When any bond or interest coupon of any bond, issued by any district within the state has been past due for two (2) years, and payment has been demanded by the holder of any such at the place designated for payment in such instrument, and also to the chair of the board of directors of any such district, such holder of any bond, or interest coupon on any such bond, has the right to make application to any court of competent jurisdiction within the county or counties of the district for the appointment of a receiver for the defaulting district, and it is the duty of the court, upon presentation of a petition properly verified, to appoint a receiver in such case to collect the assessments and taxes due any such district.
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