May

Appellee, May, the holder of six bonds of appellant, brought this action against appellant Warmsprings Irrigation District to recover $4,530 on matured interest coupons attached to said bonds. At the time of the filing of the complaint on November 26, 1937, the principal of none of the bonds held by appellee had matured and there was no acceleration clause in the bonds maturing the same for default in the payment of interest. During the progress of the litigation additional interest coupons and one principal bond matured, and appellee filed a supplemental complaint so as to recover for these additional sums.

The bonds themselves and the interest coupons were direct promises on the part of appellant to pay the bearer $1,000 on each bond on a certain named date with interest payable to the bearer of the respective coupons semiannually as they matured.

The appellant during 1917, 1919, and 1920 issued and sold these coupon bonds aggregating $1,550,000 par value and being numbered consecutively from No. 1 to No. 1550. Appellant District levied assessments against the property of the District in amounts sufficient to pay its bonded indebtedness when due, together with costs of…