McClure v. Township of Oxford
Supreme Court of the United States
Error to tbe Circuit Court of tbe United States for tbe. District of Kansas. This was an action by the plaintiff to recover upon twenty overdue interest coupons, detached from bonds held by him and issued by the defendant.
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Error to tbe Circuit Court of tbe United States for tbe. District of Kansas. This was an action by the plaintiff to recover upon twenty overdue interest coupons, detached from bonds held by him and issued by the defendant. The following is a copy of one of the bonds and coupons, all of which were set forth in the declaration: — “No.-.] Oxford Township Bridge Bond. [$>500. “ The township of Oxford, in the county of Sumner and State of Kansas, hereby promises to pay to--, or bearer, the sum of $500, on the fifteenth day of April, a.d. 1882, with interest thereon at the rate of ten per cent per…
1Opinion of the CourtChief Justice Waite
A municipality must have legislative authority to subscribe to the capital stock of a bridge company before its officers can bind the body politic to the payment of bonds purporting to be issued on that account. Municipal officers cannot rightfully dispense with any of the essential forms of proceeding Avhich the legislature has prescribed for the purpose of investing them with poAver to act in the matter of such a subscription. If they do, the bonds they issue will be invalid in the hands of all that cannot claim protection as bona fide holders.
To be a bona fide holder, one must be himself a…
2Cases cited1 opinion
- George v. Township of OxfordSupreme Court of Kansas · 1876
3Cited by81 opinions
- Portsmouth Harbor Land & Hotel Co. v. United StatesSupreme Court of the United States · 1922
- State Ex Rel. Nuveen v. GreerSupreme Court of Florida · 1924
- Anderson County Commissioners v. BealSupreme Court of the United States · 1885
- Northern Bank of Toledo v. Porter Township TrusteesSupreme Court of the United States · 1884
- First Nat. Bk. of Key West v. FilerSupreme Court of Florida · 1933
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