McClung v. City of Elizabethton

This suit was brought in June, 1932, by bondholders to enforce collection of bonds of the municipality which were in default in the payment of interest. No individual property owners were originally sued. But.a petition was later filed by a bondholders’ committee representing other holders of bonds in a large sum and by this petition the American Glanzstoff Corporation and certain other property owners were brought before the court.. It was charged that abortive attempts had been made by (1) exemption resolutions of the city council and (2) by enactment of the Legislature changing the…