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Descent And Distribution - Distribution To A Nonresident Alien Prevented By State Staute, Eugene Alkema S.Ed.
Descent And Distribution - Distribution To A Nonresident Alien Prevented By State Staute, Eugene Alkema S.Ed.
Michigan Law Review
Decedent's sole heirs were residents of Poland. By virtue of a power of attorney executed and authenticated in Poland, the Polish consul general intervened to receive their distributive shares. A Massachusetts statute provided that a court may order the distributive share to be deposited for the benefit of nonresidents when it appears that they "may not receive or have opportunity to obtain" such money. Held, the distributive shares must be kept in Massachusetts as it is uncertain that residents of Poland presently could have full benefit of the funds if transmitted. Petition of Mazurowski, (Mass. 1954) 116 N.E. …
Corporations - Rate Of Interest On Bonds And Interest Coupons After Maturity
Corporations - Rate Of Interest On Bonds And Interest Coupons After Maturity
Michigan Law Review
Defendant issued a series of coupon junior income bonds with interest at 5 per cent payable from income at such times as directors deemed prudent. The bonds and some of the coupons not having been paid at maturity, defendant maker redeemed them thereafter with interest to the redemption date at the contract rate (5 per cent). Plaintiff, holder of bonds and coupons, sues to recover the legal rate of interest (6 per cent) after maturity of bonds and coupons. Held, (1) The local law where payable will be followed as to interest on the bond after maturity (in Massachusetts …
Corporations-Dividends On Non-Cumulative Preferred Stock
Corporations-Dividends On Non-Cumulative Preferred Stock
Michigan Law Review
Plaintiff held non-cumulative preferred stock in the defendant corporation. From 1925 through 1928 no dividends were declared upon this stock; although earnings were sufficient they were used instead for property improvements. Since 1928, dividends have been paid regularly on this stock at the specified rate. In 1930 a dividend was declared on the common stock. Plaintiff sued to have this amount paid instead as a dividend on the preferred stock, and to enjoin any payment of dividends on the common stock until full dividends were paid on the non-cumulative preferred stock for the period from 1925 to 1928. Held, …
Taxation-Jurisdiction To Levy An Inheritance Tax
Taxation-Jurisdiction To Levy An Inheritance Tax
Michigan Law Review
A Massachusetts decedent by will created a trust in stocks and bonds. By the terms of the trust the trustee was to pay the income to the settlor's daughter during her life and upon her death was to pay the corpus to such persons as she should by will appoint. She died domiciled in North Carolina leaving a will appointing her husband and son to receive the property. North Carolina imposed an inheritance tax under a statute making the exercise of the power of appointment subject to the tax in the same manner as though the property belonged absolutely to …