Town of Swiss v. United States National Bank

The following opinion was filed April 3, 1928:

Stevens, J.(1) The single question presented is whether the plaintiff town is entitled to a judgment enjoining the transfer and compelling the cancellation of the note in question.

All who take the obligation of a town to pay money must ascertain for themselves whether the obligation was “issued by competent authority, and a purchaser of a town order [or note] takes it at his peril of the fact. If not issued by competent authority, the town is not liable. The law is well settled that the officers of a town, or of any municipal corporation, cannot…