Public Utilities and Carriers

Public Utilities Commission

SECTION 39-1-58

§ 39-1-58 Events of default; foreclosure.

Upon the occurrence of an event of default with respect to transition bonds issued pursuant thereto and which are secured by a security interest perfected in accordance with this chapter, the holders of such bonds or their authorized representatives shall have the same rights as those of a secured party under Article 9 of the Uniform Commercial Code (as set forth in chapter 9 of title 6A); and, subject to the rights of other parties, if any, holding prior security interests perfected in the manner provided in this chapter, shall be entitled to foreclose upon and otherwise enforce their security interest in court and to request the sequestration and payment to the holders or their authorized representatives of all revenues and other amounts arising from the imposition of intangible transition charges included in the intangible transition property in which such holders have a security interest.

History of Section.
(P.L. 1997, ch. 142, § 1.)