Delaware § 7409 Recitals in bonds, notes and revenue notes conclusive on State; negotiability

Delaware Statutes

§ 7409 — Recitals in bonds, notes and revenue notes conclusive on State; negotiability

Delaware·Title 29·Part Budget, Fiscal, Procurement and Contracting Regulations·Ch. 74 BONDS AND NOTES OF THE STATE

(a)All bonds and notes shall recite that they are issued for a purpose or purposes set forth in an authorization act. Revenue notes shall recite that they are issued for 1 or more of the purposes for which revenue notes may be authorized by this chapter. Bonds, notes and revenue notes shall also recite that they are issued pursuant to the Constitution and laws of this State. Upon the sale and delivery of any such bonds, notes or revenue notes against payment, such recitals shall be conclusive as to the right, power and authority of the State to issue such bonds, notes or revenue notes and of the legality, validity and enforceability of the obligation of the State to pay principal of and interest on such bonds, notes and revenue notes. The legality, validity and enforceability of such bond

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(a) All bonds and notes shall recite that they are issued for a purpose or purposes set forth in an authorization act. Revenue notes shall recite that they are issued for 1 or more of the purposes for which revenue notes may be authorized by this chapter. Bonds, notes and revenue notes shall also recite that they are issued pursuant to the Constitution and laws of this State. Upon the sale and delivery of any such bonds, notes or revenue notes against payment, such recitals shall be conclusive as to the right, power and authority of the State to issue such bonds, notes or revenue notes and of the legality, validity and enforceability of the obligation of the State to pay principal of and interest on such bonds, notes and revenue notes. The legality, validity and enforceability of such bonds, notes or revenue notes containing such recitals shall never be questioned in any court of law or equity by the State or any person after the issuance, execution and delivery against payment of such bonds, notes and revenue notes.

(b) All bonds, notes and revenue notes are hereby declared to have all the qualities and incidents of negotiable instruments under the commercial code of the State.

Delaware § 7409 (Recitals in bonds, notes and revenue notes conclusive on State; negotiability) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.