New Mexico § 5-5-21 - Remedies of bondholders

§ 5-5-21. Remedies of bondholders

Subject to any contractual limitations binding upon the holders of any issue or series

of bonds, or trustee therefor, including but not limited to the restriction of the

exercise of any remedy to a specified proportion, percentage or number of such holders,

any holder of bonds or trustee therefor, shall have the right and power, for the equal

benefit and protection of all holders of 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 the municipality or its governing body

or any such officers, agents or employees to perform and carry out its and their duties,

obligations or other commitments under this act and its and their covenants and agreements

with the bondholders; B. by action or suit in equity to require the municipality and its governing body

to account as if they were the trustee of an express trust; C. by action or suit in equity to have appointed a receiver, which receiver may enter

and take possession of any project revenues from which are pledged for the payment

of the bonds, prescribe sufficient tolls, fees, rates, rentals, charges and excise

taxes or quasi-excise taxes, and collect, receive and apply all revenues or other

moneys pledged for the payment of the bonds in the same manner as the municipality

itself might do; D. by action or suit in equity enjoin any acts or things which may be unlawful or

in violation of the rights of the bondholders; and E. bring suit upon the bonds. No right or remedy conferred by this act upon any holder of bonds or any trustee therefor

is intended to be exclusive of other right or remedy but each such right or remedy

is cumulative and in addition to every other right or remedy and may be exercised

without exhausting and without regard to any other remedy conferred by this act or

by any other law. The failure of any bondholder so to proceed as herein provided shall not relieve

the municipality, its governing body or any of its officers, agents and employees

of any liability for failure to perform or carry out any duty, obligation or other

commitment.