SECTIONS 54640-54649 - California Statutes

GOVERNMENT CODE

SECTION 54640-54649

54640. Subject to any contractual limitations binding upon a
bondholder or his trustee, any bondholder or his trustee has the
remedies set forth in this article for the equal benefit and
protection of all bondholders similarly situated.

54641. Such contractual limitations include, but are not limited
to, any limitation upon the exercise of a remedy to bondholders or
their trustees holding a specific percentage of the bonds.

54642. By mandamus or other suit or proceeding at law or in equity
a bondholder or his trustee may enforce his rights against the local
agency, its legislative body, and any of its officers, agents, and
employees and compel them to perform and carry out their duties under
this chapter and their agreements with bondholders.

54643. By a suit in equity a bondholder or his trustee may require
the local agency and its legislative body to account as the trustee
of an express trust.

54644. By suit in equity a bondholder or his trustee may enjoin any
acts or things which are unlawful or violate the bondholders'
rights.

54645. The remedies conferred upon any bondholder or his trustee by
this chapter do not exclude any other remedy. 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 chapter or other law.

54646. A waiver of any default or breach of duty or contract by any
bondholder or his trustee does not affect any subsequent default or
breach of duty or contract nor impair any rights or remedies on the
subsequent default or breach.

54647. The delay or omission of any bondholder or his trustee to
exercise any right or power accruing upon any default does not impair
the right or power and is not a waiver of the default or
acquiescence in it.

54648. Every substantive right and remedy conferred upon the
bondholders or their trustee may be enforced and exercised as often
as is deemed expedient.

54649. If a suit, action, or proceeding to enforce any right or
exercise any remedy is abandoned or determined adversely to the
bondholders or their trustees, the local agency and bondholder or
trustee shall be restored to their former positions, rights, and
remedies as if such suit, action, or proceeding had not been brought
or taken.