David Josiah Brewer

“ The effect of recitals in municipal bonds is like that given to words of negotiability in a promissory note. They simply relieve the paper in the hands of a bona flde holder from the burden of defenses other than the lack of power, growing out of the original issue of the paper, and available as against the immediate payee. ”

“ In a suit on the first, brought by a purchaser before maturity, the maker proves facts constituting a defense as against the payee, but fails to bring home notice of these facts to the holder before his purchase. The judgment must go in favor of the holder, for the words of negotiability in the note preclude the maker from such a defense as against him. ”

“ Indeed, the title to several matured coupons of the same bond may bein as many different persons, and upon each a distinct and separate action be maintained. So, while the promises of the bond and of the coupons in the first instance are upon the same paper, and the coupons are for interest due upon the bond, yet the promise to pay the coupon is as distinct from that to pay the bond as though the two promises were placed in different instruments, upon different paper. ”