§ 61-35-41 — Remedies of bondholders in general

North Dakota § 61-35-41

• Jurisdiction: North Dakota
• Title 61: Waters
• Ch. 61-35: Water Districts

Text

Subject to any contractual limitations binding upon the holders of any issue of bonds, or a
trustee for the holders, including the restriction of the exercise of any remedy to a specified
proportion or percentage of the holders, any holder of bonds or trustee, 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 the
holder's rights against the district and its board and any of its officers, agents, and
employees and may require the district or the board or any officers, agents, or
employees of the district or board to perform their duties and obligations under this
chapter and their covenants and agreements with bondholders.
2. By action or suit in equity, require the district and the board to account as if they were
the trustees of an express trust.
3. By action or suit in equity, enjoin any acts or things that may be unlawful or in violation
of the rights of the bondholders.
4. Bring suit upon the bond.

A right or remedy conferred by this chapter upon any bondholder, or upon any trustee for a
bondholder, is not 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.