§ 40-57-16 — Remedies of bondholders in general

North Dakota § 40-57-16

• Jurisdiction: North Dakota
• Title 40: Municipal Government
• Ch. 40-57: Municipal Industrial Development Act

Text

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 its 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.
5. Foreclose any mortgage or lien given under the authority of this chapter, and cause
the property standing as security to be sold under any proceedings permitted by law.
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 in this state.