N.D. Cent. Code § 61-35-41

Current through the 2023 Legislative Sessions

Section 61-35-41 - Remedies of bondholders in general

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.

N.D.C.C. § 61-35-41