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Full-Text Articles in Law
Contracts-Bills And Notes-Precedent Debt As Consideration In The Law Of Contracts And Negotiable Instruments, Shubrick T. Kothe S.Ed.
Contracts-Bills And Notes-Precedent Debt As Consideration In The Law Of Contracts And Negotiable Instruments, Shubrick T. Kothe S.Ed.
Michigan Law Review
Today, there is little left of the sixteenth century rule that a precedent debt is consideration sufficient to ground an action of assumpsit. Modern cases, such as those where a debt is barred by the Statute of Limitations or discharged in bankruptcy, where it is historically applicable, generally do not rest upon that theory. As a practical matter, it makes little difference. These cases achieve a just result, and have been confined to standard fact situations. The doctrine seems clearly at variance with the rule that consideration cannot be past, and serves no useful purpose today. Cases where this problem …
Constitutional Law-A Federal Commercial Code-Some Possibilities Under The Constitution, Merrill N. Johnson
Constitutional Law-A Federal Commercial Code-Some Possibilities Under The Constitution, Merrill N. Johnson
Michigan Law Review
It is the purpose of this comment to examine various possibilities of federal action which would help to bring about unification, simplification and clarification in the field of commercial law. The term "commercial law" has no commonly accepted connotation; it is taken here to ·include the law of transfers of personal property by commercial methods, of negotiable instruments, of chattel securities, of agency and of business associations; in short, all those fields of law which a Continental lawyer would term "private commercial law."
Bills And Notes-Indorsement In Blank Followed By Special Indorsement, J. R. Swenson
Bills And Notes-Indorsement In Blank Followed By Special Indorsement, J. R. Swenson
Michigan Law Review
Plaintiff purchased a cashier's check from X Bank payable to himself. He indorsed the check in blank and immediately below stamped it, "Pay to the order of Bank of America, National Savings and Trust Association, S. & R. Produce Co." Plaintiff then gave the check to one R with whom he had agreed to enter into business under the name of the S. & R. Produce Company. R took the check to Y Bank which at his request blocked out the special indorsement without the knowledge or consent of plaintiff. R then indorsed the check and deposited it to his …
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) …
Trusts-Creditors' Claims Against The Trust Property-Liability Of Trustees In Representative Capacity, T. E. Norpell
Trusts-Creditors' Claims Against The Trust Property-Liability Of Trustees In Representative Capacity, T. E. Norpell
Michigan Law Review
Suit upon two notes signed by appellees, "Trustees, trading as the Annie Reisch Investment Company, a Common Law Trust of Sangamon County, Illinois." The notes, due in four months after date of execution, were purchased by the plaintiff, appellant, from the payee bank's receiver nine years after their maturity. This action was begun by complaint and cognovit and judgment was entered against the makers individually and as trustees. The individual defendants filed motions to open judgment against them individually; and upon motion for a summary judgment filed by defendants, held, by section 20 of the Negotiable Instruments Law, defendant …