No bond, assessment, or installment thereof or of the interest or penalties thereon, or declaration of default or deed shall be held invalid for any error in the computation of the proper amount due on the same, if the error is found to be comparatively negligible, or is found to be in favor of the owner of the real property affected thereby.
Part 15MISCELLANEOUS PROVISIONS
Section § 8850
This law says that if there's a small mistake in figuring out the amount owed on things like bonds or taxes tied to property, it won't make those charges invalid. This is especially true if the error benefits the property owner or is minor compared to the total amount.
bond errors property taxes assessment errors computation mistakes deed error validity property owner benefit comparative negligence interest penalties default declaration negligible error financial calculations real property charges tax installment errors real estate bond errors minor computational mistakes
Section § 8851
This law allows a legislative body or an interested party, like a bondholder, to ask the Commissioner of Financial Institutions to check if bonds were issued correctly and if they have enough security for repayment. If the Commissioner approves, the bonds can be declared suitable for investment by savings banks and trustees. The cost for this examination, if approved by the legislative body, can be covered by any extra money in the fund used to redeem the bonds, as long as it's not needed for their interest or principal payments.
Upon the application of the legislative body or of any holder or other interested party, the Commissioner of Financial Institutions shall examine into the regularity of the issuance of bonds under this division and the sufficiency of the security provided for the payment thereof and if satisfied therewith he or she may certify the same as suitable for investment by savings banks and trustees whereupon the bonds may be used for investment of savings deposits and trust funds. The cost of any such examination may on approval of the legislative body be paid out of any surplus money in the redemption fund not required for the payment of the interest or principal of the bonds.
bond issuance security sufficiency Commissioner of Financial Institutions suitable for investment savings banks trustees investment by trustees redemption fund savings deposits trust funds bondholder application legislative body approval bond examination costs bond investment suitability surplus money usage
