9-21-316 - Remedies cumulative Effect of abandonment or nonexercise of right or remedy.
9-21-316. Remedies cumulative Effect of abandonment or nonexercise of right or remedy.
No remedy conferred by this part upon any holder of revenue bonds, or any trustee therefor, is intended to be exclusive of any other remedy, but 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 by any other law. No waiver of any default or breach of duty or contract, whether by any holder of 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 revenue 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. Every substantive right and every remedy, conferred upon the holders of revenue bonds, may be enforced and exercised from time to time and as often as may be deemed expedient. 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 revenue bonds, or any trustee therefor, then and in every such case the local government and such holder, or such 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. Nothing herein shall be construed as denying to any such suit or decree rendered therein such force as it would otherwise have by virtue of the legal doctrine of res judicata.
[Acts 1986, ch. 770, § 3-16.]