Ex-Legal

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

Investopedia Says:
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.

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Municipal bond that does not have the legal opinion of a bond law firm printed on it, as most municipal bonds do. When such bonds are traded, buyers must be warned that legal opinion is lacking.

Municipal bond that does not have the legal opinion of a bond law firm printed on it, as most municipal bonds do. When such bonds are traded, buyers must be warned that legal opinion is lacking.