US SUPREME COURT DECISIONS

1. The act of the General Assembly of Missouri entitled "An Act to provide for the registration of bonds issued by counties, cities, and incorporated towns, and to limit the issue thereof," approved March 30, 1872, applies to bonds issued under the act approved March 23, 1808, commonly known as "The Township Aid Act."

2. The said Act of March 30, 1872, declares that before a municipal bond thereafter issued shall obtain validity or be negotiated, it shall be presented to the state auditor, who shall register it and certify by endorsement that all the conditions of the laws and of the contract under which it was ordered to be issued have been complied with. Held that unless the bonds are so endorsed, a holder of them cannot maintain an action thereon.

3. A township in Missouri voted to subscribe for stock in a railroad company. The proper county court, March 28, 1872, made the subscription, and, June 4, ordered that the bonds in payment therefor be issued. They were issued in October following, but bore date the day of the subscription. They were sealed with the seal of the court, and signed by the clerk and by A., as presiding justice, although the latter did not become such until October. Neither the county court nor the other justice thereof consented to A.'s act. The bonds were not registered, nor was the certificate of registration required by said Act of March 30 endorsed thereon. In a suit by B., a holder for value, upon the bonds, held: 1. That he was charged with notice that A. was not presiding justice at the time they bear date; 2. that the bonds' being signed by A. was equivalent to notice that they were not in fact issued before the passage of said act, and that they are consequently void.

4. Town of Weyauwega v. Ayling, 99 U. S. 112, distinguished.

The facts are stated in the opinion of the Court.