Law Commons^™

Deeds - Effectiveness Of Deeds Delivered With Blank For Name Of Grantee

Michigan Law Review

In an action upon an oral contract to recover the purchase price of an equity in realty, it appeared that the plaintiff executed a deed with a blank left for the name of the grantee and delivered it to the defendant, whereupon the latter refused to make the promised payment, and suit was brought. The Statute of Frauds being interposed as a defense, on the theory that the contract, being oral, was unenforceable in the absence of a showing of part performance, it was held, that the delivery of the incomplete deed, giving the defendant implied authority to fill …

Wills - Gift's - Construction Of Instrument

Michigan Law Review

Decedent had lived with plaintiff and her parents. In 1932, after telling plaintiff's parents that he had some money in the bank, decedent said, "I got a will here . . . I understand I have got to have two signatures." Both parents, at his request, signed the instrument below.

"Dear Carlotta

"I give to you my money in Live Stock Bank.

"Hans Larsen

"April 16, 1932

"Witness: Michael C. Kelley

"Mamie V. Kelley."

Decedent put the instrument in his bank book and took it into the other room where plaintiff was sitting. He said, "Carlotta, I will give you …

Deeds-Instrument In Form Of Contract For Sale Of Land As Gift

Michigan Law Review

Decedent executed and delivered to his sister, the petitioner, in a sealed envelope an instrument in the form of an executory contract for the sale of land by the terms of which the decedent promised to convey to the petitioner his undivided two-thirds interest in a certain building and lot. The execution of the instrument was not the result of any agreement and no consideration was paid, although receipt of payment in full was endorsed on the back of the instrument. After decedent's death the envelope was produced and the probate court under a statutory authority ordered a conveyance to …

Corporations - Double Liability Of Ex-Director Registered As Stockholder For Qualifying Shares

Michigan Law Review

Defendant received ten shares of stock in a national bank under a trust arrangement for the purpose of qualifying him as a director. The shares were transferred on the bank's stock books to the defendant as absolute owner. At the end of his term as director defendant terminated the trust arrangement but did not have a transfer made upon the stock books. Plaintiff, receiver upon failure of the bank, sued for an assessment under U. S. C. tit. 12, sec. 64. Held, since it is conclusively presumed that creditors become such in reliance on the statutory liability of those …

Federal Taxation Of Settlors Of Trusts, Harry B. Sutter, Anderson A. Owen

Michigan Law Review

In the Revenue Act of 1924 there simultaneously appeared three new provisions. By Section 219(g) the income of trusts revocable by the grantor, either alone or in conjunction with any person not a beneficiary, of the trust, was specifically required to be taxed to the grantor as his income. By Section 302(d) there was required to be included in the gross estate of a deceased grantor the value at his death of any property previously given by him in trust, where the enjoyment of such property remained subject to change through the exercise by the grantor, either alone or in …

Taxation - Power Of Appointment - Effect Of Refusal By Appointee Who Is Given Same Share In Default Of Appointment

Michigan Law Review

The donee of a power of appointment exercised it by will in favor of the persons who would have taken exactly the same interests in default of appointment, and who declared their election to decline the appointment and take by the provision in default of appointment in the will of the donor. Suit was brought for additional federal estate taxes covering the property to which the power applied, under a statute levying such a tax upon "any property passing under a general power of appointment exercised by the decedent . . . by will . . . . " Held …