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Articles 1 - 20 of 20
Full-Text Articles in Law
Bankruptcy-Liens-Unrecorded Mortgage
Provability Of Claims For Future Rent For Damages Against A Trustee In Bankruptcy Or A Receiver Of An Insolvent Tenant Upon Abandonment Of The Leased Premises, Measure Of Damages In Federal Court Receiverships, Norman M. Littell
Washington Law Review
The large number of insolvency proceedings during the present economic period throws into relief two legal problems of vital importance to the landlord and the general creditors of the tenant. May the landlord prove a claim against the insolvent tenant's estate for the loss of future rent, or for damages due to the abandonment of the lease upon the insolvency of the tenant, and if such a claim is provable, what is the measure of damages? These problems are acute because of the present extreme deflation in rental values where the involvent's lease has an unexpired term of many years …
Bills And Notes-Fictitious Payee-Bearer Instrument
Bills And Notes-Fictitious Payee-Bearer Instrument
Michigan Law Review
A receiver in bankruptcy drew a check on the funds of the bankrupt deposited in the name of the receiver in the defendant bank, payable to "Joseph Wolf" who was a non-existing person. The receiver indorsed the check in the name of "Joseph Wolf" and received payment from defendant which acted innocently. The trustee in bankruptcy sued the defendant for paying a check over a forged indorsement. Held, in Childs v. Empire Trust Co., that the check, being made payable to a .fictitious payee with the knowledge of the person making it so payable, was a bearer instrument, …
Suspension Of State Insolvency Laws By Operation Of The Federal Bankruptcy Act, Arthur Grunbaum
Suspension Of State Insolvency Laws By Operation Of The Federal Bankruptcy Act, Arthur Grunbaum
Washington Law Review
The Supreme Court of Washington in the recent decision of Armour & Co. v. Becker et al., has again raised a question mooted since 1819, as to the effect of the existence of a Federal Bankruptcy Act on the operation of a State Insolvency Law. Under present conditions, the problem of the availability of liquidating devices becomes peculiarly important, and warrants an analysis of the existing law on the subject. In the instant case, the plaintiff sought to recover the sum of $293.14 for goods and merchandise delivered to defendant, who was running a meat market and purchased goods until …
Receivers - Extraterritorial Powers
Receivers - Extraterritorial Powers
Michigan Law Review
In these days of financial stress, the question of the extraterritorial powers of a receiver becomes especially acute. Though to the business man state lines have lost their significance, the lawyer is still confronted with independent sovereignties, both federal and state, each jealously safeguarding its own particular province. Receivers, appointed for an insolvent corporation or for a judgment debtor, seek to recover assets situated in foreign jurisdictions. Economy and expediency dictate the prevention of a dismemberment of the estates and the saving of expensive ancillary receiverships by a personal pursual on the part of the home receivers of those outlying …
Bankruptcy--Trustees--Attack By Courts On Credit Associations, Bernard Sclove
Bankruptcy--Trustees--Attack By Courts On Credit Associations, Bernard Sclove
West Virginia Law Review
No abstract provided.
Bankruptcy-Secured Debts-Jurisdiction Of State Courts
Bankruptcy-Secured Debts-Jurisdiction Of State Courts
Indiana Law Journal
No abstract provided.
Corporations - Obligation To Refund Dividends Paid Out Of Capital
Corporations - Obligation To Refund Dividends Paid Out Of Capital
Michigan Law Review
The general rule is fairly well established that, where dividends are paid, in whole or in part, out of the capital stock, corporate creditors, being such when the dividend was declared, or becoming such at any subsequent time, may, to the extent of their claims, if such claims are not otherwise paid, compel the stockholders to whom the dividend has been paid to refund whatever portion of the dividend was taken out of the capital stock. This, however, has been modified in the federal courts to the extent that where the dividend, although paid entirely out of capital, was received …
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 …
Receivers -Liability For Corporate Franchise Taxes Accruing After Appointment
Receivers -Liability For Corporate Franchise Taxes Accruing After Appointment
Michigan Law Review
General business conditions of the last three years have made the field of receivership law an extremely interesting and important one to that portion of the bar which has been picking up the pieces left by the debacle of 1929. The widespread liquidation and dissolution of great business organizations has been effected in large part through the medium of the receivership. One of the more difficult problems arising in connection with such receiverships has been the liability of the receiver for franchise taxes. Such taxes have been held to be not property levies but excises on the privilege to carry …
Mortgages - Foreclosure - Right To Receiver Of Rents And Profits
Mortgages - Foreclosure - Right To Receiver Of Rents And Profits
Michigan Law Review
The plaintiff held a large mortgage on apartment property. Upon default in the payment of principal, interest, and taxes a bill of foreclosure was filed against the mortgagor and her grantees who had taken subject to the mortgage. A clause in the mortgage authorized the appointment of a receiver to collect the rents and profits upon default. After hearing, the mortgagee was appointed receiver on the theory that non-payment of taxes constituted waste. Held, that the appointment was unauthorized. Union Guardian Trust Co. v. Rau, 255 Mich. 324, 238 N. W. 166 (1931).
Corporations - Insolvency - Statutes Giving Priority To Wage Claims
Corporations - Insolvency - Statutes Giving Priority To Wage Claims
Michigan Law Review
Statutes giving liens or preferences to wage claims upon the insolvency of corporations are found among the laws of many states. In reference to the priority established, these statutes can be divided into three classes: those specifically stating that the lien or preference created shall be prior to all other claims not secured by specific liens, those specifically stating that wage claims shall be superior to all other claims upon the property of the corporation, including mortgages, and those making wage claims a lien or preferred debt to be paid "before any other debt or debts." Under this last type …
Partnership - Bankruptcy-Partner's Liability For Misappropriation Of Partnership Funds Not Discharged By His Bankruptcy
Michigan Law Review
After dissolution of the partnership, one partner appropriated sums of money belonging to the partnership to his own use. He was subsequently discharged in bankruptcy. His co-partner, by a cross-bill in a suit for the appointment of a receiver and for liquidation of the partnership, sought to hold him for the liability, and it was held that this liability was not discharged by his bankruptcy, since the money appropriated was the property of the firm, and his taking of it was wilful and malicious injury to the property of another, liability for which is exempted from discharge by sec. 17 …
Equity- Constitutional Law - Power Of Legislature To Change Equitable Doctrines
Equity- Constitutional Law - Power Of Legislature To Change Equitable Doctrines
Michigan Law Review
A Nebraska statute provided that in case of insolvency of a state bank the general depositors, subject to prior liens for taxes, have a first lien on all assets of the bank. A bank converted a note deposited for a special purpose, and indistinguishably mingled the proceeds with the general assets of the bank before insolvency. The deposit was held to have created a trust and the cestui was allowed to recover the amount of the note (trust fund) as a preferred claim upon the general assets of the bank. To the argument that this statute prohibited the imposition of …
Bills And Notes - Is One Assuming Liabilities To The Creditors Of His Transferor A Holder In Due Course
Michigan Law Review
The plaintiff entered into an agreement whereby it was to receive all the assets of an insolvent bank as consideration for the assumption of certain specified liabilities. Among the assets was a note upon which the plaintiff is now suing a prior indorser. Although it was the intention of the defendant to indorse as agent in accordance with the request of the insolvent bank, on the face of his endorsement he indorsed individually. Held, that since the plaintiff was not a holder in due course, the note was subject to the same defenses in the hands of the plaintiff …
Bankruptcy - Claims Against Bankrupt Indorsers
Bankruptcy - Claims Against Bankrupt Indorsers
Michigan Law Review
Bankrupts were indorsers of promissory notes payable to claimants. None of these notes was due before the filing of the petition in bankruptcy and some of them did not mature within the year following adjudication during which proof of claims may be made. The court of appeals for the sixth circuit held that claimants could not prove on the indorsements because their claims were contingent. Held, that the claim was one "founded upon a contract express or implied," and provable even though not due until after the year allowed for proof of claims, the requirement of presentment and notice …
Insolvency Statutes Preferring Wages Due Employees, Paul G. Kauper
Insolvency Statutes Preferring Wages Due Employees, Paul G. Kauper
Michigan Law Review
Insolvency statutes of a majority of American states and the bankruptcy acts of the United States and England allow a preference to the claims of employees for wages accruing prior to the employer's insolvency or bankruptcy. Related types of legislation such as statutes creating an absolute lien on the employer's property to secure payment of wages, giving a preference to the employees of a deceased employer in the administration of his estate, exempting the wages of laborers from attachment or garnishment, making stockholders of a corporation individually liable for debts representing wages due employees, allowing employees to interpose their claims …
Bankruptcy-Provable Claims-Contingent Liability
Bankruptcy-Provable Claims-Contingent Liability
Indiana Law Journal
No abstract provided.
Federal Bankruptcy Act--Its History And Operation, R. P. Hobson
Federal Bankruptcy Act--Its History And Operation, R. P. Hobson
Kentucky Law Journal
No abstract provided.
Trusts -Tracing Of Assets - Preference
Trusts -Tracing Of Assets - Preference
Michigan Law Review
In State ex rel Sorenson v. Farmers' State Bank of Polk (Lindquist, Intervenor) the beneficiary of a trust fund converted by the bank, subsequently becoming insolvent, was allowed to resort to equity and recover the trust fund as a preferred claim against the general assets of the bank. The beneficiary deposited a promissory note in the sum of $4,500 in the bank for a special purpose and the bank, without authority, indistinguishably mingled the proceeds of this note with the general mass of bank assets. The amount of actual cash on hand when the insolvent bank was taken over by …