Vermont Statutes Title 24 Sec. 4702
Terms Used In Vermont Statutes Title 24 Sec. 4702
- Bank: means the Vermont Bond Bank established by section 4571 of this title. See
- Bonds: means bonds of the Bank issued under this chapter. See
- County: means any county of the State. See
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Issue: when used in reference to bonds or notes, means the physical delivery thereof or the effectuation thereof in book entry form, in each case against payment therefor. See
- Notes: means any notes of the Bank issued under this chapter. See
- Trustee: A person or institution holding and administering property in trust.
§ 4702. Default in payment
If the Bank defaults in the payment of principal or interest on any issue of notes or bonds after they become due, whether at maturity or upon call for redemption, and the default continues for thirty days, or if the Bank fails or refuses to comply with this chapter or defaults in any agreement made with the holders of any issue of notes or bonds, the holders of 25 per centum in aggregate principal amount of the outstanding notes or bonds of that issue, by instrument filed in the Office of the Clerk of the County of Washington and executed in the same manner as a deed to be recorded, may appoint a trustee to represent the holders of those notes or bonds for the purposes herein provided. (Added 1969, No. 216 (Adj. Sess.), § 3, eff. March 27, 1970.)