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ex-legal

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Ex-Legal
Municipal bonds that are delivered without a legal opinion from a bond law firm.

Notes:
Most bonds have the legal opinion of a bond law firm printed directly on them. An investor should approach ex-legal bonds with a greater level of caution because of their lack of explicit legal endorsement.

See also: Bond, Municipal Bond
Ex-legal
A municipal bond offered without a law firm's legal opinion. A majority of bonds are issued with legal opinions.
ex-legal
Of or relating to a municipal bond that is traded without the benefit of the legal opinion of a bond counsel. The trading of ex-legal municipal bonds is permitted as long as the buyers are informed about the lack of legal opinion.
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