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Current as of March 28, 2024 | Updated by FindLaw Staff
(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.
Cite this article: FindLaw.com - Georgia Code Title 46. Public Utilities and Public Transportation § 46-4-108 - last updated March 28, 2024 | https://codes.findlaw.com/ga/title-46-public-utilities-and-public-transportation/ga-code-sect-46-4-108/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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