Young v. Clayton

This is a representative suit brought by the appellant against the State Treasurer and the State Auditor. The plaintiff is the owner of refunding bonds issued under Act 4 of 1941 (Ark. Stats., 1947, Appendix to Title 13, p. 773) and sues on behalf of all the bondholders. The theory of the complaint is that Act 4 pledged certain highway revenues as security for the payment of the refunding bonds, that this pledge constituted a contract between the State and its bondholders, and that the contract has been impaired by the Revenue Stabilization Law of 1945 and subsequent legislation. Ark. Stats.,…