Additional remedies conferrable by authority - 64 Pa. Cons. Stat. § 6011

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     § 6011.  Additional remedies conferrable by authority.
        (a)  Additional remedies.--The authority has 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 the resolution or instrument, by suit, action or proceeding
     in any court of competent jurisdiction, to:
            (1)  obtain the appointment of a receiver of real
        property or a leasehold interest of the authority and of the
        rents and profits from the property or interest and, if a
        receiver is appointed, to authorize the receiver to enter and
        take possession of the real property or leasehold interest,
        operate it, collect and receive all revenue or other income
        arising from it, keep the money in a separate account and
        apply it in accordance with the obligations of the authority
        as the court directs; or
            (2)  require the authority and its board members to
        account as if it and they were the trustees of an express
        trust.
        (b)  Authority of receiver.--Nothing in this section or any
     other section of this chapter shall authorize any receiver
     appointed pursuant to this chapter for the purpose of operating
     and maintaining any facilities 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 chapter to limit the powers of the receiver to
     the operation and maintenance of the facilities 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.

Last modified: November 27, 2007