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Corporations - Liability Of Stockholders Of Bank Stock Holding Company For Statutory Assessment On Bank Stock., Edward J. Wendrow
Corporations - Liability Of Stockholders Of Bank Stock Holding Company For Statutory Assessment On Bank Stock., Edward J. Wendrow
Michigan Law Review
The late depression with its attendant bank failures and the consequent assessment of shareholders has resulted in bringing before the courts a question that has never been litigated until comparatively recent times. That is, can the shareholders of a holding company, whose assets consist of stock of the closed bank, be subjected to the statutory assessment when the corporation itself is unable to meet the assessment? The case of Nettles v. Rhett is the latest of this series, and is fairly typical of the issues involved. This case concerned a suit by the receiver of the Peoples State Bank of …
Constitutional Law - Validity Of Mortgage Moratorium Act - Effect Of Lapse Of Time On "Emergency'' Legislation, Ralph Winkler
Constitutional Law - Validity Of Mortgage Moratorium Act - Effect Of Lapse Of Time On "Emergency'' Legislation, Ralph Winkler
Michigan Law Review
A mortgage moratorium law was enacted in Nebraska in 1933. It was re-enacted in 1935 and again in 1937. The act recited that an emergency existed and that the law was adopted to provide for this condition. The instant case involved the constitutionality of this law. A majority of the court held that the law violated the due process clause and the contracts clause of the state constitution. While the court admitted that "land values have not been restored to the prices they had attained prior to March 1, 1934," nevertheless, "It appears that there is no crisis now prevailing …
Taxation - Real Property Assessment, Wayne E. Bahler
Taxation - Real Property Assessment, Wayne E. Bahler
Michigan Law Review
Based upon the cost-depreciation method applicable to adjacent property, the assessment of the Detroit-Windsor tunnel and terminal resulted in taxes equal to forty-one per cent of the gross revenue for the depression years of 1931-1934; The federal district court enjoined the collection of such amount, and assessed the property by the capitalized income method (seven per cent) plus $3,500 for the value of possible future increased earnings. Upon appeal it was held that the injunction on the original levy be affirmed since the cost-depreciation method was erroneous and offensive to the Fourteenth Amendment in not taking account of depressions or …