ARTICLE 2. Mutilated or Defaced Bonds

Article 2 added by Stats. 1949, Ch. 81.

§§ 53430–53440 · 11 sections

• § 53430 As used in this article: (a) “Bond” includes warrant or other evidence of indebtedness. (b) “Local agency” means county, city, irrigation district, reclamation…
• § 53431 When a bond of a local agency is mutilated or defaced the legislative body shall issue a duplicate if all of the following conditions exist: (a) It appears by…
• § 53432 The duplicate shall have the same time to run, bear like interest, and have the same number, as the mutilated or defaced bond.
• § 53433 The owner of the bond desiring a duplicate shall make a written application to the legislative body, stating the facts required by this article.
• § 53434 The owner shall accompany his application with a deposit of money required by the legislative body for the cost of printing, lithographing or otherwise…
• § 53435 If required by the legislative body, the owner shall also file with his application a bond in the required sum with good and sufficient sureties, to be…
• § 53436 Upon receipt of the application, the legislative body shall adopt a resolution: (a) Stating the receipt of the application. (b) Stating the compliance with the…
• § 53437 The duplicate bond shall be signed by the same officers and as nearly as possible shall be issued in the manner of the original.
• § 53438 The duplicate shall be delivered in exchange for the original bond.
• § 53439 An exchange shall not be made unless the defaced or mutilated bond with any coupons attached is identifiable and is first surrendered by the owner.
• § 53440 When the original is surrendered, the legislative body shall cause proper record to be made of its cancellation and thereafter the duplicate has the validity…