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What Is A "Contract" Under The Contracts Clause Of The Federal Constitution?, Paul G. Kauper
What Is A "Contract" Under The Contracts Clause Of The Federal Constitution?, Paul G. Kauper
Michigan Law Review
The case of Coombes v. Getz, recently decided by the United States Supreme Court, raises in a crucial way the question of what is a contract within the meaning of Article I, section 10 of the Constitution, forbidding States to pass laws impairing the obligations of contracts. A provision of the California Constitution in force at the time the plaintiffs brought this action in the state court below made directors of corporations jointly and severally liable to the creditors and stockholders for all moneys embezzled or misappropriated by the officers of the corporation during the term of office of …
Assignment Of Money Claims (Particularly Wage Claims) - Restraint On Alienation
Assignment Of Money Claims (Particularly Wage Claims) - Restraint On Alienation
Michigan Law Review
If a contract has been performed on one side so that all that remains is an obligation to pay and a right to receive money, can the parties by agreement effectively prevent the assignment of the claim? The Illinois Supreme Court had this question before it for consideration in the case of State Street Furniture Co. v. Armour & Co., where the plaintiff was the assignee of wages due to an employee of the defendant, the employee having agreed not to assign his wages without the written consent of his employer. The court decided that the restrictive agreement had …
Contracts - Consideration - Agreement To Modify A Lease
Contracts - Consideration - Agreement To Modify A Lease
Michigan Law Review
Defendant leased from the plaintiff's assignor certain premises for a term of five years. After the lease was partially performed, the parties orally agreed to reduce the rent. The lessee, shortly before the expiration of the term, defaulted under the oral agreement. Plaintiff sued the defendant for the difference between the rent reserved and that which was paid under the oral agreement. Held, that an executed oral agreement, or so much of it as has been performed, will serve as a modification of a lease without regard to the presence or absence of consideration, but that which is executory …
When Is A Corporation Insolvent?, Floyd Mathew Rett
When Is A Corporation Insolvent?, Floyd Mathew Rett
Michigan Law Review
There is general unanimity that as to real persons "insolvency" means the inability of a debtor to pay his obligations as .they fall due in the usual course of business - even though the value of his assets exceeds the aggregate of his liabilities. But the question - when is a corporation insolvent - the question to which this paper is devoted, is one with very varied answers. The answers may vary both with the nature of the corporation concerned and with the type of transaction involved. There are, however, two conventional definitions of corporate "insolvency," with occasional variations and …
Suretyship - Revocation By Death
Suretyship - Revocation By Death
Michigan Law Review
In consideration of a promise on the part of the vendor in a land contract to accept from the purchaser the first four installments of interest in the form of four notes, the decedent agreed in writing to indorse said notes and become responsible to the vendor for their payment. The surety died before the first of the notes was to be made and indorsed. A claim was made against the estate of the surety on this writing, the trial judge finding for the estate on the ground that there was no competent evidence from which damage might be determined; …
Banks And Banking - Statutory Liability Of Directors Of Insolvent Bank For Issuing Renewal Certificate Of Deposit
Michigan Law Review
The plaintiff renewed certain certificates of deposit with the defendant bank. When each renewal was issued the bank was "unsafe or insolvent," and the directors knew or had good reason to know it to be so. This was not the situation when the original certificates were issued. The plaintiff based his right of recovery from the directors of the bank upon Gen. Stat. 1923 (2 Mason, 1927) sec. 10407, which makes it a penal offense for the officers or directors of a bank to receive deposits knowing the bank is "unsafe or insolvent." Plaintiff recovered in the lower court. Held …