If the state treasurer wilfully and unlawfully refuses to pay any warrant lawfully drawn upon the treasury, he forfeits and must pay fourfold the amount, to be recovered by action against the treasurer and his sureties on his official bond or otherwise: provided, that on the first day of July of each year hereafter all warrants and treasurer's checks, which would have been paid if presented, which have been outstanding for a period of one (1) year or more are void. On all such cancelled or void warrants or treasurer's checks, the state treasurer is required to refuse payment and he must plainly mark across the face of every warrant or treasurer's check presented to him for payment the words "not paid, time of redemption expired." Said warrant, if surrendered to the state controller, shall be replaced by a new warrant in like amount.
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