Code of Virginia § 21-400. Right of holders on default.

253 words·~1 min read·/va/title-21/chapter-6/21-400

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

If any installment of principal or interest represented by the bonds shall not be paid at the time and in the manner when the same shall become due and payable, and such default shall continue for a period of six months, the holder or holders of such bond or bonds upon which default has been made shall have a right of action against the board of viewers wherein the circuit court may issue a writ of mandamus against the drainage project, its officers, including the county treasurer, or treasurers, directing the levying of a tax or special assessment as herein provided, and the collection of the same, in such sum as may be necessary to meet any unpaid installment of principal and interest and costs of action, and such other remedies are hereby vested in the holder or holders of such bond or bonds in default as may be authorized by law.

The right of action is vested in the holder or holders of such bond or bonds upon which default has been made, authorizing them to institute suit against any officer on his official bond for failure to perform any duty imposed by the provisions of this chapter. The official bond of any county treasurer shall be liable for the faithful performance of the duties herein assigned him. Such official bonds may be increased by the governing body of any county or the board or party having such authority.

Code 1919, § 1774; 1920, p. 613; 1926, p. 624; 1954, c. 642.