Whenever any sum is paid out of the local improvement guaranty fund on account of principal or interest of a local improvement bond or warrant, the city or town as trustee of the fund shall be subrogated to all the rights of the holder of the bond or interest coupon or warrant so paid, and the proceeds thereof, or of the underlying assessment, shall become part of the guaranty fund.
RCW 35.54.040
Source—Subrogation rights to assessments.
Applied in 1 court decision — leading case 70 Wash. 2d 475 - Berglund v. City of Tacoma (1967)
Most recently applied in 70 Wash. 2d 475 - Berglund v. City of Tacoma (February 1967)
1965 c 7 s 35.54.040
Official source: Washington State Legislature. Reproduced from public-domain Washington statutes; confirm against the official source for the current text. Not legal advice.