municipal bond
Defined in 1 dictionary — Case Law
Definitions from Case Law
From 83 U.S. 644 - St. Joseph Township v. Rogers · 1872Most cited · 70 citing opinions
Bonds, payable to bearer, issued by a municipal corporation to aid in the construction of a railroad, if issued in pursuance of a power conferred by the legislature, are valid commercial instruments; but if issued by such a corporation which possessed no power from the legislature to grant such aid, they are invalid, even in the hands of innocent holders.