McLaughlin

From a judgment rendered in favor of plaintiff in an action brought to recover stamp taXes alleged to have been erroneously paid, the collector has appealed. The action was tried by the court, after a written waiver of the jury was filed, on a stipulation of the facts.

It appears from the stipulation of facts that appellee is a Delaware corporation, which until February 15, 1928, when its name was changed to the present one, was named Pacific States Lumber Company. On September 18, 1925, plaintiff had issued and outstanding first mortgage bonds in the principal “amount of upwards of” $7,000,-' 000, and on that date plaintiff was in default in the payment of principal and interest thereon. A bondholders’ protective committee was organized, and under an agreement dated September 18, 1925, between the committee and the bondholders, bonds were deposited with the committee.

This agreement provided for the deposit of the bonds with the committee, and among other things provided:

The agreement also provided that, upon approval or adoption of a plan of reorganization, notice was to be published, and a copy of the plan was to be mailed to each of the depositors; and further provided,…