Del. Code tit. 14 § 2114

Current through 2024 Legislative Session Act Chapter 531

Section 2114 - Replacement of lost, destroyed or defaced bonds

The school board of any district may issue a new bond to replace an unmatured bond which has been lost, destroyed or defaced, upon the written request of the owner thereof, the owner's legal representatives, successors or assigns, and upon giving:

(1) Proof of ownership;

(2) Proof of loss or destruction, or, in the case of a defaced bond, the bond and coupons, if any;

(3) Adequate security to indemnify the district and the bank or banks at which the bond and coupons are payable against any loss that may be suffered on account of such replaced bond and coupons; and

(4) Payment of the cost of preparation of the new bond and coupons, if any.

Any new bond and coupons shall be executed by the officials (including, in the case of a school district, a member of the board of school trustees of the district) in office at the time of such replacement and shall bear the seal of the district. The coupons, if any, shall be signed by the facsimile of the signatures of the appropriate officers. There shall be endorsed on the new bond a statement in substantially the following form:

"This bond has been reissued to replace a lost, destroyed or defaced bond."

The replacement shall be authorized by a resolution of the school board which shall set forth a copy of the written request of the owner, the owner's legal representatives, successors or assigns, and the designation, date, maturity, interest rate, denomination and number of the replaced bond.

14 Del. C. § 2114

14 Del. C. 1953, § 2112A; 57 Del. Laws, c. 280; 70 Del. Laws, c. 186, § 1.;