N.D. Cent. Code § 40-35-15

Current through the 2023 Legislative Sessions

Section 40-35-15 - Remedies of bondholders in general

Subject to any contractual limitations binding upon the holders of any issue of revenue bonds, or a trustee therefor, including the restriction of the exercise of any remedy to a specified proportion or percentage of such holders, any holder of bonds, or any trustee therefor, for the equal benefit and protection of all bondholders similarly situated, may:

1. By mandamus or other suit, action, or proceeding at law or in equity, enforce such person's rights against the municipality and its governing body and any of its officers, agents, and employees and may require and compel such municipality or such governing body or any such officers, agents, or employees to perform and carry out its and their duties and obligations under this chapter and its and their covenants and agreements with bondholders.

2. By action or suit in equity, require the municipality and the governing body thereof to account as if they were the trustees of an express trust.

3. By action or suit in equity, enjoin any acts or things which may be unlawful or in violation of the rights of the bondholders.

4. Bring suit upon the bonds.

No right or remedy conferred by this chapter upon any bondholder, or upon any trustee therefor, is intended to be exclusive of any other right or remedy, but each such right or remedy is cumulative and in addition to every other right or remedy and may be exercised without exhausting and without regard to any other remedy conferred by this chapter or by any other law of this state.

N.D.C.C. § 40-35-15