Assumption Parish School Board v. Bank of Napoleonville

The Bank of Napoleonville is the holder of certain notes of the Assumption parish school board in various amounts, aggregating the sum of $50,500, and representing- an indebtedness incurred by the school board prior to January 1, 1929 in the administration of its affairs.

The bank agreed with the school board to accept in exchange for these notes certificates of indebtedness to be issued by the school board under Act No. 18 of the Extra Session of 1928.

Accordingly, on February 21, 1929, the school board adopted an ordinance authorizing the issuance of the certificates, which bear 6 per cent,…