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Chapter 41B
Section 41B.17
Topics
This is an historical version of this statute chapter. Also view the most recent published version.
41B.17 POWERS AND DUTIES OF TRUSTEE.
Subdivision 1. General. The trustee designated in any indenture or resolution securing an
issue of bonds may, and upon written request of the holders of 25 percent in principal amount of
the notes or bonds then outstanding shall, in the trustee's own name, subject to the provisions of
the indenture or resolution:
(1) enforce all rights of the bondholders, including the right to require the authority to
collect fees, charges, interest, and payments on loans or interests therein held by the authority and
eligible securities purchased by it adequate to carry out any agreement as to, or pledge of, those
fees, charges, and payments, and to require the authority to carry out any other agreements with
the holders of the notes or bonds and to perform its duties under sections 41B.01 to 41B.23;
(2) bring suit upon the bonds;
(3) require the authority to account as if it were the trustee of any express trust for the
holders of the bonds;
(4) enjoin any acts or things which may be unlawful or in violation of the rights of holders
of the bonds; or
(5) declare all the bonds due and payable, and if all defaults are made good, then, with the
consent of the holders of 25 percent of the principal amount of the bonds then outstanding, the
trustee may annul the declaration and consequences.
Subd. 2. Additional powers. In addition to the powers in subdivision 1, the trustee has all of
the powers necessary or appropriate for the exercise of any functions specifically set forth in this
section or incident to the general representation of bondholders or noteholders in the enforcement
and protection of their rights.
Subd. 3. Venue; notice. The venue of any action or proceedings brought by a trustee under
sections 41B.01 to 41B.23, is in Ramsey County. Before declaring the principal of bonds due
and payable, the trustee shall first give 30 days' notice in writing to the governor, the authority,
and the commissioner of finance.
History: 1986 c 398 art 6 s 17; 1987 c 396 art 1 s 31; 2003 c 112 art 2 s 50
Subdivision 1. General. The trustee designated in any indenture or resolution securing an
issue of bonds may, and upon written request of the holders of 25 percent in principal amount of
the notes or bonds then outstanding shall, in the trustee's own name, subject to the provisions of
the indenture or resolution:
(1) enforce all rights of the bondholders, including the right to require the authority to
collect fees, charges, interest, and payments on loans or interests therein held by the authority and
eligible securities purchased by it adequate to carry out any agreement as to, or pledge of, those
fees, charges, and payments, and to require the authority to carry out any other agreements with
the holders of the notes or bonds and to perform its duties under sections 41B.01 to 41B.23;
(2) bring suit upon the bonds;
(3) require the authority to account as if it were the trustee of any express trust for the
holders of the bonds;
(4) enjoin any acts or things which may be unlawful or in violation of the rights of holders
of the bonds; or
(5) declare all the bonds due and payable, and if all defaults are made good, then, with the
consent of the holders of 25 percent of the principal amount of the bonds then outstanding, the
trustee may annul the declaration and consequences.
Subd. 2. Additional powers. In addition to the powers in subdivision 1, the trustee has all of
the powers necessary or appropriate for the exercise of any functions specifically set forth in this
section or incident to the general representation of bondholders or noteholders in the enforcement
and protection of their rights.
Subd. 3. Venue; notice. The venue of any action or proceedings brought by a trustee under
sections 41B.01 to 41B.23, is in Ramsey County. Before declaring the principal of bonds due
and payable, the trustee shall first give 30 days' notice in writing to the governor, the authority,
and the commissioner of finance.
History: 1986 c 398 art 6 s 17; 1987 c 396 art 1 s 31; 2003 c 112 art 2 s 50
Official Publication of the State of Minnesota
Revisor of Statutes