When funds become available for the payment of any bond which was not paid upon presentment, the treasurer shall notify the registered owner thereof by registered mail to present the bond for payment. If the bond is not presented for payment within 10 days after the mailing of the notice, interest shall cease to run on the bond.
Cal. Sts. & High. Code § 8776
REDEMPTION FUND DEFICIENCIES
Known as the Improvement Bond Act
The act spans §§ 8500 to 8887 (148 sections).
Amended by Stats. 1985, Ch. 65, Sec. 28
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.