240.486  Rights of holders of obligations.--Any holder of obligations issued pursuant to this act or a trustee under a trust agreement entered into pursuant to this act, except to the extent that the rights herein given may be restricted by any bond resolution or trust agreement, may, by any suitable form of legal proceedings:

(1)  Protect and enforce any and all rights under the laws of this state or granted hereunder or by the bond resolution or trust agreement;

(2)  Enjoin unlawful activities; and

(3)  In the event of default with respect to the payment of any principal of, premiums, if any, on, and interest on any obligation or in the performance of any covenant or agreement on the part of the authority in the bond resolution, apply to the circuit court to appoint a receiver to administer and operate the education loan program or programs, the revenues of which are pledged to the payment of principal of, premium, if any, on, and interest on such obligations, with full power to pay, and to provide for payment of, principal of, premium, if any, on, and interest on such obligations and with such powers, subject to the direction of the court, as are permitted by law and are accorded receivers, excluding any power to pledge additional revenues of the authority to the payment of such principal, premium, and interest.