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Articles 1 - 12 of 12
Full-Text Articles in Law
Effect Of Pledgee's Breach Of Duty On Existence Of The Debt, William H. Farnham
Effect Of Pledgee's Breach Of Duty On Existence Of The Debt, William H. Farnham
Michigan Law Review
When A borrows money from B, and transfers to B possession of A's chattel as pawn, it will be observed at once that B, the pledgee, has become the owner of two things: (a) a contract right or debt against A ; (b) a pledgee's interest in or lien upon the pawn. If the pledgee thereafter, but before payment of the debt, is guilty of a breach of duty in his dealing with the pawn, problems present themselves as to the effect of the pledgee's wrongful conduct on the existence and ownership of the debt and of …
Principal And Surety - Fidelity Bonds - Effect Of Failure To Make Disclosures Regarding Bonded Employees, Francis T. Goheen
Principal And Surety - Fidelity Bonds - Effect Of Failure To Make Disclosures Regarding Bonded Employees, Francis T. Goheen
Michigan Law Review
The defense on a fidelity bond given by the cashier was the failure of the officers of the obligee bank to disclose that prior to the execution of the bond the bank examiner had discovered and advised the officers that the cashier had, without the knowledge and consent of the officers and directors, become indebted to the bank in the. sum of $889.60 by paying his own checks drawn on the bank. When the overdraft was called to his attention the cashier immediately repaid the bank. The surety insisted that despite the fact that the officers of the bank may …
Constitutional Law - Due Process - Bank Receiving Deposits During Insolvency
Constitutional Law - Due Process - Bank Receiving Deposits During Insolvency
Michigan Law Review
An Ohio statute provided that an officer of a bank who received a deposit therein "when he has knowledge that it is insolvent" shall be subject to criminal liability. The defendant, a director of a state bank, was indicted under the statute for receiving deposits therein knowing the bank to be insolvent. The court of appeals reversed a decision of the common pleas court dismissing the defendant. On appeal the defendant contended that the statute violated the due process clause of the Fourteenth Amendment of the Federal Constitution in that the use of the word "insolvent," without providing a definition …
International Law - Recognition Of Soviet Russia - Extraterritorial Effect Of Decrees Of Confiscation And Nationalization
Michigan Law Review
The Moscow Fire Insurance Company, the Northern Insurance Company of Moscow, and the First Russian Insurance Company were incorporated in Russia under the Czarist regime, and given authority to do business in New York. Deposits were made in New York for the benefit of policy holders and creditors in this country. Subsequent to the revolution in Russia and the Soviet decrees nationalizing all Russian corporations and confiscating without compensation such corporations' assets in Russia and abroad, these deposits were turned over to the New York State Insurance Commissioner for liquidation. Large sums remained after domestic claims were satisfied and the …
Bills And Notes-Negotiability Of Bonds Issued By Massachusetts Trust
Bills And Notes-Negotiability Of Bonds Issued By Massachusetts Trust
Michigan Law Review
In a replevin action to recover stolen bonds, held that the exclusion of the personal liability of the issuing trustees rendered the instruments nonnegotiable, Lorimer v. McGreevy, (Mo. APP. 1935) 84 S. W. (2d) 667.
Unforgetable Knowledge, Maurice H. Merrill
Unforgetable Knowledge, Maurice H. Merrill
Michigan Law Review
In another article, the writer had occasion to analyze the concept of notice. He there called attention to the fact that in some instances the existence of notice depends upon awareness by the person to be charged, either of the ultimate facts or of circumstances placing him upon inquiry thereof, while in other cases notice exists entirely independent of such awareness. To characterize notice of the first class he suggested the term "cognitive notice," applying to the latter the designation "absolute notice."
Bills And Notes-Holders In Due Course-Effect Of Knowledge Of Executory Character Of Consideration
Bills And Notes-Holders In Due Course-Effect Of Knowledge Of Executory Character Of Consideration
Michigan Law Review
In an action on a promissory note the plaintiff claimed, as a holder in due course, to be free from the defense of failure of consideration. When the plaintiff acquired the note it was physically attached to a conditional sales contract by the terms of which the payee was to furnish the maker with an oil burner which in truth was never furnished, this being the claimed failure of consideration. Breach of the sales contract apparently took place after the plaintiff acquired the note. Held, plaintiff, having knowledge of the terms of the contract, was not a holder in …
Assignments -Validity Of Gratuitous Written Assignment
Assignments -Validity Of Gratuitous Written Assignment
Michigan Law Review
Deceased took defendant, his son, to a notary and there made and acknowledged written assignments of three mortgages he owned. He handed these assignments to defendant, saying "I give you these. Put them in the safety-deposit box." Defendant went away with the assignments which reappear only after the father's death; they were found in an envelope, marked with defendant's name in deceased's hand, in a safety-deposit box owned jointly by deceased and defendant. Deceased always retained possession and enjoyment of the actual mortgage instruments. Plaintiff, another son, claims these mortgages should be part of deceased's estate. The court held that …
Banks And Banking-Constitutional Validity Of Statutes Allowing Reorganization Of Insolvent Bank
Banks And Banking-Constitutional Validity Of Statutes Allowing Reorganization Of Insolvent Bank
Michigan Law Review
A statute of Mississippi permitted the reopening of a closed bank, for the purpose of paying off creditors, upon terms proposed by three-fourths of the bank's creditors. The statute required that the proposition of the creditors be approved by the state superintendent of banks and confirmed by the court of chancery. Dissenting creditors opposed such a plan on the ground that the statute was unconstitutional because it impaired the obligation of contracts, and was contrary to the due process clause of the Federal Constitution. The court held that the statute was valid, that all it did was to change the …
Constitutional Law-Application Of Joint Resolution Of Congress To Gold Clause In Bonds Of Corporations Of Other Countries
Michigan Law Review
Plaintiff, a South American corporation, brought suit to recover on bearer bonds of a Finland corporation sold to plaintiff in New York. The bonds contained the stipulation that they were to be paid "in gold coin of the United States of America of the standard of weight and fineness as it existed on July 1, 1924." Both the principal and interest on these bonds were payable in New York. Held, the Congressional Joint Resolution declaring gold clauses in obligations to be against public policy and providing for discharging such obligations on payment, dollar for dollar, of legal tender coin, …
Banks And Banking-National Banks Subject To State Statute Providing Reward For Finders Of Lost Goods
Banks And Banking-National Banks Subject To State Statute Providing Reward For Finders Of Lost Goods
Michigan Law Review
Plaintiff found $105,000 hidden in a roadside junk heap. The money had been stolen from defendant national bank in an early morning hold-up, and cached by the robbers in the rubbish pile, With the police, plaintiff returned the money to the bank. Plaintiff then sued the bank for a ten per cent reward provided by an Iowa statute for the return of "lost goods." The Supreme Court of Iowa reversed a decision that the statute did not apply to stolen money. In a rehearing, defendant put in an amended plea that the statute could not impose any liability on national …
Bills And Notes--Conditions-Negotiable Despite Reference To Trust Agreement
Bills And Notes--Conditions-Negotiable Despite Reference To Trust Agreement
Michigan Law Review
Bonds, stolen from the owner, were subsequently acquired by a bona fide purchaser who received payment from the obligor. The owner sued the obligor on the ground that the bonds were non-negotiable. The first paragraph in each bond contained an unconditional promise to pay. The second and third paragraphs contained the following clauses: "This bond is one of a series . . . executed and delivered in accordance with and subject to the provisions of the Trust Mortgage hereinafter referred to and in pursuance of resolutions of stockholders. . . . The payment of this bond and of the coupons …