§ 50731 Indenture Breach Clause Rights

Key Takeaways

•An indenture (a formal agreement) can have rules about what happens if the board breaks any promises or rules in the agreement.
•These rules can say what rights people have, what limits there are, what powers people have, and what duties people must do if the board breaks a rule.
•The rules are part of the agreement itself.

Example

Imagine you have a deal with your school's principal that they will provide pizza every Friday. The deal also says that if they don't provide pizza, they have to give you a free field trip instead.

In this case, the deal (indenture) has a rule about what happens if the principal (board) breaks the promise of pizza. The rule says you get a free field trip (rights and duties) instead.

An indenture may include a clause designating the rights, limitations, powers and duties arising upon breach by the board of any of the covenants, conditions, or obligations contained in any indenture. (Added by Stats. 1957, Ch. 2066.)

Key Takeaways

•An indenture (a formal agreement) can have rules about what happens if the board breaks any promises or rules in the agreement.
•These rules can say what rights people have, what limits there are, what powers people have, and what duties people must do if the board breaks a rule.
•The rules are part of the agreement itself.

Example

Imagine you have a deal with your school's principal that they will provide pizza every Friday. The deal also says that if they don't provide pizza, they have to give you a free field trip instead.

In this case, the deal (indenture) has a rule about what happens if the principal (board) breaks the promise of pizza. The rule says you get a free field trip (rights and duties) instead.

Key Takeaways

Example

Key Terms

References

§ 50731 Indenture Breach Clause Rights

Key Takeaways

Example

Key Terms

References

Key Takeaways

Example

Key Terms

Related Statutes

References

Key Takeaways

Example

Key Terms

Related Statutes

References