261A.13 - TRUST AGREEMENT TO SECURE OBLIGATIONS.

        261A.13  TRUST AGREEMENT TO SECURE OBLIGATIONS.
         In the discretion of the authority, obligations may be secured by
      a trust agreement by and between the authority and a corporate
      trustee or trustees, which may be a trust company or bank located in
      the state of Iowa that has the powers of a trust company.  The bond
      resolution shall pledge the revenues to be received by the authority,
      may contain provisions for protecting and enforcing the rights and
      remedies of the holders of obligations as reasonable and proper and
      not in violation of law, including provisions that have been
      authorized to be included in any bond resolution of the authority,
      and may restrict the individual right of action by holders of
      obligations.  A trust agreement may contain other provisions the
      authority deems reasonable and proper for the security of the holders
      of obligations.  Expenses incurred in carrying out the trust
      agreement may be treated as a part of the cost of the operation of an
      education loan program.  
         Section History: Early Form
         [82 Acts, ch 1031, § 13]
         Referred to in § 261A.24