The Law Governing the Issuing, Transfer and Collection of Municipal Bonds

THE W. H. ANDERSON COMPANY.

MIA OL

AMBORLIAO

D. J.

PREFATORY.

The law of municipal bonds, in the United States, is a development of the last half century. The great body of the litigation involving such securities has been, and will continue to be, prosecuted in the Federal courts, and the rules of decisions of those courts in such cases are now recognized by all courts as the law of municipal securities.

In a continuous experience of about twenty years in the examination and collection of municipal bonds, it has been necessary for the author of this work to become familiar with the decisions of both the State and Federal courts on the subject; and, judging from his own experience, it has seemed to him that a full digest of all the decisions of the Federal courts of final jurisdiction involving the validity of municipal bonds would be of appreciable service to the bond lawyer, the bond buyer, and possibly to municipal officials who are required to issue bonds or provide for and direct their issuance. It has been the intention and aim of the author to digest and cite in this volume all the reported cases which have been decided by the Supreme Court and the several Circuit Courts of Appeals of the United States in which the validity of municipal bonds and the laws relied upon as authority for their issuance have been involved. If any have been omitted, such omission has been unintentional. Departing from the usual course in digesting, I have quoted liberally from the opinions, and I am induced to believe that the practical value of the work is thereby materially enhanced. Such quoted matter is indicated by the usual quotation marks; and the subject-matter, in each instance, of the language quoted as well as of my own digests, or the point decided, in each instance, is indicated by an appropriate headnote.

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The whole subject is divided into eighteen chapters, most of which are subdivided, and the cases have been so appropriated to, and grouped in, the several chapters and subdivisions as, in the judgment of the author, will best facilitate the reference to, and examination together of, all the cases bearing upon any particular question. The citations and digests of the cases in each chapter are preceded by a short explanatory article prepared by the author which, it is believed, will be of appreciable assistance, especially to those who are comparatively unfamiliar with the subject.

The decisions on all collateral or kindred questions of law that have been decided in bond cases have been carefully noted. The chapter on "Remedies of Bondholders," I am induced to believe, will be of material assistance to a large number of lawyers who may be interested in the collection of such securities or in defending in actions for their collection.

'TOLEDO, OHIO, March, 1902.

WM. H. HARRIS.

PREFACE TO SECOND EDITION

In compliance with the request of the publisher of this work I have prepared a second edition. All decisions of the United States Supreme Court and Circuit Courts of Appeals, involving municipal bonds and enabling statutes, which have been reported since the publication of the first edition, have been carefully digested and the digests have been placed in their appropriate positions in the several chapters of the book. The index has been carefully revised.

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