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Trusts-Language Of Condition In Inter Vivos Conveyance Construed As A Trust, Bruce L. Moore
Trusts-Language Of Condition In Inter Vivos Conveyance Construed As A Trust, Bruce L. Moore
Michigan Law Review
Grantor conveyed certain real property to plaintiff by deed "subject to the following conditions: That upon my death, the Grantee must pay to my Grand Children out of my estate, the sums of money indicated after each name," the amount to be paid totaling $5,000. By this deed grantor transferred practically all of the property of which she was possessed, so that upon her death she left an estate of but $100. Without having paid any part of the amount stipulated in the deed, grantee commenced suit to quiet title as against the named grandchildren, who in .turn counterclaimed. In …
Bills And Notes-Assent By Indorser To Release Of Maker As Undertaking By Former To Continue Liable-Section 120, N.I.L., Bruce L. Moore
Bills And Notes-Assent By Indorser To Release Of Maker As Undertaking By Former To Continue Liable-Section 120, N.I.L., Bruce L. Moore
Michigan Law Review
The indorser on the note in suit gave his assent to the holder's release of the insolvent maker in return for a deed to certain real estate given by the maker. In reply to demands of the holder for the balance remaining due after sale of the real estate, the indorser stated he would pay the note, but asked for time. On failure of the indorser to pay, this suit was brought. Held, for the plaintiff. Consent of the indorser to release of the maker is not equivalent to an express reservation of rights as required by section 120(5) …