Section 410. Failure to pay principal or interest.
If a city fails to pay principal or interest on any of its tax anticipation notes as the same becomes due and payable whether at the stated maturity date or upon a mandatory or unrevoked call for prior redemption and such failure shall continue for 30 days, the holder thereof shall, subject to the priorities created under this act and the provisions of any outstanding obligations of the city and to any limitation upon individual rights of action in the determination authorizing the tax anticipation notes, have the right to recover the amount due by action in the court of common pleas. The judgment recovered shall have an appropriate priority upon the moneys next coming into the treasury of the city.