O.C.G.A. § 36-82-4 (2019)
Action for collection of bonds by holders
When the bonds become due, the owners thereof, if necessary, may enforce their collection by action in the proper court.
History
Ga. L. 1878-79, p. 40, § 5; Code 1882, § 508m; Civil Code 1895,
§ 381; Civil Code 1910, § 444; Code 1933, § 87-205.
Annotations
JUDICIAL DECISIONS Promissory note given by municipal corporation is invalid even in the hands of a bona fide endorsee for value before the note became due and although all but one of the notes had been paid this
does not prevent the corporation from setting up the illegality of the contract in defense to a suit on the note. Town of Wadley v. Lancaster, 124 Ga. 354, 52 S.E. 335 (1905).
RESEARCH REFERENCES Am. Jur. 2d. - 64 Am. Jur. 2d, Public Securities and Obligations, §§ 309, 382, 394. C.J.S. - 64A C.J.S., Municipal Corporations, § 2203 et seq.
ALR. - Negotiability of municipal bonds as affected by reference to fund from which they are to be paid, 42 A.L.R. 1027. Priority or preference as between differ-
ent issues of bonds of municipalities or political subdivisions, absent express provisions in that regard, 108 A.L.R. 1018. When limitations begin to run against
actions on public securities or obligations to be paid out of special or particular fund, 50 A.L.R.2d 271.