7-14-2761. Rights of bondholders. (1) If the treasurer fails, neglects, or refuses to pay bonds or to collect promptly any assessments when due, the owner of any bonds may proceed in his own name to collect the assessments and to foreclose the lien in any court of competent jurisdiction. In addition to the amount of the assessments and interest thereon, any such owner shall recover 5% of the costs of his suit.
     (2) Any number of holders of bonds for any single district may join as plaintiffs, and any number of owners of land on which the bonds are a lien may be joined as defendants.
     (3) Neither the holder nor any owner of any bond shall have any claim against the county through which the bond is issued except for the assessments. His remedy in case of nonpayment shall be confined to the enforcement of the assessments.
     (4) A copy of this section shall be plainly written, printed, or engraved on each bond.

     History: En. Sec. 5-428, Ch. 197, L. 1965; R.C.M. 1947, 32-3128.