In the Boone County v. Burlington and Missouri River Railroad Company case of 1890, the U.S Supreme Court ruled in favor of Boone County. The dispute arose when Boone County issued bonds to aid in the construction of a railroad by Burlington and Missouri River Railroad Company under an act passed by Nebraska's legislature. However, due to certain irregularities during voting for these bonds' issuance, they were declared void by Nebraska's Supreme Court. Despite this ruling, some bondholders sued for their payment arguing that they had purchased them in good faith without knowledge of any irregularities. The U.S Supreme Court held that while innocent purchasers should generally be protected from losses resulting from government malfeasance or negligence, it was not applicable in this case as there was no legal obligation on part of the county to pay these bonds since they were voided ab initio (from inception). Therefore, even though bondholders may have bought them innocently believing them valid obligations backed by tax revenues as promised initially; once invalidated legally - such promises became unenforceable leaving buyers with no recourse against issuer i.e., Boone County.

In the dissenting opinion for Boone County v. Burlington and Missouri River Railroad Company, it was argued that the majority's decision to uphold a tax exemption on certain railroad properties contradicted previous rulings of the court. The dissent contended that this inconsistency undermined public confidence in judicial decisions and created uncertainty around property rights. Furthermore, they believed that granting such exemptions unfairly shifted the burden of taxation onto other taxpayers within the county who did not benefit from these railroads' operations as much as those directly involved with them did. They also expressed concern about potential abuse by corporations seeking similar preferential treatment through lobbying efforts at state legislatures, which could further erode public trust in government institutions if left unchecked.