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Full-Text Articles in Law
Assignment Of Money Claims (Particularly Wage Claims) - Restraint On Alienation
Assignment Of Money Claims (Particularly Wage Claims) - Restraint On Alienation
Michigan Law Review
If a contract has been performed on one side so that all that remains is an obligation to pay and a right to receive money, can the parties by agreement effectively prevent the assignment of the claim? The Illinois Supreme Court had this question before it for consideration in the case of State Street Furniture Co. v. Armour & Co., where the plaintiff was the assignee of wages due to an employee of the defendant, the employee having agreed not to assign his wages without the written consent of his employer. The court decided that the restrictive agreement had …
Banks And Banking - Liability Of Stockholders For Debts In Insolvencies Occurring After Transfer Of Stock, Warren W. Kennerly
Banks And Banking - Liability Of Stockholders For Debts In Insolvencies Occurring After Transfer Of Stock, Warren W. Kennerly
Michigan Law Review
The effect of the holding of the Sanders case is of special interest at the present time because of the large number of recent bank failures. This decision may possibly result in former stockholders of Illinois state banks and the heirs of former stockholders being subjected to an assessment on stock that was disposed of several decades ago. The holding is applicable only to state banks, since national banks are not subject to state regulation. It would not be surprising if this Illinois holding should be followed in Nebraska, since the latter state has already based some of its rulings …
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 …