McHenry

The petitioner in this action is the owner of 94 bonds of the Merced Irrigation District, a district duly organized and existing under and by virtue of the laws of the state of California, of the par value of $94,000, upon which there became due and payable on the first day of January, 1932, the sum of $2,820 as interest thereon, evidenced by coupons attached to said bonds. The intervener, Banks, Huntley & Company, was, on the first day of January, 1932, the holder of interest coupons on bonds issued by said district in the sum of $80,720.50, which coupons were due and payable on the first day of January, 1932. Intervener, West Coast Life Insurance Company, on the first day of January, 1932, was the holder of due interest coupons against said district in the sum of $3,000. On the first day of January, 1932, there became due to the owners of registered bonds, as interest, the sum of $3,420, the coupons representing said sum having been detached from bonds issued by said district and turned over to the treasurer thereof. In addition to the coupons which we have mentioned, there was, on the first day of January, 1932, presented for payment, additional interest coupons, so that the…