Law Commons^™

Realization, Recognition, Reconciliation, Rationality And The Structure Of The Federal Income Tax System, Patricia D. White

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No abstract provided.

Goldstein's Curse, James J. White

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ON April 16, 1980, a man using the name Marvin Goldstein opened a bank account at a Baltimore branch of Union Trust Company. He deposited $15,000 in cash. He told the branch manager that he planned to establish a Baltimore office of his father's New York business, "Goldstein's Precious Metals and Stones." Goldstein identified himself with a New Jersey driver's license and gave a bank reference from New York. On May 6, Goldstein deposited a check for $880,000 at another Union Trust branch near the branch where he had opened the account. Words on this check indicated that it was …

Introduction To The Banking Law Symposium: A 200 Year Journey From Anarchy To Oligarchy, James J. White

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Each of the five articles in this symposium deals in one way or another with a single question: In what ways and to what end should banks be regulated? Although banks and bankers are the very symbols of a capitalist economy, banks and bankers are not free. No banker may set up business on his own; he must have a charter. With insignificant exceptions no bank or bank holding company can operate a steel mill, sell grass seed, manufacture snowmobiles, or engage in any other activity that is not related to banking. There are rules that limit the geographic scope …

The Separation Of Banking And Commerce Reconsidered, Stephen K. Halpert

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No abstract provided.

Travelers Checks, James J. White

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A. Travelers Checks Defined 1. Courts have variously described travelers checks as certificates of deposit, negotiable instruments, securities, cash, and cashier's checks. 2. The most persuasive analysis seems to treat travelers checks as cashier's checks on which the issuer is both the drawer and the drawee, the purchaser once he has countersigned is the payee, and both the purchaser and the next recipient are indorsers.

Testing The Limits Of Savings And Loan Tax-Free Mergers, Patricia D. White

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No abstract provided.

An Essay On The Conceptual Foundations Of The Tax Benefit Rule, Patricia D. White

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A good deal has been written over the past forty-odd years about the tax benefit rule. Over this period the federal courts have decided many cases in which its application has been at issue, and the law journals have published a small but steady stream of commentary on the rule and its manifestations. Last term, in Hillsboro National Bank v. Commissioner, the Supreme Court issued an opinion that focused squarely, and at some length, on the tax benefit rule. Despite this attention, relatively little has been done to examine the conceptual foundations of the tax benefit rule and to …

Capturing Fiduciary Obligation: Shepherd's Law Of Fiduciaries, Arthur J. Jacobson

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No abstract provided.

Consumer Sensitivity To Interest Rates: An Empirical Study Of New Car Buyers And Auto Loans, James J. White, Frank W. Munger Jr.

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ALTHOUGH it has never been clear whether the consumer needs to be protected from his own folly or from the rapaciousness of those who feed on him, consumer protection is a topic of intense current interest in the courts, in the legislatures, and in the law schools. A number of recent court decisions have attempted to attack problems confronting the consumer; unfortunately, these judicial efforts have succeeded primarily in disclosing the limitations in the courts' ability to deal with such problems. State and federal legislative bodies have pursued more carefully designed remedies. Congress has passed the Truth-in-Lending Act; the National …

Some Petty Complaints About Article Three, James J. White

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IN many ways Article Three of the Uniform Commercial Code (Code) is like a huge machine assembled by a mad inventor and comprised of assorted sprockets, gears, levers, pulleys, and belts. Few thoroughly understand all of the jobs which this machine is to perform; and a search through the reported cases suggests that the machine is either performing so efficiently that it commits no mistakes worth litigating or it is not performing at all. In their study of the intricacies of Article Three, law students resemble persons climbing about on the machine-pulling its levers, testing its belts and pulleys, and …

Rights Of Holder Of Bill Of Exchange Against The Drawee, Ralph W. Aigler

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“If the question were put to the average layman whether the holder of a check...had any effective rights against the drawee bank, it is believed that the almost universal response would be to the effect that of course the holder may insist upon payment by the bank, if there are funds on deposit to cover the amount. And if the same question were propounded to the average lawyer, the reply generally would be--at least if the lawyer had in mind the provisions of the Uniform Negotiable Instruments Law--that the holder had no rights against the bank. It is the purpose …

Recognition Of New Types Of Negotiable Instruments, Ralph W. Aigler

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“The expression ‘negotiable instrument’ is one of variable meaning, and what is meant thereby often can be determined only by the context… Primarily ‘negotiable’ indicates transferability with a certain facility…..

“It may be not without interest to consider how instruments gain the negotiable quality and to trace, sketchily perhaps, the process of recognition.”

Commercial Instruments, The Law Merchant And Negotiability, Ralph W. Aigler

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“Until recently apparently no serious attempt had been to make a comprehensive examination into the origins and history of commercial instruments or to explain the special doctrines attached to negotiability….

“The bill of exchange, it is said, developed as a bit of machinery to give effect to the medieval contract of cambium which was concerned with the special case of the exchange of money for money. With the growth of foreign trade the difficulties and dangers of payments multiplied. Naturally those whose business it was to exchange monies were resorted to in this connection. They, in turn, out of necessities …

Gratuitous Partial Assignments, Edwin D. Dickinson

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"Is it possible to make an effective and irrevocable assignment by way of gift of part of a close action? There are no obvious reasons why it should not be possible. Gifts of a great variety of valuable rights are favored and protected by law. Why not a gift of part of a chose in action?"

Financial Details, Kent Memorial, Edwin C. Goddard

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The following is a statement, with such details as I should think would answer the purposes of other chapters, of the ways and means adopted for securing the present building just completed at Ann Arbor.

Some Unscheduled Liabilities Of Trust Companies, Henry M. Bates

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"The modern trust company, with its varied and highly developed functions, is a characteristic product of our present complex civilization... The trust company, as some one has said, has become the corporation's corporation, a sort of super-corporation.... The question then naturally arises, is there any law peculiar to trust companies?"

A Surety's Claim Against His Bankrupt Principal Under The Present Law, Evans Holbrook

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"The peculiar three-sided relationship of principal, surety and creditor gives rise to many vexatious questions of law, and one of the most interesting is that of the relationship between surety and principal in the case of the latter's bankruptcy."

The Lien Or Equitable Theory Of The Mortgage--Some Generalizations, Edgar N. Durfee

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The question is--What is the nature of the rights of a real property mortgagee in those jurisdictions which adopt the lien or equitable theory3 of the mortgage? In one sense this question calls for a full statement of the law of mortgages but that, of course, is not the sense in which the writer puts it. He means by it to put a broader and more scientific question--a question, be it at once confessed, of jurisprudence--yet a question which has an important bearing on, if it is not in fact conclusive of, several specific problems in the law, which will …

Is A Bank Check An Assignment Pro Tanto Of The Fund Or Deposit?, Ralph W. Aigler

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Before the Negotiable Instruments Law there was a clear conflict of authority as to whether a check for a portion of the account to the credit of the drawer was an assignment pro tanto of the fund.

Detroit Savings Bank V. Zeigler, Henry W. Rogers

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"Such interchanges of assistance between officers of a bank, as temporary need may require, is fairly within the contemplation of the appointment of such an officer, and the sureties on his bond are liable for a default made while he was temporarily filling the place of another officer.

"The receiving teller of the savings department of a bank, while filling the place of the general teller, during the latter's temporary absences, embezzled moneys of the bank: Held, that the sureties on a bond, given by him for so taken."