St. Lawrence Tp. v. Furman
Court of Appeals for the Eighth Circuit
In Error to the Circuit Court of the United States for the District of South Dakota. This is an action brought by the plaintiff against the township of St. Lawrence, in Hand county. S. D., to recover the principal and interest on six municipal bonds for $500 each. The bonds contain'the following statement: “'This bond is one of a series numbered from 1 to 23 inclusive, of like tenor and date.” The entire series was put out in three separate issues.
Read the full summary
In Error to the Circuit Court of the United States for the District of South Dakota. This is an action brought by the plaintiff against the township of St. Lawrence, in Hand county. S. D., to recover the principal and interest on six municipal bonds for $500 each. The bonds contain'the following statement: “'This bond is one of a series numbered from 1 to 23 inclusive, of like tenor and date.” The entire series was put out in three separate issues. Nos. 1 to 6 for $500 each were sold November <>. 1891. Nos. 7 to 16, combined into two bonds for $1,000 each, one bond for $2,500 and one for $500…
1Opinion of the CourtAmidon, District Judge
(after stating the facts as above). The validity of the bonds is conditioned by the Constitution upon two facts: The assessed value of the taxable -property of the township, and the amount of its indebtedness. All the authorities agree that the purchaser of municipal bouds subject to such a limitation is bound to ascertain at his peril from the public records the assessed valuation of the property within the municipality. Recitals in the bonds afford him no protection upon that subject. Suttliff v. Lake Co. Commissioners, 147 U. S. 230, 13 Sup. Ct. 318, 37 L. Ed. 145; Dixon Co. v. Field, 111…
2Cases cited4 opinions
- Dixon County v. FieldSupreme Court of the United States · 1884
- Gunnison County Commissioners v. RollinsSupreme Court of the United States · 1899
- Sutliff v. Lake County CommissionersSupreme Court of the United States · 1893
- Town of Lexington v. Union National BankMississippi Supreme Court · 1897
3Cited by5 opinions
- Eaton v. St. Louis-S. F. Ry. Co.Supreme Court of Oklahoma · 1925
- City of McLaughlin v. TurgeonCourt of Appeals for the Eighth Circuit · 1935
- Sidey v. City of MarcelineCourt of Appeals for the Eighth Circuit · 1916
- Hornblower v. City of PierreDistrict Court, D. South Dakota · 1916
- Sidey v. City of MarcelineCourt of Appeals for the Eighth Circuit · 1916