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Contracts-Bills And Notes-Precedent Debt As Consideration In The Law Of Contracts And Negotiable Instruments, Shubrick T. Kothe S.Ed.
Contracts-Bills And Notes-Precedent Debt As Consideration In The Law Of Contracts And Negotiable Instruments, Shubrick T. Kothe S.Ed.
Michigan Law Review
Today, there is little left of the sixteenth century rule that a precedent debt is consideration sufficient to ground an action of assumpsit. Modern cases, such as those where a debt is barred by the Statute of Limitations or discharged in bankruptcy, where it is historically applicable, generally do not rest upon that theory. As a practical matter, it makes little difference. These cases achieve a just result, and have been confined to standard fact situations. The doctrine seems clearly at variance with the rule that consideration cannot be past, and serves no useful purpose today. Cases where this problem …
Bankruptcy - Chapter X Reorganization - Power Of The Trustee To Sue In A Foreign Jurisdiction, Shubrick T. Kothe S.Ed.
Bankruptcy - Chapter X Reorganization - Power Of The Trustee To Sue In A Foreign Jurisdiction, Shubrick T. Kothe S.Ed.
Michigan Law Review
Plaintiffs, trustees appointed under Chapter X of the Bankruptcy Act, as amended, by the District Court for the Eastern District of Virginia, sued defendants in the District Court for the Southern District of New York to recover corporate assets, alleging a conspiracy to defraud the debtor corporation. Jurisdiction was rested, not upon diversity of citizenship, but upon sections 2 and 102 of the Bankruptcy Act, and certain sections of the Judicial Code, not pertinent here. The district court dismissed the action for want of jurisdiction. On appeal, held, reversed. The reorganization trustee under Chapter X may maintain an action …
Bankruptcy-Bankrupt's Petition To Reopen Estate, Joseph N. Morency, Jr. S.Ed.
Bankruptcy-Bankrupt's Petition To Reopen Estate, Joseph N. Morency, Jr. S.Ed.
Michigan Law Review
Petitioner's no-asset estate in bankruptcy was closed and a discharge was granted in 1942. In 1945 a judgment creditor of the bankrupt sued in a Connecticut court on a judgment which antedated the bankruptcy proceeding and the existence of which was unknown to the bankrupt at the time he filed his schedules. It appeared that the bankruptcy proceeding was likewise unknown to the judgment creditor. Petitioner sought an order reopening the estate for the purpose of amending schedules to include the judgment inadvertently omitted; and the district court entered such an order over the objection of the judgment creditor. On …