8-10-20. Warrants paid in order of presentation--Endorsement of warrants not paid--Interest rate.

124 words·~1 min read·/sd/title-8/chapter-8-10/8-10-20

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

All warrants upon the township treasurer shall be paid out of the fund on which they were drawn in the order of presentation. Whenever any warrant is presented to the treasurer for payment and there are no funds in the treasury appropriated for that purpose, the treasurer shall enter the warrant in the warrant register for payment, in the order of presentation. On each warrant registered he shall endorse the registry number, date of registration and the words "not paid for want of funds," and sign the endorsement as treasurer.

The warrant when endorsed shall bear interest at a rate to be negotiated by the parties from that date until paid, but the holder of any warrant may not be required to register it.