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Full-Text Articles in Law
A Sea Change In Creditor Priorities, Kristen Van De Biezenbos
A Sea Change In Creditor Priorities, Kristen Van De Biezenbos
University of Michigan Journal of Law Reform
This Article argues that the operation of maritime law undermines a primary justification for creditor priorities under U.S. law. Under current law, when a debtor becomes insolvent, its secured creditors will be paid the full amount of their debt to the extent of their security interest, even if that leaves nothing to pay unsecured creditors. This is controversial with respect to involuntary unsecured creditors, particularly those with tort claims against the debtor. Defenders of this scheme of priorities have argued that allowing greater priority to involuntary creditors would hinder the availability or increase the cost of credit. However, involuntary creditors …
Comparative Negligence Under The Code: Protecting Negligent Banks Against Negligent Customers, Julianna J. Zekan
Comparative Negligence Under The Code: Protecting Negligent Banks Against Negligent Customers, Julianna J. Zekan
University of Michigan Journal of Law Reform
This Article will examine modern banking practices with respect to processing checks and the effect of technology on liability for forged or altered checks. Part I describes the magnetic ink character-recognition system. Part II discusses check truncation. Part III recounts the evolution of contract and tort theories of liability from traditional to modern bank practices. Part IV analyzes the new comparative negligence provisions. Part V investigates the standards of ordinary care. Part VI evaluates the respective duties of the banks and their customers in light of the provisions that reflect the banking industry's transformation from the Paper Age to the …
Allocation Of Loss Due To Fraudulent Wholesale Wire Transfers: Is There A Negligence Action Against A Beneficiary's Bank After Article 4a Of The Uniform Commercial Code?, Robert M. Lewis
Michigan Law Review
This Note argues that where a bank reasonably should have known of a fraud but still pays out a wire transfer to an unauthorized recipient, common law negligence should provide a basis for recovery despite the absence of an explicit Code provision imposing liability on the bank. Part I examines the UCC's language itself and analyzes possible cases, under 4A and under articles 3 and 4 by analogy, and discusses the applicability of these other parts of the UCC to wire transfers. Part II examines how extra-Code regulatory systems and the common law would determine wire transfer liability. Part II …
Action Accrual Date For Written Warranties To Repair: Date Of Delivery Or Date Of Failure To Repair?, Carey A. Dewitt
Action Accrual Date For Written Warranties To Repair: Date Of Delivery Or Date Of Failure To Repair?, Carey A. Dewitt
University of Michigan Journal of Law Reform
This Note argues that the statute of limitations for an action for breach of a repair warranty should begin to run not when the goods are delivered (on-delivery rule), but when the manufacturer has failed to repair the goods (failure-to-repair rule). Part I considers the current division of authority relating to the action accrual date (the date at which the limitations period begins) for repair warranties. It analyzes the issue of whether the repair warranty is a species of future performance warranty under section 2-725(2) and examines non-Code law on repair promises. Part II discusses the advantages and disadvantages of …
Products Liability--Some Observations About Allocation Of Risks, Page Keeton
Products Liability--Some Observations About Allocation Of Risks, Page Keeton
Michigan Law Review
Virtually all of the activities of mankind involve the use of some product. Consequently, nearly all losses in the nature of physical damage to persons or things, and a great deal of the economic losses flowing from inferior or unfit products, are factually caused by characteristics or conditions of products, or at least occur during the use of products. Therefore, when fault, in the sense in which fault has been used in the Anglo-American law of torts (a usage which frequently results in the imposition of liability without personal fault), is abandoned as a basis for shifting or allocating losses, …
The Contractual Aspect Of Consumer Protection: Recent Developments In The Law Of Sales Warranties, William C. Pelster
The Contractual Aspect Of Consumer Protection: Recent Developments In The Law Of Sales Warranties, William C. Pelster
Michigan Law Review
As might have been expected, the courts have not confined their efforts in updating the law of products liability to fostering innovations in that segment dealing with warranties. The struggle to impose strict tort liability upon a manufacturer for harm caused by his defective products has made significant advances and is continuing: However, the citadel has yet to be taken. Indeed, even the California Supreme Court, which may be considered the leading proponent of this strict tort theory, has limited its availability so that only those seeking redress for harm to person or property may invoke the doctrine; thus, a …