§ 4-11-1-3 — Default; suits

When any default is made in the payment of the
principal or the interest of any loan from the sinking fund, surplus
revenue fund, congressional township fund, college fund or any other
of the trust or other funds of the state, suit shall, in the first instance, be
brought upon the bond in every case where the obligor is considered
responsible and where the mortgage is considered insufficient; and,
ultimately, for any deficit, proceedings may be had upon the mortgage
as now authorized.
Formerly: Acts 1855, c.54, s.3.