(redirected from Ex Legal)


A municipal bond offered without a law firm's legal opinion. A majority of bonds are issued with legal opinions.


A municipal bond that does not have the written endorsement of a bond law firm. An ex-legal bond has not been checked to ensure that it has followed all applicable laws in the course of issue (or, worse, it has been checked and a firm refused to endorse it). As a result, ex-legals are more highly exposed to legal risk than other bonds.


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.