To avail itself of the remedial provisions of the National Bankruptcy Act as amended by section 80, the Imperial Irrigation District, a taxing district within the State of California, filed a petition for the readjustment of its debts. Pursuant to the requirements of section 80 the petition alleged that the District was unable to meet its debts and that a plan of readjustment had been accepted by 87.31 per cent of the creditors. Contestants, owners of petitioners' bonds, intervened. Held, section 80 of the National Bankruptcy Act as applied to the readjustment of the debts of an irrigation district existing under the laws of the State of California was constitutional. In re Imperial Irrigation District, (D. C. Cal. 1935) 10 F. Supp. 832.
MUNICIPAL CORPORATIONS-CONSTITUTIONALITY OF MUNICIPAL DEBT READJUSTMENT ACT,
Mich. L. Rev.
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