Moran v. Commissioners of Miami County - 67 U.S. 722 (1862)
U.S. Supreme Court
Moran v. Commissioners of Miami County, 67 U.S. 2 Black 722 722 (1862)
Moran v. Commissioners of Miami County
67 U.S. (2 Black) 722
1. Acts of incorporation and other statutes granting special privileges are to be construed strictly, and whatever is not given in unequivocal terms is withheld.
2. But this principle must be applied with reference to the subject matter as a whole, and not in such manner as to defeat the general intent of the legislature.
3. A county or other municipal corporation being authorized by statute to borrow money and issue bonds for the payment thereof, if the bonds be made and delivered reciting the facts, which show them to have been regularly issued, the county is estopped to deny their regularity or to assert that they were not made in conformity to the statute.
4. Such bonds, with interest warrants annexed, are commercial securities; the holder of them has a full title, and as against one who has taken them in good faith, the county cannot set up the equities which might have been available against the original payee.