bond-basics

Shamberg Powers

The powers identified in Commissioner v. Shamberg’s Estate, 144 F.2d 998 (2d Cir. 1944) as the powers used to identify what is a Political Subdivision of a state or local governmental entity in the United States, specifically, the power of eminent domain, the power to tax, and the police power.


See Also

Issuer

A state, political subdivision, agency or authority that borrows money through the sale of bonds or other securities. 

Political Subdivision

A division of any state or local governmental unit which is a municipal corporation or which has been delegated the right to exercise a sufficient part of the sovereign power of the unit.

Hudson Yards Rail Yards

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Subordinate Lien Bonds

Bonds having a subordinate claim on one or more security interests relative to the claim against such security interests by the holders of other bonds, also known as “junior lien bonds.”