7-7-4633. Remedies of holders of refunding revenue bonds. (1) Subject to any contractual limitations binding upon the holders of any issue of refunding bonds or trustee therefor, including but not limited to the restriction of the exercise of any remedy to the specified proportion of percentage of such holders, any holder of refunding bonds or trustee therefor shall have the right and power, for the equal benefit and protection of all holders of refunding bonds similarly situated:
     (a) by mandamus or other suit, action, or proceeding at law or in equity, to enforce his rights against the municipality and its governing body and any of its officers, agents, and employees and to require and compel such municipality or such governing body or any such officers, agents, or employees to perform and carry out its and their duties and obligations under this part and its and their covenants and agreements with bondholders;
     (b) by action or suit in equity, to require the municipality and the governing body thereof to account as if they were the trustee of an express trust;
     (c) by action or suit in equity, to enjoin any acts or things which may be unlawful or in violation of the rights of the bondholders;
     (d) to bring suit upon the refunding bonds.
     (2) (a) No remedy conferred by this part upon any holder of refunding bonds or any trustee therefor is intended to be exclusive of any other remedy, but each such 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 part or by any other law.
     (b) No waiver of any default or breach of duty or contract, whether by any holder of refunding bonds or any trustee therefor, shall extend to or shall affect any subsequent default or breach of duty or contract or shall impair any rights or remedies thereon. No delay or omission of any bondholder or any trustee therefor to exercise any right or power accruing upon any default shall impair any such right or power or shall be construed to be a waiver of any such default or acquiescence therein.
     (c) Every substantive right and every remedy conferred upon the holders of refunding bonds may be enforced and exercised from time to time and as often as may be deemed expedient.
     (3) In case any suit, action, or proceeding to enforce any right or exercise any remedy shall be brought or taken and then discontinued or abandoned or shall be determined adversely to the holder of the refunding bonds or any trustee therefor, then and in every such case the municipality and such holder or trustee shall be restored to their former positions and rights and remedies as if no such suit, action, or proceeding had been brought or taken.

     History: En. Sec. 15, Ch. 121, L. 1937; R.C.M. 1947, 79-1915.