Jones

This is an appeal from an order dismissing an amended petition under section 75 of the Bankruptcy Act, as amended, 11 U.S.C.A. § 203 , and dissolving a restraining order.

Appellant filed his petition under the statute just cited and sought a composition or extension of his debts. Appellant was • indebted to the Cosmopolitan Guarantee Building & Loan Association for approximately $3,200, secured by a trust deed on his farm of 58 acres. All proper precedent acts were taken by the trustees to sell the farm on November 14, 1933, under the lien for default of due payment, but negotiations as to refinancing resulted in numerous postponements of sale. On this same day it may be noted the petition under the conciliatory provisions of the Bankruptcy Act was filed.

On January 26, 1934, a meeting of creditors was held and the debtor proposed: (1) A cash payment of 65 per cent, of the debt to be accepted in full discharge thereof, contingent upon the debtor’s ability to borrow that much; or (2) an extension of 6 months. Both offers were rejected, and the conciliation commissioner so reported, February 21, 1934.

April 5, 1934, the loan association filed a petition for leave to proceed with…