Approval Of Plan By Court — Rights Of Dissenting Creditors

TITLE 43 IRRIGATION DISTRICTS CHAPTER 21 DEBT READJUSTMENT PLANS FOR IRRIGATION DISTRICTS, DRAINAGE DISTRICTS, AND HIGHWAY DISTRICTS 43-2110. Approval of plan by court — Rights of dissenting creditors. If, in the opinion of the court, the proceedings had and taken by the district are substantially in accordance with the provisions of this act, and the proposed plan of settlement is just and fair to the district and the creditors thereof, the court shall make and enter its decree confirming such proceedings, and adjudging and decreeing that all indebtedness of the district which it is sought to settle and adjust by said proposed plan shall be bound by said plan and settled accordingly, and the owners and holders thereof shall be deemed to have approved and assented to such plan of settlement as effectually and to the same extent as if they had approved such plan in writing filed with the secretary of the board as provided in this act. Provided, however, that any bonds, coupons, warrants or other evidences of indebtedness embraced in such plan of settlement, held by creditors who have filed their dissent or objections with the clerk of the court as hereinbefore provided, and who have sustained their ownership thereof by satisfactory proof, shall not be bound or affected by such plan of settlement, and the owners thereof may retain such securities and enforce the payment thereof according to any remedy available to them under the laws of the state of Idaho.