Section 85.50. Termination of stay  


Latest version.
  • Any order extending a stay pursuant to
      section 85.40 of this title may be vacated or modified if,  upon  motion
      of  any creditor affected thereby, the court finds, after a hearing: (a)
      that the municipality has failed to comply with a material provision  of
      the   repayment  plan;  or  (b)  that,  due  to  a  material  change  in
      circumstances,  the  repayment  plan  no  longer   complies   with   the
      requirements  of section 85.40 of this title. Upon the occurrence of the
      final act necessary to carry out fully all of the terms  and  provisions
      of  the  repayment  plan  with respect to those creditors who accept the
      plan or any benefits thereunder, the court, after a hearing, upon motion
      of any creditor or  of  the  municipality  or  its  emergency  financial
      control board, shall enter an order vacating any stay then in effect and
      permanently  enjoining  any  creditors  who  accepted  the  plan  or any
      benefits thereunder from commencing or continuing any action or  special
      proceeding  or  doing any other act within the scope of section 85.30 of
      this title relating to any contract, debt or obligation included in  the
      plan.