(a) If any bond becomes mutilated or is lost, stolen, or destroyed, the authority may execute and deliver, and the trustee may authenticate, a new bond of like date of issue, maturity date, principal amount, and interest rate per annum as the bond so mutilated, lost, stolen, or destroyed; which new bond shall have the same provisions in all respects as those on the bond mutilated, lost, stolen, or destroyed, provided that:
(1) In the case of any mutilated bond, such bond is first surrendered to the authority or to the trustee;
(2) In the case of any lost, stolen, or destroyed bond, there is first furnished evidence of such loss, theft, or destruction satisfactory to the authority and the trustee, together with indemnity satisfactory to the authority and the trustee;
(3) All other reasonable requirements of the authority and the trustee are complied with; and
(4) Expenses in connection with such transaction are paid.
(b) Any bonds surrendered for exchange shall be canceled.
(c) The authority shall be authorized to print the new bond with the validation certificate bearing the facsimile signature of the clerk of the superior court then in office, and such certificate shall have the same force and effect as in the first instance. All responsibility with respect to the issuance of any such new bonds shall be with the authority and not with such clerk; and such clerk shall have no liability in the event an overissuance occurs.
Section: Previous 46-4-101 46-4-102 46-4-103 46-4-104 46-4-105 46-4-106 46-4-107 46-4-108 46-4-109 46-4-110 46-4-111 46-4-112 46-4-113 46-4-114 46-4-115 NextLast modified: October 14, 2016