State Board of Education v. Board of Public Instruction

Terrell, C. J. —

In January, 1928, the Board of Public Instruction of Lake County borrowed $20,000.00 from the State Board of Education for the purpose of paying its outstanding indebtedness. To evidence this indebtedness, the borrower executed twenty time warrants payable one year from date, bearing interest at 6 per cent. The interest was paid for two years and discontinued. Nothing' has since been paid on principal or interest.

In’ February, 1938, the State Board of Education instituted this action against the Board of Public Instruction of Lake County to recover the amount due on the said…