Town of Lexington v. Union National Bank

Citations

• 75 Miss. 1

Syllabus

<p>1. Municipal Bonds. Irregularities. Renewal.</p> <p>Where a municipality issues bonds, and afterwards, by legislative authority, renews them, substituting new bonds for the original ones, irregularities in the issuance of the old bonds will not avoid the new ones.</p> <p>2. Same. Signing. Attestation. Coupons.</p> <p>Municipal bonds, signed by the mayor and attested by the town clerk in conformity with the act authorizing their issuance, are not rendered invalid by the omission of the clerk to attest the interest coupons thereto attached; nor are the coupons invalid by reason of such omission.</p> <p>3. Same. Bearer. Delivery.</p> <p>Municipal bonds, issued under legislative act requiring- them to be executed to a railroad company, and delivered to the president or treasurer thereof, are not invalid because payable on their faces to “bearer,” if they, so payable, are delivered as required.</p> <p>4. Same. Renewal. Like tenor.</p> <p>Municipal bonds, issued in denominations of one thousand dollars, which are g-iven in renewal, under legislative authority, for old bonds issued in denominations of fifty dollars, are not invalid because the act authorizing' the renewal provides that the new bonds shall be of “like tenor with the old ones.”</p> <p>5. Same. Date. Recitals.</p> <p>Municipal bonds lithographed as of a certain date according to the legislative authority for their issuance, and reciting that they were issued under such authority, are not rendered invalid by the fact that they were not delivered until afterwards, and show on their faces the true date of delivery.</p> <p>6. Same. Coupons. Interest. Lithogru/phed. signatures.</p> <p>Coupons, issued with and as part of a municipal bond, maturing at fixed dates, bear interest after their maturity; and such coupons are not invalid because the signature of the officer thereto is lithographed.</p> <p>7. Same.’ JSstoppel.</p> <p>A municipality may estop itself from setting up irregularities \\in their issuance as a