Getz

Appellant, a citizen of Michigan, sued appellee, an irrigation district organized under the law of California, to recover on interest coupons detached from the District’s refunding bonds. The recovery sought was of interest computed at the rate of 4%. The District pleaded as an affirmative defense that the interest rate had been reduced to 3% in line with a provision of the refunding plan under which the bonds were issued, .and that appellant was limited to the recovery of interest at the reduced rate. Upon motion of the District for summary judgment, the trial court adjudged that appellant take nothing by the action. Hence this appeal.

In the opinions of the California Supreme Court in Mulcahy v. Baldwin, 216 Cal. 517 , 15 P.2d 738 , and Livingston v. Robinson, 10 Cal.2d 730 , 76 P.2d 1192, 1197 , the financial troubles of the District and the facts immediately pertinent are related in detail. Suffice it to say here that the refunding bonds from which the interest coupons in suit were detached were issued under a plan which provided for the modification of its terms and conditions in certain contingencies, subject to the approval of the California Bond Certification Commission…