Subdivision 1. Specific list. The trustee designated in any indenture or resolution securing an issue of notes or bonds, or a trustee appointed pursuant to section 462A.16, may, and upon written request of the holders of 25 percent in principal amount of such notes or bonds then outstanding shall, in the trustee's own name, subject to the provisions of such indenture or resolution:
(1) enforce all rights of the noteholders or bondholders, including the right to require the agency to collect fees and charges and interest and payments on eligible loans and mortgages made and eligible securities purchased by it adequate to carry out any agreement as to, or pledge of, such fees and charges and payments and to require the agency to carry out any other agreements with the holders of such notes or bonds and to perform its duties under this chapter;
(2) bring suit upon such notes or bonds;
(3) require the agency to account as if it were the trustee of any express trust for the holders of such notes or bonds;
(4) enjoin any acts or things which may be unlawful or in violation of the rights of holders of such notes or bonds; or
(5) declare all such notes or bonds due and payable, and if all defaults shall be made good, then, with the consent of the holders of 25 percent of the principal amount of such notes or bonds then outstanding, the trustee may annul such declaration and consequences.
Subd. 2. Other necessary or appropriate powers. In addition to the powers specifically granted herein, the trustee shall have and possess all of the powers necessary or appropriate for the exercise of any functions specifically set forth herein or incident to the general representation of bondholders or noteholders in the enforcement and protection of their rights.
Subd. 3. Ramsey County venue; notice of principal due. The venue of any action or proceedings brought by the trustees under this chapter, shall be in Ramsey County. Before declaring the principal of notes or bonds due and payable, the trustee shall first give 30 days' notice in writing to the governor, to the agency, and to the commissioner of management and budget.
1971 c 702 s 17; 1973 c 35 s 76; 1973 c 501 s 16; 1973 c 515 s 33; 1986 c 444; 1Sp2001 c 4 art 4 s 18; 2003 c 112 art 2 s 50; 2009 c 101 art 2 s 109
Structure Minnesota Statutes
Chapters 460 - 463 — Local Government Police Powers
Chapter 462A — Housing Finance Agency
Section 462A.03 — Definitions.
Section 462A.04 — Housing Finance Agency.
Section 462A.041 — Meetings By Telephone Or Other Electronic Means.
Section 462A.05 — Specific Powers Of The Agency.
Section 462A.057 — Minnesota Urban And Rural Homesteading Program.
Section 462A.06 — General Powers Of The Agency.
Section 462A.065 — Financial Information.
Section 462A.07 — Additional Powers And Duties Of The Agency.
Section 462A.073 — Single-family Mortgage Bonds; Limitations.
Section 462A.08 — Bonds And Notes; Purposes, Terms, Approval.
Section 462A.09 — Bonds And Notes; Resolutions Authorizing, Additional Terms, Sale.
Section 462A.10 — Bonds And Notes; Optional Resolution And Contract Provisions.
Section 462A.105 — Interest Rate Exchanges.
Section 462A.12 — Bonds And Notes; Nonliability Of Individuals.
Section 462A.13 — Bonds And Notes; Purchase By Agency.
Section 462A.14 — Bonds And Notes; Nonliability Of State.
Section 462A.15 — State Pledge Against Impairment Of Contracts.
Section 462A.16 — Default In Payments; Appointment Of Trustee.
Section 462A.17 — Powers And Duties Of Trustee.
Section 462A.18 — Moneys Of Agency.
Section 462A.19 — Exemption From Taxes.
Section 462A.20 — Housing Development Fund; Creation, Sources.
Section 462A.201 — Housing Trust Fund Account.
Section 462A.202 — Local Government Unit Housing Account.
Section 462A.2035 — Manufactured Home Park Redevelopment Program.
Section 462A.204 — Family Homeless Prevention And Assistance Program.
Section 462A.2065 — Report On Loss Of Housing.
Section 462A.209 — Homeownership Education, Counseling, And Training Program.
Section 462A.2091 — Contract For Deed Guarantee Account.
Section 462A.2093 — Innovative And Inclusionary Housing Program.
Section 462A.2097 — Rental Housing.
Section 462A.21 — Housing Development Fund; Advances, Use Repayment.
Section 462A.221 — Definitions.
Section 462A.222 — Low-income Housing Credits.
Section 462A.223 — Minnesota Housing Finance Agency; Designated Agency.
Section 462A.225 — State Register Notice.
Section 462A.235 — Commissioner Of Commerce; Duties.
Section 462A.24 — Construction; Grants And Loans; Priorities.
Section 462A.29 — Interagency Coordination On Homelessness.
Section 462A.30 — Definitions.
Section 462A.31 — Community Land Trusts.
Section 462A.33 — Economic Development And Housing Challenge Program.
Section 462A.34 — Visitability Requirement.
Section 462A.35 — Minnesota Manufactured Home Relocation Trust Fund.
Section 462A.355 — Advances To Minnesota Manufactured Home Relocation Trust Fund.
Section 462A.36 — Nonprofit Housing Bonds; Authorization; Standing Appropriation.
Section 462A.37 — Housing Infrastructure Bonds; Authorization; Standing Appropriation.
Section 462A.375 — Additional Purposes, Housing Infrastructure Bonds.
Section 462A.38 — Workforce And Affordable Homeownership Development Program.
Section 462A.39 — Workforce Housing Development Program.
Section 462A.40 — Minnesota Housing Tax Credit Contribution Account.