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 individually 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, the owner shall recover 5% of the costs of the suit.
     (2) Any number of holders of bonds for a 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 an owner of any bond may have a claim against the county through which the bond is issued except for the assessments. The remedy in case of nonpayment is confined to the enforcement of the assessments.
     (4) A copy of this section must be plainly written, printed, or engraved on each bond.

     History: En. Sec. 5-428, Ch. 197, L. 1965; R.C.M. 1947, 32-3128; amd. Sec. 597, Ch. 61, L. 2007.