Excerpt from Municipal Bonds: A Statement of the Principles of Law and Custom Governing the Issue of American Municipal Bonds With Illustrations From the Statutes of Various States
The necessity for a book of this character became apparent during the preparation of a course of lectures on municipal bonds recently delivered at the School of Commerce, Accounts and Finance of New York University. An examination of existing literature revealed a lack of any comprehensive treatment of the subject, and suggested the present volume. The author sincerely hopes that the result of his effort will be valuable and of interest, not only to students of municipal finance, but to municipal-bond houses, public officials responsible for bond issues, and the general investor.
The literature on the subject of municipal bonds begins with the late Judge Dillon's masterly treatise on the law of municipal corporations. There is, however, an hiatus between the "Law of Municipal Corporations" and articles in %ix various textbooks covering the general field of investments, and casual articles by investment bankers.
The general principles of municipal-bond law can be stated for the student and the "bond man." The adoption of the Uniform Negotiable Instruments Law by all the States (except one) has inevitably tended to produce more or less uni.form decisions on mooted points. While there are curious decisions in many jurisdictions, it is probably true that these I decisions are the result of hard facts, which are said to make bad law. Generally speaking, fundamental canons have been worked out and further judicial decisions must tend more and more toward recognition of established rules. The work of the legal specialist is statutory construction.
An attempt is made in the following pages to treat the fundamental principles of the subject clearly and concisely, leaving to the specialist the application of such principles and the consideration of the law of the jurisdiction applying to particular issues of securities.
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