Sec. 37. (a) A remedy conferred by this chapter upon a holder or trustee for a holder of bonds, notes, or other evidences of indebtedness payable from revenues:

(1) is in addition to every other remedy; and

(2) may be exercised without exhausting and without regard to any other remedy conferred by:

(A) this chapter; or

(B) any other statute.

     (b) A waiver of a default or breach of duty or contract, whether by a holder or a trustee for a holder of bonds, notes, or other evidences of indebtedness payable from revenues, does not do any of the following:

(1) Extend to or affect a subsequent default or breach of duty or contract.

(2) Impair any rights or remedies.

     (c) A delay or an omission of a holder or a trustee for a holder of bonds, notes, or other evidences of indebtedness does not do any of the following:

(1) Extend to or affect a subsequent default or breach of duty or contract.

(2) Impair any rights or remedies.

     (d) A delay or an omission of a holder or a trustee for a holder of bonds, notes, or other evidences of indebtedness in exercising a right or power accruing upon default:

(1) does not impair a right or power; and

(2) may not be construed to be a waiver of the default or acquiescence in the default.

     (e) Every substantive right and every remedy conferred upon the holders of bonds, notes, or other evidences of indebtedness payable from revenues may be enforced and exercised periodically and as often as is expedient. If action to enforce a right or exercise a remedy:

(1) is brought and then discontinued; or

(2) is determined adversely to the holder or trustee;

the board and the holder or trustee shall be restored to their former positions as if an action had not been brought.

[Pre-1995 Recodification Citation: 13-3-4-14(b).]

As added by P.L.1-1995, SEC.26.