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county from denying the validity of the bond? where his horse or other personal property If the bond bore no notice of cancellation, is stolen.1 this would clearly seem to be the result. Another result of registration, that is at In some places there are statutes providing tended with very practical benefits, is the fact for the fulfilment of certain formalities be that the holder of the bond is known, and fore bond issues by a municipality are valid. can be notified of any important issue that There is a Missouri statute of this sort, arises in connection with the bonds. It may passed in 1872. It has been held that where be that the holder is a proper party to a suit bonds are fraudulently antedated to evade to test the validity of the issue, or is offered this statute, the bona fide purchaser was not an advantageous option of exchange or re protected.3 demption. It frequently happens that bonds are recalled by the company. The corpora If one of these bonds were later registered tion, by a reserved right, chooses certain by the proper offices, could the maker then bonds that it is privileged to redeem on a deny its validity? Bonds that have been certain set day. It gives notice that on that materially altered are not collectable by a day the principal and interest will be paid, bona fide purchaser. Suppose they are regis and thereafter no interest can be reckoned on tered after such alteration. Does not the the bond. The holder of a negotiable bond corporation by the registration assert that must rely on general notice of this, and it the bonds are tlje property of the person in frequently happens that by not knowing of whose name they are registered, and that such the call, he loses several months' interest. person has good title to the bonds? It would This danger is avoided by registry, for it is seem that in many cases a valid estoppel a frequent practice, and one which is coming j could be claimed to secure recovery on more and more into favor, to notify the regis bonds otherwise not collectable. tered holder personally. Another result There are weighty objections to registra from this knowledge of the owner is the tion, for registered bonds are subject to more ready detection of a thief or finder who equities and to the application of the doc attempts to collect the coupons, which are trine of /i" pcndcns. Furthermore, the fact not themselves registered. of registration is often a hindrance to speedy These are the obvious benefits of regis disposition that sometimes interferes with a tration. There are many speculative advan profitable sale, or causes a diminution in tages that may be suggested. the market value. Where bonds are regis A negotiable county bond, that has been tered in the names oí several trustees, it fre paid and cancelled, and then fraudulently quently is difficult to secure a transfer. Ex taken from the files and put in circulation, amples of this are where the trustees reside has been held invalid even in the hands of a in different States, or where one of them is out of the country. When compared, bona fide purchaser.2 however, with the security and protection Suppose such bona fide purchaser took the afforded by registration, it is submitted that bond to the proper officer and had it regis tered in his name, and then sold it. Might the balance is in favor of registration, and it not be urged that the registration would that in the majority of cases it will prove a operate as a recital by the registration officer valuable right to the holder of negotiable that would act as an estoppel to keep the | bonds. 1 Simonton on Municipal Bonds, sec. 11 5. -3 Richardson r. Marshall, 100 Term., 346.

'Anthony -,'. (1879-)

County of Jasper, 101 U. S., 693