Road Improvement Dist. No. 7 v. Guardian Savings & Trust Co.

STONE, Circuit Judge.

This is a bill by a trustee, for bondholders under a so-called mortgage, to obtain the appointment of a receiver and the payment of past-due bonds and interest coupons issued by a road improvement district.1 The defendant is a road district organized under a special act of the Arkansás Legislature for the purpose of building a road to be paid for from special benefit assessments upon land in the district. Various owners of such land intervened in opposition to the bill. The decree established the validity of the mortgage, the amount and ownership of the bonds outstanding…