A treatise on the law of municipal corporations Volume 5 Book PDF, ePub eBook

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Book Descriptions:
This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1913 Excerpt: ...of him who makes it."52 Bond purchasers must investigate as to whether (1) the bonds are signed by the proper official or officials,63 (2) whether ment must be ascertained by reference to the ordinance making the appointment. See § 383, ante, vol. 1. Statement in bonds that commissioners have caused one of their number to sign the bonds is equal to a signature by all of them. Phelps v. Lewiston, Fed. Cas. No. 11,076. Signature by proxy not fatal Montgomery v. St. Mary's, 43 Fed. 362. 50. Bank of Statesville v. Statesville, 84 N. C. 169. 51. Lexington v. Union Natl. Bank, 75 Miss. 1, 22 So. 291. 52. Per Mr. Justice Waite in Anthony v. Jasper, 101 U. S. 693, 699, 25 L. Ed. 1005 (followed in Merchants' Bank v. Bergen County, 115 U. S. 384, 390, 29 L. Ed. 436); Coler v. Cleburne, 131 U. S. 162, 9 Sup. Ct. 720, 33 L. Ed. 146. A purchaser of municipal bonds must. at his peril, ascertain not only that the municipality had the pcwer to issue such bonds, but also that the authority assumed by the officers or agents executing or issuing them had been conferred and has not been exceeded. 1f either the power of the municipality or the authority of its officers to issue bonds is lacking, there can be no such thing as a bona fide holding thereof. Re Manistee Watch Co., 197 Fed. 455. 53. 1f the bonds are not signed by a particular officer whose signature is made necessary by statute, the municipality is not estopped from disputing their validity by reason of recitals in the bond, setting forth the provisions of the statute and a compliance therewith. Bissell v. Spring Valley Tp., 110 U. S. 162, 3 Sup. Ct. 55, 28 L. Ed. 105. When negotiable bonds have been unlawfully issued by unauthorized officers of a municipality, and have passed into the hands of innocent pur...

A treatise on the law of municipal corporations Volume 5 by Eugene Mcquillin

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