STRUM, Circuit Judge.
Having been in default on its bonded indebtedness for 18 years or more, during which time approximately $500,000 in past due and unpaid interest had accumulated on a bonded debt of $558,000, the appellee Water Improvement District, on April 29, 1949, filed in the United States District Court a proposed plan of composition of its debts under chap. IX of the Bankruptcy Act, 11 U.S.C.A. § 401 et seq., which plan was approved by more than 51...
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