WVC 12 - 8 - 12
§12-8-12. Nature of bonds; legal investments.
(a) The bonds issued under the provisions of this article
shall be and have all the qualities of negotiable instruments under
the uniform commercial code of this state and shall not be invalid
for any irregularity or defect in the proceedings for the issuance
thereof and shall be incontestable in the hands of bona fide
purchasers or holders thereof for value.
(b) Notwithstanding any other provision of this code, the
bonds issued pursuant to this article are securities in which all
public officers and bodies of this state, including the investment
management board, all municipalities and other political
subdivisions of this state, all insurance companies and
associations and other persons carrying on an insurance business,
including domestic for life and domestic not for life insurance
companies, all banks, trust companies, societies for savings,
building and loan associations, savings and loan associations,
deposit guarantee associations and investment companies, all
administrators, guardians, executors, trustees and other
fiduciaries and all other persons whatsoever who are authorized to
invest in bonds or other obligations of the state may properly and
legally invest funds, including capital, in their control or
belonging to them.
Note: WV Code updated with legislation passed through the 2015 Regular Session
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