South Carolina § 49-19-1970 Interest on warrants unpaid for lack of funds.

South Carolina Statutes

§ 49-19-1970 — Interest on warrants unpaid for lack of funds.

South Carolina·Title 49 WATERS, WATER RESOURCES AND DRAINAGE·Ch. 19 DRAINAGE DISTRICTS UNDER 1920 ACT

Any warrant issued under this chapter that is not paid when presented to the treasurer of the district because of lack of funds in the treasury shall be endorsed on the back to that effect and such warrant shall draw interest thereafter at the rate of six per cent per annum until such time as there is money on hand to pay the amount of such warrant and the interest then accumulated. But no interest shall be allowed on warrants after notice to the holder or holders thereof that sufficient funds are in the treasury to pay such endorsed warrants and interest.

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Any warrant issued under this chapter that is not paid when presented to the treasurer of the district because of lack of funds in the treasury shall be endorsed on the back to that effect and such warrant shall draw interest thereafter at the rate of six per cent per annum until such time as there is money on hand to pay the amount of such warrant and the interest then accumulated. But no interest shall be allowed on warrants after notice to the holder or holders thereof that sufficient funds are in the treasury to pay such endorsed warrants and interest.

South Carolina § 49-19-1970 (Interest on warrants unpaid for lack of funds.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

HISTORY: 1962 Code SECTION 18-579; 1952 Code SECTION 18-579; 1942 Code SECTION 6187; 1932 Code SECTION 6187; Civ. C. '22 SECTION 3241; 1920 (31) 663. ARTICLE 15 Construction Bonds