7-7-4633. Remedies of holders of refunding revenue bonds. (1) Subject to any contractual limitations binding upon the holders of an issue of refunding bonds or trustee for the holders, including but not limited to the restriction of the exercise of a remedy to the specified proportion of percentage of the holders, a holder of refunding bonds or trustee for the holder has the right and power, for the equal benefit and protection of all holders of refunding bonds similarly situated:

(a) by mandamus or other suit, action, or proceeding at law or in equity, to enforce the holder's rights against the municipality and its governing body and any of its officers, agents, and employees and to require and compel the municipality or the governing body or any officers, agents, or employees to perform and carry out duties and obligations under this part and covenants and agreements with bondholders;

(b) by action or suit in equity, to require the municipality and the governing body to account as if they were the trustee of an express trust;

(c) by action or suit in equity, to enjoin any acts or things that may be unlawful or in violation of the rights of the bondholders;

(d) to bring suit upon the refunding bonds.

(2) (a) A remedy conferred by this part upon a holder of refunding bonds or a trustee for the holder is not intended to be exclusive of any other remedy, but each remedy is cumulative and in addition to every other remedy and may be exercised without exhausting and without regard to any other remedy conferred by this part or by any other law.

(b) A waiver of any default or breach of duty or contract, whether by a holder of refunding bonds or a trustee for a holder, does not extend to or affect any subsequent default or breach of duty or contract or impair any rights or remedies on the breach or contract. A delay or omission of a bondholder or a trustee for a holder to exercise any right or power accruing upon any default may not impair any right or power or be construed to be a waiver of any default or acquiescence in the default.

(c) Every substantive right and every remedy conferred upon the holders of refunding bonds may be enforced and exercised from time to time and as often as considered expedient.

(3) In case any suit, action, or proceeding to enforce any right or exercise any remedy must be brought or taken and then discontinued or abandoned or must be determined adversely to the holder of the refunding bonds or a trustee for the holder, then and in each case the municipality and the holder or trustee must be restored to their former positions and rights and remedies as if the suit, action, or proceeding had not been brought or taken.

History: En. Sec. 15, Ch. 121, L. 1937; R.C.M. 1947, 79-1915; amd. Sec. 515, Ch. 61, L. 2007.