{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2026\/code-json\/21-280.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2026\/code-text\/21-280.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2026\/code-xml\/21-280.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2026\/code-html\/21-280.html"}],"law_id":354016,"edition_id":2,"section_id":354016,"structure_id":50675,"section_number":"21-280","catch_line":"Special remedies of bondholders","history":"1946, p. 358; Michie Suppl. 1946, \u00a7 1560iii9.","full_text":"a\n\nThe provisions of this section shall be applicable to a series of bonds of a commission only if the resolution or resolutions authorizing such series of bonds shall provide in substance that the holders of the bonds of such series shall be entitled to all the benefits, and be subject to the provisions of this section.\n\nb\n\nIn the event that the commission shall default in the payment of the principal of or interest on any bonds of such series after the same shall become due, whether at maturity or upon call for redemption, and such default shall continue for a period of thirty days, or in the event that the commission shall fail or refuse to comply with the provisions of this chapter relating to or affecting the payment or security of such bonds or the collection of fees, rents or charges, or other revenues therefor, or shall fail or refuse to carry out and perform the terms of any contract with the holders of any of such bonds, and such failure or refusal shall continue for a period of thirty days after written notice of its existence and nature to the commission the holders of twenty-five per centum in aggregate principal amount of such bonds then outstanding, by instrument or instruments filed with the Governor of the Commonwealth of Virginia and proved or acknowledged in the same manner as a deed to be recorded, may appoint a trustee to represent the holders of all bonds of such series for the purposes herein provided.\n\nc\n\nSuch trustee may, and upon written request of the holders of twenty-five per centum in principal amount of the bonds of such series then outstanding shall, in his or its name:\n\n1\n\nBy mandamus or other suit, action or proceeding at law or in equity, enforce all rights of the holders of such bonds, including the right to require the commission to collect fees, rents and other charges adequate to carry out any agreement as to, or pledge of, such fees, rents or other charges, or the revenues therefrom, and to require the commission to carry out and perform the terms of any contract with the holders of such bonds or its duties under this chapter;\n\n2\n\nBring suit upon all or any part of such bonds;\n\n3\n\nBy action or suit in equity, require the commission to account as if it were the trustee of an express trust for the holders of such bonds;\n\n4\n\nBy action or suit in equity, enjoin any act or thing which may be unlawful or in violation of the rights of the holders of such bonds;\n\n5\n\nDeclare all such bonds due and payable, whether or not in advance of maturity, and, if all defaults shall be made good, then with the consent of the holders of twenty-five per centum of the principal amount of such bonds then outstanding, annul such declaration and its consequences, provided that before declaring such bonds due and payable, the trustee shall first give thirty days’ notice in writing to the commission.\n\nd\n\nIf the resolution or resolutions authorizing such series of bonds shall contain the provision authorized by subsection (a) of this section and shall further provide in substance that any trustee appointed pursuant to this section shall have the powers provided by subsection (c) of this section, then such trustee, whether or not all of the bonds of such series shall have been declared due and payable, shall be entitled as of right to the appointment of a receiver, who may enter upon and take possession of any facilities or property operated by the commission any of the revenues from the operation of which are pledged for the security of such bonds, and operate and maintain the same and fix, charge, collect and receive all fees, rents and other charges and other revenues thereafter arising from such operation in the same manner as the commission itself might do, and shall deposit all moneys collected in a separate account and apply the same in accordance with the duties and contracts of the commission in such manner as the court appointing such receiver shall direct.\n\ne\n\nIn any suit, action or proceeding by such trustee, the fees, counsel fees and expenses of such trustee and of the receiver, if any, shall constitute taxable costs and disbursements, and all costs and disbursements, allowed by the court shall be a first charge upon any fees, rents and other charges, and revenues of the commission pledged for the payment or security of such bonds.\n\nf\n\nSuch trustee shall, in addition to the foregoing, have and possess all of the powers necessary or appropriate for the exercise of any functions specifically set forth herein or incident to the general representation of the holders of the bonds of such series in the enforcement and protection of their rights.\n\n","order_by":null,"text":{"0":{"id":1318502,"text":"The provisions of this section shall be applicable to a series of bonds of a commission only if the resolution or resolutions authorizing such series of bonds shall provide in substance that the holders of the bonds of such series shall be entitled to all the benefits, and be subject to the provisions of this section.","type":"section","prefixes":["a"],"prefix":"a","entire_prefix":"a","prefix_anchor":"a","level":1,"next_prefix":"b"},"1":{"id":1318503,"text":"In the event that the commission shall default in the payment of the principal of or interest on any bonds of such series after the same shall become due, whether at maturity or upon call for redemption, and such default shall continue for a period of thirty days, or in the event that the commission shall fail or refuse to comply with the provisions of this chapter relating to or affecting the payment or security of such bonds or the collection of fees, rents or charges, or other revenues therefor, or shall fail or refuse to carry out and perform the terms of any contract with the holders of any of such bonds, and such failure or refusal shall continue for a period of thirty days after written notice of its existence and nature to the commission the holders of twenty-five per centum in aggregate principal amount of such bonds then outstanding, by instrument or instruments filed with the Governor of the Commonwealth of Virginia and proved or acknowledged in the same manner as a deed to be recorded, may appoint a trustee to represent the holders of all bonds of such series for the purposes herein provided.","type":"section","prefixes":["b"],"prefix":"b","entire_prefix":"b","prefix_anchor":"b","level":1,"prior_prefix":"a","next_prefix":"c"},"2":{"id":1318504,"text":"Such trustee may, and upon written request of the holders of twenty-five per centum in principal amount of the bonds of such series then outstanding shall, in his or its name:","type":"section","prefixes":["c"],"prefix":"c","entire_prefix":"c","prefix_anchor":"c","level":1,"prior_prefix":"b","next_prefix":"c1"},"3":{"id":1318505,"text":"By mandamus or other suit, action or proceeding at law or in equity, enforce all rights of the holders of such bonds, including the right to require the commission to collect fees, rents and other charges adequate to carry out any agreement as to, or pledge of, such fees, rents or other charges, or the revenues therefrom, and to require the commission to carry out and perform the terms of any contract with the holders of such bonds or its duties under this chapter;","type":"section","prefixes":["c","1"],"prefix":"1","entire_prefix":"c1","prefix_anchor":"c1","level":2,"prior_prefix":"c","next_prefix":"c2"},"4":{"id":1318506,"text":"Bring suit upon all or any part of such bonds;","type":"section","prefixes":["c","2"],"prefix":"2","entire_prefix":"c2","prefix_anchor":"c2","level":2,"prior_prefix":"c1","next_prefix":"c3"},"5":{"id":1318507,"text":"By action or suit in equity, require the commission to account as if it were the trustee of an express trust for the holders of such bonds;","type":"section","prefixes":["c","3"],"prefix":"3","entire_prefix":"c3","prefix_anchor":"c3","level":2,"prior_prefix":"c2","next_prefix":"c4"},"6":{"id":1318508,"text":"By action or suit in equity, enjoin any act or thing which may be unlawful or in violation of the rights of the holders of such bonds;","type":"section","prefixes":["c","4"],"prefix":"4","entire_prefix":"c4","prefix_anchor":"c4","level":2,"prior_prefix":"c3","next_prefix":"c5"},"7":{"id":1318509,"text":"Declare all such bonds due and payable, whether or not in advance of maturity, and, if all defaults shall be made good, then with the consent of the holders of twenty-five per centum of the principal amount of such bonds then outstanding, annul such declaration and its consequences, provided that before declaring such bonds due and payable, the trustee shall first give thirty days’ notice in writing to the commission.","type":"section","prefixes":["c","5"],"prefix":"5","entire_prefix":"c5","prefix_anchor":"c5","level":2,"prior_prefix":"c4","next_prefix":"d"},"8":{"id":1318510,"text":"If the resolution or resolutions authorizing such series of bonds shall contain the provision authorized by subsection (a) of this section and shall further provide in substance that any trustee appointed pursuant to this section shall have the powers provided by subsection (c) of this section, then such trustee, whether or not all of the bonds of such series shall have been declared due and payable, shall be entitled as of right to the appointment of a receiver, who may enter upon and take possession of any facilities or property operated by the commission any of the revenues from the operation of which are pledged for the security of such bonds, and operate and maintain the same and fix, charge, collect and receive all fees, rents and other charges and other revenues thereafter arising from such operation in the same manner as the commission itself might do, and shall deposit all moneys collected in a separate account and apply the same in accordance with the duties and contracts of the commission in such manner as the court appointing such receiver shall direct.","type":"section","prefixes":["d"],"prefix":"d","entire_prefix":"d","prefix_anchor":"d","level":1,"prior_prefix":"c5","next_prefix":"e"},"9":{"id":1318511,"text":"In any suit, action or proceeding by such trustee, the fees, counsel fees and expenses of such trustee and of the receiver, if any, shall constitute taxable costs and disbursements, and all costs and disbursements, allowed by the court shall be a first charge upon any fees, rents and other charges, and revenues of the commission pledged for the payment or security of such bonds.","type":"section","prefixes":["e"],"prefix":"e","entire_prefix":"e","prefix_anchor":"e","level":1,"prior_prefix":"d","next_prefix":"f"},"10":{"id":1318512,"text":"Such trustee shall, in addition to the foregoing, have and possess all of the powers necessary or appropriate for the exercise of any functions specifically set forth herein or incident to the general representation of the holders of the bonds of such series in the enforcement and protection of their rights.","type":"section","prefixes":["f"],"prefix":"f","entire_prefix":"f","prefix_anchor":"f","level":1,"prior_prefix":"e"}},"ancestry":[{"id":50675,"edition_id":2,"name":"Bonds","identifier":"5","label":"article","depth":3,"order_by":5,"parent_id":50670,"metadata":{"child_laws":15,"child_structures":0},"date_created":"2026-08-02 02:31:11","date_modified":"2026-08-02 12:30:56","permalink":{"id":1407257,"object_type":"structure","relational_id":50675,"identifier":"5","token":"21\/4\/5","url":"\/21\/4\/5\/","edition_id":2,"permalink":0,"preferred":1}},{"id":50670,"edition_id":2,"name":"Sanitation Districts Law of 1946 -- Nontidal Waters","identifier":"4","label":"chapter","depth":2,"order_by":4,"parent_id":50656,"metadata":{"child_laws":68,"child_structures":7},"date_created":"2026-08-02 02:31:06","date_modified":"2026-08-02 12:30:55","permalink":{"id":1407067,"object_type":"structure","relational_id":50670,"identifier":"4","token":"21\/4","url":"\/21\/4\/","edition_id":2,"permalink":0,"preferred":1}},{"id":50656,"edition_id":2,"name":"Drainage, Soil Conservation, Sanitation and Public Facilities Districts","identifier":"21","label":"title","depth":1,"order_by":58,"parent_id":null,"metadata":{"child_laws":358,"child_structures":25},"date_created":"2026-08-02 02:30:49","date_modified":"2026-08-02 12:30:54","permalink":{"id":1406467,"object_type":"structure","relational_id":50656,"identifier":"21","token":"21","url":"\/21\/","edition_id":2,"permalink":0,"preferred":1}}],"structure_contents":[{"id":354004,"structure_id":50675,"section_number":"21-269","catch_line":"Outstanding bonds not to exceed ten million dollars","url":"\/21-269\/","token":"21\/4\/5\/21-269","metadata":false},{"id":354005,"structure_id":50675,"section_number":"21-270","catch_line":"Election prior to issuance","url":"\/21-270\/","token":"21\/4\/5\/21-270","metadata":false},{"id":354006,"structure_id":50675,"section_number":"21-271","catch_line":"Other matters determined by resolution","url":"\/21-271\/","token":"21\/4\/5\/21-271","metadata":false},{"id":354007,"structure_id":50675,"section_number":"21-272","catch_line":"Form and contents","url":"\/21-272\/","token":"21\/4\/5\/21-272","metadata":false},{"id":354008,"structure_id":50675,"section_number":"21-273","catch_line":"How sold","url":"\/21-273\/","token":"21\/4\/5\/21-273","metadata":false},{"id":354009,"structure_id":50675,"section_number":"21-274","catch_line":"Resolutions may be part of contract with bondholders","url":"\/21-274\/","token":"21\/4\/5\/21-274","metadata":false},{"id":354010,"structure_id":50675,"section_number":"21-275","catch_line":"Negotiability","url":"\/21-275\/","token":"21\/4\/5\/21-275","metadata":false},{"id":354011,"structure_id":50675,"section_number":"21-276","catch_line":"Liability of Commonwealth, county, city or town on bonds","url":"\/21-276\/","token":"21\/4\/5\/21-276","metadata":false},{"id":354012,"structure_id":50675,"section_number":"21-277","catch_line":"No personal liability on bonds","url":"\/21-277\/","token":"21\/4\/5\/21-277","metadata":false},{"id":354013,"structure_id":50675,"section_number":"21-278","catch_line":"Purchase of bonds by commission","url":"\/21-278\/","token":"21\/4\/5\/21-278","metadata":false},{"id":354014,"structure_id":50675,"section_number":"21-279","catch_line":"Bonds constitute legal investments","url":"\/21-279\/","token":"21\/4\/5\/21-279","metadata":false},{"id":354016,"structure_id":50675,"section_number":"21-280","catch_line":"Special remedies of bondholders","url":"\/21-280\/","token":"21\/4\/5\/21-280","metadata":false},{"id":354015,"structure_id":50675,"section_number":"21-280.1","catch_line":"Bonds mutilated, lost or destroyed","url":"\/21-280.1\/","token":"21\/4\/5\/21-280.1","metadata":false},{"id":354017,"structure_id":50675,"section_number":"21-281","catch_line":"Inviolability of rights and remedies","url":"\/21-281\/","token":"21\/4\/5\/21-281","metadata":false},{"id":354018,"structure_id":50675,"section_number":"21-282","catch_line":"Interim certificates","url":"\/21-282\/","token":"21\/4\/5\/21-282","metadata":false}],"previous_section":{"id":354014,"structure_id":50675,"section_number":"21-279","catch_line":"Bonds constitute legal investments","url":"\/21-279\/","token":"21\/4\/5\/21-279","metadata":false},"next_section":{"id":354015,"structure_id":50675,"section_number":"21-280.1","catch_line":"Bonds mutilated, lost or destroyed","url":"\/21-280.1\/","token":"21\/4\/5\/21-280.1","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/21-280\/","history_text":false,"references":false,"refers_to":false,"permalink":{"id":1407303,"object_type":"law","relational_id":354016,"identifier":"21-280","token":"21\/4\/5\/21-280","url":"\/21-280\/","edition_id":2,"permalink":0,"preferred":1},"url":"\/21-280\/","token":"21\/4\/5\/21-280","dublin_core":{"Title":"Special remedies of bondholders","Type":"Text","Format":"text\/html","Identifier":"\u00a7 21-280","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

a.<\/span> The provisions of this section shall be applicable to a series of bonds<\/span> of a commission only if the resolution or resolutions authorizing such series of bonds<\/span> shall provide in substance that the holders of the bonds<\/span> of such series shall be entitled to all the benefits, and be subject to the provisions of this section. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

b.<\/span> In the event that the commission shall default<\/span> in the payment of the principal of or interest on any bonds<\/span> of such series after the same shall become due, whether at maturity or upon call for redemption<\/span>, and such default<\/span> shall continue for a period of thirty days, or in the event that the commission shall fail or refuse to comply with the provisions of this chapter relating to or affecting the payment or security of such bonds<\/span> or the collection of fees, rents or charges, or other revenues therefor, or shall fail or refuse to carry out and perform the terms of any contract<\/span> with the holders of any of such bonds<\/span>, and such failure or refusal shall continue for a period of thirty days after written notice of its existence and nature to the commission the holders of twenty-five per centum in aggregate principal amount of such bonds<\/span> then outstanding, by instrument or instruments filed with the Governor of the Commonwealth of Virginia and proved or acknowledged in the same manner as a deed to be recorded, may appoint a trustee to represent the holders of all bonds<\/span> of such series for the purposes herein provided. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

c.<\/span> Such trustee may, and upon written request of the holders of twenty-five per centum in principal amount of the bonds<\/span> of such series then outstanding shall, in his or its name: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> By mandamus or other suit, action or proceeding at law<\/span> or in equity<\/span>, enforce all rights of the holders of such bonds<\/span>, including the right to require the commission to collect fees, rents and other charges adequate to carry out any agreement as to, or pledge of, such fees, rents or other charges, or the revenues therefrom, and to require the commission to carry out and perform the terms of any contract<\/span> with the holders of such bonds<\/span> or its duties under this chapter; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> Bring suit upon all or any part of such bonds<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> By action or suit in equity<\/span>, require the commission to account as if it were the trustee of an express trust for the holders of such bonds<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> By action or suit in equity<\/span>, enjoin any act or thing which may be unlawful or in violation of the rights of the holders of such bonds<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

5.<\/span> Declare all such bonds<\/span> due and payable, whether or not in advance of maturity, and, if all defaults<\/span> shall be made good, then with the consent of the holders of twenty-five per centum of the principal amount of such bonds<\/span> then outstanding, annul such declaration and its consequences, provided that before declaring such bonds<\/span> due and payable, the trustee shall first give thirty days’ notice in writing to the commission. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

d.<\/span> If the resolution or resolutions authorizing such series of bonds<\/span> shall contain the provision authorized by subsection (a) of this section and shall further provide in substance that any trustee appointed pursuant to this section shall have the powers provided by subsection (c) of this section, then such trustee, whether or not all of the bonds<\/span> of such series shall have been declared due and payable, shall be entitled as of right to the appointment of a receiver, who may enter upon and take possession<\/span> of any facilities or property operated by the commission any of the revenues from the operation of which are pledged for the security of such bonds<\/span>, and operate and maintain the same and fix, charge, collect and receive all fees, rents and other charges and other revenues thereafter arising from such operation in the same manner as the commission itself might do, and shall deposit all moneys collected in a separate account and apply the same in accordance with the duties and contracts<\/span> of the commission in such manner as the court<\/span> appointing such receiver shall direct. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

e.<\/span> In any suit, action or proceeding by such trustee, the fees, counsel<\/span> fees and expenses of such trustee and of the receiver, if any, shall constitute taxable costs and disbursements, and all costs and disbursements, allowed by the court<\/span> shall be a first charge upon any fees, rents and other charges, and revenues of the commission pledged for the payment or security of such bonds<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

f.<\/span> Such trustee shall, in addition to the foregoing, have and possess all of the powers necessary or appropriate for the exercise of any functions specifically set forth herein or incident to the general representation of the holders of the bonds<\/span> of such series in the enforcement and protection of their rights. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nSPECIAL REMEDIES OF BONDHOLDERS (\u00a7 21-280)\n\na. The provisions of this section shall be applicable to a series of bonds of a\ncommission only if the resolution or resolutions authorizing such series of\nbonds shall provide in substance that the holders of the bonds of such series\nshall be entitled to all the benefits, and be subject to the provisions of this\nsection.\n\nb. In the event that the commission shall default in the payment of the\nprincipal of or interest on any bonds of such series after the same shall become\ndue, whether at maturity or upon call for redemption, and such default shall\ncontinue for a period of thirty days, or in the event that the commission shall\nfail or refuse to comply with the provisions of this chapter relating to or\naffecting the payment or security of such bonds or the collection of fees, rents\nor charges, or other revenues therefor, or shall fail or refuse to carry out and\nperform the terms of any contract with the holders of any of such bonds, and\nsuch failure or refusal shall continue for a period of thirty days after written\nnotice of its existence and nature to the commission the holders of twenty-five\nper centum in aggregate principal amount of such bonds then outstanding, by\ninstrument or instruments filed with the Governor of the Commonwealth of\nVirginia and proved or acknowledged in the same manner as a deed to be recorded,\nmay appoint a trustee to represent the holders of all bonds of such series for\nthe purposes herein provided.\n\nc. Such trustee may, and upon written request of the holders of twenty-five per\ncentum in principal amount of the bonds of such series then outstanding shall,\nin his or its name:\n\n 1. By mandamus or other suit, action or proceeding at law or in equity,\n enforce all rights of the holders of such bonds, including the right to\n require the commission to collect fees, rents and other charges adequate to\n carry out any agreement as to, or pledge of, such fees, rents or other\n charges, or the revenues therefrom, and to require the commission to carry out\n and perform the terms of any contract with the holders of such bonds or its\n duties under this chapter;\n\n 2. Bring suit upon all or any part of such bonds;\n\n 3. By action or suit in equity, require the commission to account as if it\n were the trustee of an express trust for the holders of such bonds;\n\n 4. By action or suit in equity, enjoin any act or thing which may be unlawful\n or in violation of the rights of the holders of such bonds;\n\n 5. Declare all such bonds due and payable, whether or not in advance of\n maturity, and, if all defaults shall be made good, then with the consent of\n the holders of twenty-five per centum of the principal amount of such bonds\n then outstanding, annul such declaration and its consequences, provided that\n before declaring such bonds due and payable, the trustee shall first give\n thirty days’ notice in writing to the commission.\n\nd. If the resolution or resolutions authorizing such series of bonds shall\ncontain the provision authorized by subsection (a) of this section and shall\nfurther provide in substance that any trustee appointed pursuant to this section\nshall have the powers provided by subsection (c) of this section, then such\ntrustee, whether or not all of the bonds of such series shall have been declared\ndue and payable, shall be entitled as of right to the appointment of a receiver,\nwho may enter upon and take possession of any facilities or property operated by\nthe commission any of the revenues from the operation of which are pledged for\nthe security of such bonds, and operate and maintain the same and fix, charge,\ncollect and receive all fees, rents and other charges and other revenues\nthereafter arising from such operation in the same manner as the commission\nitself might do, and shall deposit all moneys collected in a separate account\nand apply the same in accordance with the duties and contracts of the commission\nin such manner as the court appointing such receiver shall direct.\n\ne. In any suit, action or proceeding by such trustee, the fees, counsel fees and\nexpenses of such trustee and of the receiver, if any, shall constitute taxable\ncosts and disbursements, and all costs and disbursements, allowed by the court\nshall be a first charge upon any fees, rents and other charges, and revenues of\nthe commission pledged for the payment or security of such bonds.\n\nf. Such trustee shall, in addition to the foregoing, have and possess all of the\npowers necessary or appropriate for the exercise of any functions specifically\nset forth herein or incident to the general representation of the holders of the\nbonds of such series in the enforcement and protection of their rights.\n\nHISTORY: 1946, p. 358; Michie Suppl. 1946, \u00a7 1560iii9.","edition":{"id":2,"name":"2026","slug":"2026","date_created":"2026-07-16 18:40:23","date_modified":"2026-08-02 15:14:36","current":1,"order_by":2,"last_import":"2026-08-02 12:37:30"}}