Section 73-7-32 - Proceedings brought by bondholders; liability for costs and fees. - New Mexico Statutes

73-7-32. [Proceedings brought by bondholders; liability for costs and fees.]

In case the drainage commissioners shall consent thereto, or shall fail to commence proceedings to foreclose as aforesaid within twelve months after any assesments [assessments], installments and/or interest shall have become delinquent, then the holder of any bond or coupon issued by the drainage district against such assessment which shall have been in default six months shall have the right to bring and thereafter control such suits for the collection of delinquent assessments, installments and/or interest in the name of the drainage district, and for such purpose may recall from the county officers having charge of the same any assessments theretofore certified by the commissioners, and the proceedings in such suit brought by the holder of any such bond or coupon shall in all respects be governed by the provisions herein contained; provided however, that the drainage district shall not be made liable by virtue of such proceedings for any costs or attorney's fees, and no action shall be commenced by the holder of any bond or coupon, without the consent of the commissioners, until thirty days after demand made upon them to institute the same and then only upon leave of the court obtained after such notice to the commissioners as the court shall prescribe.