§ 32-11-631 — Rights and powers of security holders

Colorado § 32-11-631

• Jurisdiction: Colorado
• Title 32: Special
• Art.: Urban Drainage and Flood Control Act

Text

(1) Subject to any
contractual limitations binding upon the holders of any issue or series of
assessment debentures or assessment bonds or the trustee therefor, including but
not limited to the restriction of the exercise of any remedy to a specified proportion,
percentage, or number of such holders, any holder of such securities or trustee
therefor has the right and power for the equal benefit and protection of all holders
of the securities similarly situated:

(a) By mandamus or by other suit, action, or proceeding at law or in equity to
enforce his rights against the urban district, the board, and any other of the
officers, agents, and employees of the district, and to require and to compel the
district, the board, or any such officers, agents, or employees to perform and to
carry out their respective duties, obligations, or other commitments under this
article and under their respective covenants and agreements with the holder of
such securities;

(b) By action or by suit in equity to require the urban district to account as if
it is the trustee of an express trust;

(c) By action or by suit in equity to have appointed a receiver, which receiver
may take possession of any accounts and may collect, receive, and apply all
assessments, other revenues, and other moneys pledged for the payment of the
securities in the same manner as the urban district itself might do in accordance
with the obligations of the district; and

(d) By action or by suit in equity to enjoin any acts or things which might be
unlawful or in violation of the rights of the holder of any such securities and to bring
suit thereupon.

Legislative History

Source: L. 69: p. 797, � 144. C.R.S. 1963: � 89-21-144.