All registered warrants shall be paid in the order of registration and the treasurer, as soon as money sufficient for the payment of the warrants is received to the credit of the particular fund upon which the warrants are drawn, shall immediately notify by mail the persons in whose names the warrants are drawn. If the treasurer receives written notice from some other person that such person is the holder of the warrant, then the treasurer shall notify the other person and interest upon the warrants shall cease. The treasurer shall pay and cancel the warrants upon presentation of the written notice.
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