This is a follow up to a previous question I had here Fed Authority
I understand that once the government goes into default it triggers a number of different legal steps and procedures, such as CDS and Repo agreement ramifications - this second link also talks about the distinction between a 'technical' default and 'actual' default.
My question: If the Treasury chose to pay some debt holders and not others, would the ones who got paid have any legal recourse due to the government actually being in default to some of its debtors?
Or put another way: If the Federal Reserve was the only one who didn't get paid, what would be the legal consequences? It seems the ones who got paid wouldn't have Standing
I realize bonds/rates/etc...could (would?) go up and be affected, but I'm specifically asking if any legal action could be taken (other than by the Fed in my example).