§10-2A-21. When statutory mortgage lien created; enforcement of
lien by bondholders; suit to compel performance of
In the event bonds issued hereunder are not secured by a trust
indenture as provided for in section fifteen of this article, there
shall be, and there is hereby, created a statutory mortgage lien
upon such athletic establishment acquired or constructed under the
provisions of this article, which shall exist in favor of the
holder of said bonds, and each of them, and to and in favor of the
holder of the coupons attached to said bonds, and such athletic
establishment shall remain subject to such statutory mortgage lien
until payment in full of the principal and interest of said bonds.
Any holder of bonds issued under the provisions of this article, or
of any coupons representing interest accrued thereon, may, either
at law or in equity, enforce the statutory mortgage lien hereby
conferred and may, by proper suit, compel the performance of the
duties of the board set forth in this article.