The plaintiffs were owners of certain bonds issued by the Republic of Peru in 1927, which had been in default in the payment of interest since June 1, 1932. In 1947, Peru, through its agent, the defendant bank, offered new bonds, to be issued in exchange for the original bonds upon a waiver of all unpaid interest. The 1947 offer provided that if any of the "nonassenting bonds should ever be accorded...
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