A Treatise on the Law of Municipal Corporations Volume 1
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. 1905 edition. Excerpt: ...value for it,532 and have no legally competent knowledge of defects or irregularities in the manner of issue which as against one having such knowledge does not preclude the municipality from setting them up.523 In a leading text-book on municipal bonds534 the following definition is given: "A bona fide holder of a negotiable bond or other negotiable paper is a second or other subsequent holder of it who takes it for value in good f3ith before maturity and without notice of defects and such a holder obtains a perfect title and may hold it against the world. It becomes his absolutely, with the right to demand payment of it for himself and, if necessary, to enforce its collection in his own name and his privies have the same rights." It is not necessary to constitute one a bona fide holder of negotiable bonds to show that he himself paid value therefor but he can rely upon the title of any prior bona fide holder for value. A transferee from a bona fide purchaser of negotiable bonds takes all the rights of the transferor and may invoke every presumption and estoppel from their recitals to sustain their validity that such transferor might, although he takes them as a donation after maturity and with notice of alleged defenses,533 or without re just weight in an application to restrain the issue or negotiation of these bonds but cannot prevail to authorize their repudiation, after they have been negotiated and have come into the possession of bona fide holders." Galveston, H. & H. R. Co. v. Cowdrey, 78 U. S. (11 Wall.) 459. "One who purchases railroad bonds in open market, supposing them to be valid and having no notice to the contrary will be deemed a bona fide holder." McClure v. Oxford Tp., 94 U. S. 429. "A bona...
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