Commentaries On the Law of Sales And Collateral Subjects
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When a corporation has power under any circumstances to issue negotiable secu- rities, the bond fide holder has a right to presume they were issued under the cir- cumstances which give the requisite au- thority, and they are no more liable to be impeached for any infirmity in the hands of such a holder than any other commer- cial paper. Gelpcke v. Dubuque, 1 Wall.
175, 203; Supervisors v. Schenck, 5 Wall.
772, 784 ; Lexington o. Butler, 14 Wall.
282, 296 ; San Antonio v. Mehaffy, 96 U. S. 312, ...314; Macon County v. Shores, 97 U. S. 272, 279. But the circumstances referred to in those cases were the pre- liminary facts requisite to the exercise of the power, not the limits fixed by law of the objects and purposes for which the power could be exercised at all. In each of those cases the defects suggested were in the requisite preliminary proceedings, and the bonds sued on appeared by recitals on their face to have been issued accord- ing to law. When the law confers no au- thority to issue the bonds in question, the mere fact of their issue cannot bind the town to pay them even to a purchaser be- fore maturity and for value.
What to read after Commentaries On the Law of Sales And Collateral Subjects?
You can find similar books in the "Read Also" column, or choose other free books by Jeremiah Travis to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
When a corporation has power under any circumstances to issue negotiable secu- rities, the bond fide holder has a right to presume they were issued under the cir- cumstances which give the requisite au- thority, and they are no more liable to be impeached for any infirmity in the hands of such a holder than any other commer- cial paper. Gelpcke v. Dubuque, 1 Wall.
175, 203; Supervisors v. Schenck, 5 Wall.
772, 784 ; Lexington o. Butler, 14 Wall.
282, 296 ; San Antonio v. Mehaffy, 96 U. S. 312, ...314; Macon County v. Shores, 97 U. S. 272, 279. But the circumstances referred to in those cases were the pre- liminary facts requisite to the exercise of the power, not the limits fixed by law of the objects and purposes for which the power could be exercised at all. In each of those cases the defects suggested were in the requisite preliminary proceedings, and the bonds sued on appeared by recitals on their face to have been issued accord- ing to law. When the law confers no au- thority to issue the bonds in question, the mere fact of their issue cannot bind the town to pay them even to a purchaser be- fore maturity and for value.
What to read after Commentaries On the Law of Sales And Collateral Subjects?
You can find similar books in the "Read Also" column, or choose other free books by Jeremiah Travis to read onlineMoreLess
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