California · Military and Veterans Code - MVC

MVC §489.3: Whenever a bank or trust company is acting as trustee by reason of any default, or for the protection of the interests of the revenue bondholders, the bank or trust company as such trustee shall take

What this law says, in plain English

A bank or trust company acting as trustee due to default or to protect revenue bondholders' interests must take specified actions in that trustee capacity.

Read the full statutory text

Whenever a bank or trust company is acting as trustee by reason of any default, or for the protection of the interests of the revenue bondholders, the bank or trust company as such trustee shall take such action as the holders or registered owners of 25 percent in principal amount of all the revenue bonds then outstanding shall request in writing; provided, that the bank or trust company as such trustee may request reasonable security before taking any action so requested.

Verify at the official source: California legislative text

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