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§ 697.8. Rights and remedies of obligees

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 55 P.S. Navigation

Purdon's Pennsylvania Statutes and Consolidated Statutes
Title 55 P.S. Navigation (Refs & Annos)
Chapter 25. Philadelphia Regional Port Authority Act
55 P.S. § 697.8
§ 697.8. Rights and remedies of obligees
Currentness
(a) General rule.--Subject to any contractual provisions or restrictions, an obligee shall have the following rights, in addition to any rights and remedies lawfully granted to such obligee:
(1) The right, by mandamus, suit, action or proceeding at law or in equity, to compel the authority and the members, officers, agents or employees thereof, to perform each and every term, provision and covenant contained in any bond or contract of the authority with or for the benefit of such obligee, and to require the carrying out of any or all such covenants and agreements of the authority and the fulfillment of all duties imposed upon the authority by this act.
(2) The right, by proceeding in equity, to obtain an injunction against any acts or things which may be unlawful or in violation of the rights of such obligee of the authority.
(b) Receivers.--The authority shall have the power, by its resolution, trust indenture or mortgage, to confer upon any obligees holding or representing a specified percentage of bonds, the right, in addition to all rights that may otherwise be conferred, upon the happening of an event of default as defined in such resolution or instrument, by suit, action or proceeding in any court of competent jurisdiction, to appoint a receiver of any real property or leasehold interest of the authority, and of the rents, profits and receipts therefrom, who shall have the authority as the court shall direct:
(1) To enter and take possession of such real property or any leasehold interest.
(2) To operate and maintain such real property or leasehold interests.
(3) To collect and receive all revenues or other income thereafter arising from such real property or leasehold interest and the operation thereof.
(4) To keep and maintain any moneys received under this authority in a separate account and apply the same in accordance with the obligations of the authority as the court shall direct.
(c) Restrictions.--Nothing in this section or any other section of this act shall authorize any receiver appointed pursuant to this act for the purpose of operating and maintaining any port facilities, port-related projects or property of the authority to sell, assign, mortgage or otherwise dispose of any of the assets, of whatever kind or character, belonging to the authority. It is the intention of this act to limit the powers of such receiver to the operation and maintenance of the port facilities, port-related projects and property of the authority as the court shall direct, and no holder or holders of bonds of the authority, nor any trustee or other obligee, shall ever have the right in any suit, action or proceeding, at law or in equity, to compel a receiver, nor shall any receiver ever be authorized or any court be empowered to direct the receiver, to sell, assign, mortgage or otherwise dispose of any assets, of whatever kind or character belonging to the authority.
(d) Accounting.--The resolution, trust indenture or mortgage of the authority may confer upon any obligees holding or representing a specified percentage of bonds the right, in addition to all rights that may otherwise be conferred, to institute a suit, action or proceeding in any court of competent jurisdiction, upon the happening of an event of default as defined in such resolution or instrument, to require the authority and the members thereof to account as if the authority and such members were the trustees of an express trust.

Credits

1989, July 10, P.L. 291, No. 50, § 8, imd. effective.
55 P.S. § 697.8, PA ST 55 P.S. § 697.8
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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