authority to Secure Payment of Bonds, Etc.
Section 24-1-35 - Mortgages of Authority Property in Connection With Government Financed Projects.
Section 24-1-37 - Remedies of Obligee of Authority Generally.
Section 24-1-38 - Remedies Conferrable Upon Obligees of Authority by Trust Indenture, Mortgage, Etc.
Section 24-1-39 - Remedies Cumulative.
Section 24-1-42 - Security for Funds Deposited by Authorities in Banks and Trust Companies.
Section 24-1-43 - Annual Report and Recommendations of Authority.
Section 24-1-44 - Enforcement of Article and Contracts of Authority.