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Full-Text Articles in Law
Bankruptcy & The Underwater Home: A Case For Real Property Redemption, David Sheinfeld
Bankruptcy & The Underwater Home: A Case For Real Property Redemption, David Sheinfeld
Michigan Business & Entrepreneurial Law Review
Chapter 7 of the U.S. Bankruptcy Code exists to satisfy the claims of creditors and preserve an economic “fresh start” for the debtor after bankruptcy. In exchange for surrendering her property to the trustee to have it monetized (i.e., sold), the debtor receives a discharge of her debts and an injunction against future creditor in personam actions to recover them. However, the in personam injunction is insufficient to protect consumer debtors who are in default on mortgages encumbering underwater homes because the creditor’s in rem rights remain; after the conclusion of the case, the creditor can continue foreclosure proceedings, which …
Dancing On The Edge Of Article 9, James J. White
Dancing On The Edge Of Article 9, James J. White
Articles
Despite the fact that Article 9 is a much more comprehensive personal property security statute than was ever found in American law prior to its enactment, cases continue to present issues on the scope of the Article. Gone are the cases in which a court was called upon to determine whether a "conditional sales contract" could be dealt with under the "factor's lien" law; it is now clear that all such personal property security devices are governed by Article 9. Yet many problems remain for the unwary lawyer. I will identify several and deal in detail with three of these …
Bankruptcy--Stay Of Bankruptcy Proceedings Denied To Creditor Seeking Lien On Exempt Property--Harris V. Hoffman, Michigan Law Review
Bankruptcy--Stay Of Bankruptcy Proceedings Denied To Creditor Seeking Lien On Exempt Property--Harris V. Hoffman, Michigan Law Review
Michigan Law Review
The appellants, husband and wife, executed a promissory note to the appellee-bank. Thereafter, they purchased real property which they occupied as a homestead. Acting pursuant to an Iowa statute which subjects a homestead to debts contracted before the homestead was acquired, the bank commenced a suit on the note in state court, but this proceeding was stayed when appellants filed a voluntary petition in bankruptcy. After the trustee in bankruptcy set the homestead apart as property exempt under Iowa law, the bank sought a stay of discharge in bankruptcy for a reasonable period of time so that it could obtain …
Executors And Administrators-Priority Of Payment Of United States Claims, E. M. Deal S.Ed.
Executors And Administrators-Priority Of Payment Of United States Claims, E. M. Deal S.Ed.
Michigan Law Review
When decedent died in 1940, his personal estate was consumed by the widow's exemption and expenses of administration, leaving only a one-sixth interest in certain real estate formerly owned by his deceased father. Proceedings to partition this property resulted in a sum of $2,306.17 payable to decedent's widow, subject to the payment of his debts. The executors of one Davidson who had obtained a $24,588.00 judgment against decedent in 1933 claimed the entire fund as did the United States under tax liens entered in 1940 and 1941 of $2,202.89 and $8,904.67. The government based its claim on section 3466 of …
Reformation Of Instruments-Mistake Of Facts Underlying Intention
Reformation Of Instruments-Mistake Of Facts Underlying Intention
Michigan Law Review
A debtor determined to mortgage all his property for the benefit of several creditors. His son, commissioned to draw the instrument, was informed that a note to the plaintiff, indorsed by the debtor, would be taken care of by the party primarily liable. So he intentionally omitted the plaintiff's note from the mortgage executed to the other creditors. The note was never paid. After foreclosure of the mortgage, leaving no surplus, the plaintiff sought reformation of the mortgage so as to be included as mortgagee, claiming that the debtor's intention to secure all bank creditors was not executed through mistake …
The Lien Or Equitable Theory Of The Mortgage--Some Generalizations, Edgar N. Durfee
The Lien Or Equitable Theory Of The Mortgage--Some Generalizations, Edgar N. Durfee
Articles
The question is--What is the nature of the rights of a real property mortgagee in those jurisdictions which adopt the lien or equitable theory3 of the mortgage? In one sense this question calls for a full statement of the law of mortgages but that, of course, is not the sense in which the writer puts it. He means by it to put a broader and more scientific question--a question, be it at once confessed, of jurisprudence--yet a question which has an important bearing on, if it is not in fact conclusive of, several specific problems in the law, which will …
Foreign Voluntary Assignments For The Benefit Of Creditors, Edson R. Sunderland
Foreign Voluntary Assignments For The Benefit Of Creditors, Edson R. Sunderland
Articles
AlI laws concerning property rights are based upon the broad - doctrine that every person who owns property may dispose of the same as he sees fit. The right of disposal of property is inseparably united to the right of property itself, and indeed is an essential element of the concept of property. It might even serve as a definition of property, viewing property as that which one may dispose of,-a definition too general, it is true, for practical purposes, but undoubtedly a correct and valuable metaphysical theorem