Section 122.59 | Proceedings in default.
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Effective:
September 30, 2025
Latest Legislation:
House Bill 96 - 136th General Assembly
In the event of a default with respect to any loan or lease, the director of development shall take such action as the director deems proper in the circumstances to enforce and protect the rights of the director, and such action as may be required by the provisions of any proceedings authorizing the revenue bonds or of any trust agreement securing such bonds, which may include any appropriate action at law or in equity, enforcement or waiver of any provision of any mortgage or security agreement or lease, or reinstatement of any forfeited or cancelled right, title, or privilege.
Last updated July 29, 2025 at 1:52 PM
Available Versions of this Section
- July 14, 1983 – Senate Bill 227 - 115th General Assembly [ View July 14, 1983 Version ]
- September 30, 2025 – Amended by House Bill 96 - 136th General Assembly [ View September 30, 2025 Version ]