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Bills And Notes - What Constitutes A Reasonable Time In Presenting A Check For Payment
Bills And Notes - What Constitutes A Reasonable Time In Presenting A Check For Payment
Michigan Law Review
Defendant delivered to the plaintiff, at about 10 o'clock A. M., a check drawn on the B bank. The next morning at 10:30 o'clock the plaintiff's agent went to drawee to cash the check. As there was "a run" being made on the bank that day, the agent was forced to stand in line. After waiting from 10:30 o'clock in the morning to 1 o'clock in the afternoon, he left without cashing the check. The next day the bank failed to open its doors. In an action by the plaintiff to recover the debt covered by the check, the defendant …
Constructive Trusts - Land Purchased By Agent In Violation Of Fiduciary Obligation To Principal - Statute Of Frauds
Michigan Law Review
Plaintiffs employed defendant to negotiate for the purchase of a certain tract of land, defendant to receive a 5% commission if the purchase was made. Defendant contracted with the owner for the purchase of the land in his own name and made the down payment with his own funds. Plaintiffs demanded an assignment of the contract and on defendant's refusal brought suit to compel a conveyance of the property by defendant as trustee. Held, that a constructive trust may be created where an agent purchases with his own money property which he is employed to purchase for his principal, …
Restrictive Indorsements
Michigan Law Review
Under Sec. 36 of the N. I. L. an indorsement is restrictive which prohibits further negotiation or constitutes the indorsee the agent of the indorser or vests the title in a trustee in trust for some other person. The mere absence of words importing a power to negotiate does not, however, make the indorsement restrictive. Among the rights of a restrictive indorsee as declared by Sec. 37 is the one to bring "any action thereon that the indorser could bring." The remaining provision of the statute dealing with such indorsements is Sec. 47, which provides that "An instrument negotiable in …
Bills And Notes-Fictitious Payee-Bearer Instrument
Bills And Notes-Fictitious Payee-Bearer Instrument
Michigan Law Review
A receiver in bankruptcy drew a check on the funds of the bankrupt deposited in the name of the receiver in the defendant bank, payable to "Joseph Wolf" who was a non-existing person. The receiver indorsed the check in the name of "Joseph Wolf" and received payment from defendant which acted innocently. The trustee in bankruptcy sued the defendant for paying a check over a forged indorsement. Held, in Childs v. Empire Trust Co., that the check, being made payable to a .fictitious payee with the knowledge of the person making it so payable, was a bearer instrument, …
Negligence-"Family Automobile" Doctrine Applied To Motorboat
Negligence-"Family Automobile" Doctrine Applied To Motorboat
Michigan Law Review
Plaintiff, while riding as a guest in a motorboat owned and maintained by defendant for the pleasure of his family, sustained injuries caused by the alleged negligence of the operator, defendant's son. In an action brought for damages arising out of said injuries, Felcyn v. Gamble, et al., the order sustaining demurrer interposed by defendant was affirmed, the "family automobile" doctrine being declared inapplicable.
Agency- Liability Of Principal For Torts Of Agent-Apparent Authority
Agency- Liability Of Principal For Torts Of Agent-Apparent Authority
Michigan Law Review
Defendant regularly delivered goods to plaintiff C. O. D. Lambert was employed by defendant to deliver such goods and collect for them, and for this purpose he was given blank re6eipts which he was authorized to fill out and sign upon being paid for the goods. The usual course of business was for Lambert to deliver to plaintiff's shipping clerk who signed the delivery bill, and then collect from plaintiff's cashier who was stationed in another room. Plaintiff's cashier never asked to see this delivery bill, but always took Lambert's word as to the amount due. For a period of …
Bills And Notes-What Negligence Of The Drawer Will Enable The Drawee To Charge The Drawer's Account When The Indorsement Of The Payee Is Forged
Michigan Law Review
An attorney, representing himself to be the agent of the owner of a certain piece of real estate, applied to the plaintiff for a mortgage loan. The loan being granted subject to title, a person represented to be the landowner appeared, signed the mortgage and note, and her acknowledgement was taken by a notary public who stated that he knew her to be the identical person described in the mortgage. The title was approved and a check payable to the landowner was delivered to the attorney, who, after forging the payee's indorsement, indorsed personally and cashed. The drawer is suing …
Bills And Notes - Is One Assuming Liabilities To The Creditors Of His Transferor A Holder In Due Course
Michigan Law Review
The plaintiff entered into an agreement whereby it was to receive all the assets of an insolvent bank as consideration for the assumption of certain specified liabilities. Among the assets was a note upon which the plaintiff is now suing a prior indorser. Although it was the intention of the defendant to indorse as agent in accordance with the request of the insolvent bank, on the face of his endorsement he indorsed individually. Held, that since the plaintiff was not a holder in due course, the note was subject to the same defenses in the hands of the plaintiff …
Corporations - Service Of Process On A Subsidiary Corporation Doing Business In The State In An Action Against A Foreign Corporation
Michigan Law Review
The Freeport Texas Company, a Delaware corporation, owned all of the stock of the Freeport Sulphur Company, a Texas corporation, except a few qualifying shares. The directorates of the two corporations were interlocking; officers of the parent corporation occupied identical positions in the subsidiary; and common offices were occupied in New York. It also appeared that the board of the Texas corporation only passed on local operating matters and ratified ordinary contracts. The sales end of the organization was operated from New York and the board had no control over it. The fixing and payment of salaries, the amount of …