Hoff v. Jasper County - 110 U.S. 53 (1884)
U.S. Supreme Court
Hoff v. Jasper County, 110 U.S. 53 (1884)
Hoff v. Jasper County
Argued and submitted December 20, 1883
Decided January 7, 1884
110 U.S. 53
1. When a municipal corporation subscribes to the capital stock of a railroad company, and issues its bonds in payment therefor, the bonds must comply with the requisitions which the law makes necessary in respect of registration and certificate before they are issued, and innocent holders for value are charged with the duty of knowing these laws, and of inquiring whether they have been complied with.
2. A statute requiring a state auditor to register municipal bonds and to certify that all the conditions of law have been complied with in their issue calls for the exercise of no judicial functions on his part.
3. The rulings in Anthony v. County of Jasper, 101 U. S. 693, involving the same issue of bonds, adhered to. The additional facts shown in this case present no legal aspects to distinguish it from that case.
Suit to recover on coupons on bonds issued by a county in payment of subscription to stock of a railroad company by a township within the county. The facts were in all respects the same as those in Anthony v. County of Jasper, 101 U. S. 693, except that here it was expressly found that the subscription of the township which was voted had actually been made by the county court and accepted by the railroad company before the act providing for the registration of bonds was approved, while there the acceptance of the subscription before
the approval of the act did not appear unless by implication. The vote of the township was taken on the 5th of March, 1872; the order of the county court for the subscription entered on the 28th of March, and on the same day the subscription was actually made and accepted. The registration act was approved March 30.