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Full-Text Articles in Law
Article 5 - Recent Developments, James J. White
Article 5 - Recent Developments, James J. White
Other Publications
I. Mitigation in Letter of Credit Transactions Assume a Buyer has procured a letter of credit to pay for contracted goods but no longer wants the goods. The Buyer and the Issuer would like to force the Beneficiary to mitigate. Assume that both the Issuer and Applicant repudiate their obligation or that the Applicant has failed and the Issuer repudiates its obligation to pay under the letter of credit. At the moment of repudiation the price for a gallon of the underlying oil that is the subject of the letter of credit is $.75 and that the letter of credit …
Letters Of Credit: Highlights Of Revised Article 5, Edwin E. Smith, James J. White
Letters Of Credit: Highlights Of Revised Article 5, Edwin E. Smith, James J. White
Other Publications
1. Under what circumstances is it bad faith for an issuer to honor a letter of credit in the face of an applicant's offer of proof of fraud by the beneficiary? 2. What is the issuer's obligation where there is a waiver by the applicant that the issue chooses not to honor? 3. What are the rights of transferees of transferable letters of credit and assigness of proceeds?
Article 5: Highlights Of The Proposed Revision, James J. White
Article 5: Highlights Of The Proposed Revision, James J. White
Other Publications
I. The Current Status of Article 5: Drafting, Approval and Promulgation--The Most Significant Changes or Clarifications -- II. The Most Contentious Issues in the Revision of Article 5 -- III. More Subtle Questions About Revised Article 5
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 …
Goldstein's Curse, James J. White
Goldstein's Curse, James J. White
Articles
ON April 16, 1980, a man using the name Marvin Goldstein opened a bank account at a Baltimore branch of Union Trust Company. He deposited $15,000 in cash. He told the branch manager that he planned to establish a Baltimore office of his father's New York business, "Goldstein's Precious Metals and Stones." Goldstein identified himself with a New Jersey driver's license and gave a bank reference from New York. On May 6, Goldstein deposited a check for $880,000 at another Union Trust branch near the branch where he had opened the account. Words on this check indicated that it was …
Michigan Motor Vehicle Service And Repair Act Of 1974, A. Russell Localio
Michigan Motor Vehicle Service And Repair Act Of 1974, A. Russell Localio
University of Michigan Journal of Law Reform
This note will analyze the Michigan Motor Vehicle Service and Repair Act, examining the differences between it and prior Michigan and federal legislation. The new legislation will be compared with similar statutes in other states. Finally, the possible drawbacks of repair shop and mechanic certification programs will be discussed, and suggestions for improvements will be made.
The New York Truth In Travel Act, Lisa Kennedy
The New York Truth In Travel Act, Lisa Kennedy
University of Michigan Journal of Law Reform
A New York couple arrange a vacation abroad through their travel agent. They expect a direct flight, deluxe, centrally located accommodations, and guided tours of local attractions. Once they have set out, they discover to their dismay that their flight makes several lengthy stops, their reservations are at a drab and uncomfortable hotel in an inconvenient location, and there are no reservations for the tours. This hypothetical situation is representative of instances of travel fraud, a frequent consumer grievance in what is acknowledged as the considerable volume of travel business being conducted in the United States. New York has attempted …
Preferential Transfers On The Eve Of The Bankruptcy Amendments, Richard M. Kohn
Preferential Transfers On The Eve Of The Bankruptcy Amendments, Richard M. Kohn
University of Michigan Journal of Law Reform
While secured lenders may have been content to ride the crest of judicial legislation, the only permanent solution to the problem lie in amending either the Bankruptcy Act, the Uniform Commercial Code, or both. This at least is the view taken by the National Bankruptcy Conference's Committee on Coordination of the Uniform Commercial Code and Bankruptcy Act. Since its first meeting in June 1966, the Committee has focused its attention primarily upon the validity, in bankruptcy proceedings, of Article 9 security interests in after-acquired property. In September 1967, the Committee submitted to the Bankruptcy Conference its first draft of a …
Unfair Competition- Unlawful Trade Practices -Michigan Statute - Misleading Practices By ''Wholesale Sellers", Jay W. Sorge
Unfair Competition- Unlawful Trade Practices -Michigan Statute - Misleading Practices By ''Wholesale Sellers", Jay W. Sorge
Michigan Law Review
During recent years "phony" wholesalers have been defrauding the public by selling merchandise at "wholesale" prices which are actually higher than the retail prices of the same articles. These sales are made by three methods: (a) through the use of open showrooms, in which the articles are displayed as they would be at a wholesale house, although the actual business carried on is with individuals; (b) by distributing courtesy cards entitling the bearer to discounts at certain retail or wholesale houses, and (c) by sending out to members of organizations or to individuals catalogs which advertise standard brands at low …
Municipal Corporations - Regulation Of Weights And Measures - Due Process Of Law, Milton Rabinowitz
Municipal Corporations - Regulation Of Weights And Measures - Due Process Of Law, Milton Rabinowitz
Michigan Law Review
An ordinance of the city of Chicago required the net weight of all commodities sold in load lots in the city to be determined by a municipal weighmaster prior to delivery of the load to the purchaser. This necessitated weighing the vehicle of transportation first empty, and then again when loaded. On indictment for violation of the ordinance defendant, a coal dealer, whose place of business was located 63 miles outside the municipal limits, asserted that compliance with the ordinance would involve extremely expensive rehandling of the load unless the trucks were first sent into the city unloaded, a financially …
Carriers - Misdelivery
Michigan Law Review
An impostor represented himself to P, a dealer in live stock, as Will Buntrock, a substantial South Dakota farmer. P, after being satisfied as to the identity of the person with whom he was dealing face to face, took from him a property statement which proved to be correct according to the South Dakota records. A contract for the sale of certain cattle was made between P and the impostor. The impostor gave P a promissory note for the contract price plus the freight charges, and a chattel mortgage on the stock purchased. P delivered the cattle to …