§ 5-1.5-9-1 — Limitation of actions

Indiana § 5-1.5-9-1

• Jurisdiction: Indiana
• Title 5: STATE AND LOCAL ADMINISTRATION
• Art. 1.5: INDIANA BOND BANK
• Ch. 9: Miscellaneous Provisions

Text

(a) No action to contest the validity of any
bonds or notes of the bank to be sold at public sale may be brought
after the fifteenth day following the first publication of notice of the
sale of the bonds or notes. No action to contest the validity of any bond
sale under this chapter may be brought after the fifth day following the
bond sale.
(b) If bonds or notes are sold at private sale, the bank may publish
notice of the execution of the contract of sale of the bonds or notes one
(1) time in two (2) newspapers published and of general circulation in
the city of Indianapolis. If notice is published as permitted in this
subsection, no action to contest the validity of such bonds or notes sold
at private sale may be brought after the fifteenth day following the
publication of notice of the execution of the contract of sale pertaining
to the bonds or notes.
(c) If an action challenging the bonds or notes of the bank is not
brought within the time prescribed by subsection (a) or (b), whichever
is applicable, all bonds or notes of the bank shall be conclusively
presumed to be fully authorized and issued under the laws of the state,
and a person or a qualified entity is estopped from questioning their
authorization, sale, issuance, execution, or delivery by the bank.
(d) Insofar as the provisions of this article are inconsistent with the
provisions of any other law, general, special, or local, the provisions of
this article shall be controlling.

Legislative History

As added by P.L.25-1984, SEC.1.