Town of Dundee v. Pressgrove

TERRELL, J.:

Appellee sued appellant in a law action to recover principle and interest on matured municipal bonds. A demurrer to an amended second plea to the declaration was sustained and the defendant appealed from that order.

The substance of the amended second plea was that defendant finding itself insolvent, proposed to its creditors a plan to compose its indebtedness whereby it would issue refunding bonds in a sum equal to sixty per cent of and to take the place of its original bonds to which would be attached interest coupons to be paid at 25 per cent of the original interest due, that…