An Arkansas statute, affecting the mortgage securing certain special assessment bonds, provided, inter alia, for the extension of the interval between default in payment and sale under foreclosure from sixty-five days to at least two and a half years, reduced the penalty for non-payment from twenty per cent to three per cent, and provided that the possession of the delinquent property owner be undisturbed for four years after sale on foreclosure, thus modifying the law existing at the time the bonds were issued. The United States Supreme Court held the statute to be invalid as violating the constitutional prohibition against laws impairing the obligation of contracts. W. B. Worthen Co. v. Kavanaugh, (U. S. Sup. Ct.) 2 U.S. LAW WEEK, index p. 697 (April 2, 1935).