Law Commons^™

Restraints On Alienation Of Legal Interests In Michigan Property: Ii, William F. Fratcher

Michigan Law Review

"Estate for life" is a generic term embracing interests in land of several types. The duration of such an estate may be measured by the life of the tenant himself, by the life of some other person, by the joint lives of a group of persons (i.e., the life of the member of the group who first dies), or by the life of the survivor of a group of persons. In the last two cases the tenant himself may or may not be a member of the group. When the duration of the estate is measured by the life of …

Trusts - What Constitutes Revocation When No Method Specified, Dickson M. Saunders

Michigan Law Review

By trust deed of 1927, settlor conveyed two mortgages {the first for $5,200, and the second for $1,000, both given by Harry E. Hough and wife) to trustees, in trust for herself for life, and providing for certain disposition upon her death. The trust deed was revocable with reserved power in the settlor to convey, release or otherwise dispose of the property. In 1928 the settlor released both mortgages but took in lieu thereof one mortgage for $6,200 from the same mortgagors on the same property. This substitution was effected to accommodate the mortgagors and no money changed hands. The …

Apportionment Between Life Tenant And Remainderman Of Loss On Defaulted Mortgage Security Held In Trust, Charles V. Shipley

Kentucky Law Journal

No abstract provided.

Some Problems Arising Out Of Deposits To Pay Principal And Interest On Bonds, Paul P. Lipton

Michigan Law Review

Since Lawrence v. Fox contracts students have been puzzled by the numerous and varying relations that may arise when A, the debtor, delivers money to B to pay C, his creditor. Equally puzzling and much more complicated are the rights and relations of the obligor, trustee and bondholders with respect to sums deposited with the trustee to pay principal and interest on bonds.

The insolvency during recent years of many large trust companies that had been named as trustees in indentures securing corporate bonds, having on hand at the time of their failure large sums of money which …

Contracts - Wills - Third Party Beneficiary Contract As Testamentary Disposition, Harold M. Street

Michigan Law Review

The defendant executed a bond and mortgage to one Catherine McCarthy Jackman. Subsequently the parties entered into an extension agreement wherein it was provided that in the event of the death of the mortgagee prior to the .maturity of the mortgage, the interest and principal were to be paid one-half to a brother of the mortgagee and one-half to the heirs of a deceased sister. After the death of the mortgagee prior to the maturity of the mortgage, the plaintiffs (the brother and heirs of the deceased sister) claimed a right to the payment of interest as third party beneficiaries. …

Trusts - Right Of Trustee's Wife To Dower In Property Held Subject To Oral Trust - Effect Of Subsequent Memorandum - Dower Where Trustee Has Both Legal And Equitable Interest, Michigan Law Review

Michigan Law Review

Pursuant to an oral agreement and upon consideration furnished by them, A, B, and C procured land to be conveyed to A by a third party. Six days later A executed a self declaration of trust in the terms of the oral agreement; that he would operate it, and within a specified period sell the property and divide the proceeds between himself, B and C, as beneficiaries. A suit to remove A as trustee culminated in a judicial sale of the property to B and C. In this proceeding by B and C to quiet title, A …

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 …

Deeds-Acceptance After Death Of Grantor

Michigan Law Review

M. H. executed four deeds and delivered them to an attorney to be delivered to the grantees after her death. Two of the deeds contained clauses requiring the grantee to assume a mortgage. The deeds were delivered as directed and were recorded by the grantees after the grantor's death. Held, in Healy v. Stevens, et al, that the acceptance, though after the grantor's death, made the deeds effective.

Recent Important Decisions

Michigan Law Review

A collection of recent important court decisions.

Recent Important Decisions

Michigan Law Review

A collection of recent important court decisions.