A municipal bond offered without a law firm's legal opinion. A majority of bonds are issued with legal opinions.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.


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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved


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.
Wall Street Words: An A to Z Guide to Investment Terms for Today's Investor by David L. Scott. Copyright © 2003 by Houghton Mifflin Company. Published by Houghton Mifflin Company. All rights reserved. All rights reserved.
References in periodicals archive ?
Retired businesswoman Helen and ex-legal worker Anne are neighbours in Strachur, Argyll.
Former businesswoman Helen and ex-legal executive Anne are near neighbours at Strachur in Argyll.
This appears to be the same position taken by Interior CS Fred Matiangi's ex-legal advisor Martin Oloo, insisting land records clearly indicate the parcel is private.
The ex-legal clerk, of Rowthorne care home in Swanwick, near Alfreton, Derbys, said: "I did not drive so I had to walk.
JPMorgan beat Street consensus with a Q1 EPS of 1.45 (ex-legal), thanks to blowout capital markets and investment banking revenues, even though net interest rates were mediocre since the US Treasury debt yield curve has failed to steepen.
MPs were also told David Cameron's ex-legal adviser, Sir Edward Garnier tried to stop Leon Brittan being named in a hearing.
August 16, 2013 (JUBA) -- Telar Ring Deng, the ex-legal advisor to South Sudan president Salva Kiir has explained about his involvement in a land matter its owner and the Central Bank, saying he only wrote to remind the latter of a Supreme Court order for compensation.
200 ex-legal apprentices sue gov't seeking damages for stipend halt
J Ex-legal high is now banned You might observe changes in sleeping patterns, mood, or they might look tired or stay away from home for extended periods.
He told MPs he "disputed vigorously" claims from former editor Colin Myler and ex-legal manager Tom Crone that they informed him of the significance of an email indicating phone-hacking was widespread.