Buell

In an action by appellant, W. E. Buell, a citizen of Oregon, against appellee, Simon Newman Company, a California corporation, to recover rents alleged to be due and owing to appellant by appellee, judgment was entered that appellant take nothing, and that appellee recover its costs. 1 From that judgment appellant has appealed. The facts are as follows:

On December 6, 1943, appellant and Montague Water Conservation District, a taxing agency located, in Siskiyou County, California,, made an agreement wherein they set forth a plan for the composition of the district’s debts. The agreement recited that the district had outstanding $1,395,000 of bonds, of which appellant had in his possession for the purposes of collection $1,265,000 — more than 90% of the total. The plan of composition set forth in the agreement provided that appellant would act as trustee for all' the bondholders, and that “All income from rents and royalties accruing after December 31, 1943, upon lands now [December 6, 1943] owned by the district shall belong to the bondholders, provided * * * th&t from such rental there shall be deducted and retained by the district an amount equal to the maintenance and…