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Articles 1 - 30 of 37
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 …
Targeting Poverty In The Courts: Improving The Measurement Of Ability To Pay Fines, Meghan M. O'Neil, J.J. Prescott
Targeting Poverty In The Courts: Improving The Measurement Of Ability To Pay Fines, Meghan M. O'Neil, J.J. Prescott
Articles
Ability-to-pay determinations are essential when governments use money-based alternative sanctions, like fines, to enforce laws. One longstanding difficulty in the U.S. has been the extreme lack of guidance on how courts are to determine a litigant’s ability to pay. The result has been a seat-of-the-pants approach that is inefficient and inaccurate, and, as a consequence, very socially costly. Fortunately, online platform technology presents a promising avenue for reform. In particular, platform technology offers the potential to increase litigant access, reduce costs, and ensure consistent and fair treatment—all of which should lead to more accurate sanctions. We use interviews, surveys, and …
A Capital Market, Corporate Law Approach To Creditor Conduct, Mark J. Roe, Frederico Cenzi Venezze
A Capital Market, Corporate Law Approach To Creditor Conduct, Mark J. Roe, Frederico Cenzi Venezze
Michigan Law Review
The problem of creditor conduct in a distressed firm—-for which policymakers ought to have the distressed firm’s economically sensible repositioning as a central goal—-has vexed courts for decades. Because courts have not come to coherent, stable doctrine to regulate creditor behavior and because they do not focus on building doctrinal structures that would facilitate the sensible repositioning of the distressed firm, social costs arise and those costs may be substantial. One can easily see why developing a good rule here has been hard to achieve: A rule that facilitates creditor intervention in the debtor’s operations beyond the creditor’s ordinary collection …
Mezzanine Finance And Preferred Equity Investment In Commercial Real Estate: Security, Collateral & Control, Jon S. Robins, David E. Wallace, Mark Franke
Mezzanine Finance And Preferred Equity Investment In Commercial Real Estate: Security, Collateral & Control, Jon S. Robins, David E. Wallace, Mark Franke
Michigan Business & Entrepreneurial Law Review
This article will review both the genesis and the rise in popularity of preferred equity and mezzanine debt, examine their legal and structural differences, and provide some exposition as to how these financing techniques work from security, collateral and control standpoints. We do not undertake in this article to address the differences in tax and accounting treatment between mezzanine loans and preferred equity investments both for either the mezzanine lender or preferred equity investor on the one hand, or for the mezzanine borrower or the common equity investor, on the other hand. In deciding upon which structure to use, transaction …
Race, Educational Loans & Bankruptcy, Abbye Atkinson
Race, Educational Loans & Bankruptcy, Abbye Atkinson
Michigan Journal of Race and Law
This Article reports new data from the 2007 Consumer Bankruptcy Project revealing that college graduates and specifically White graduates are less likely to file for bankruptcy than their counterparts without a college degree. Although these observations suggest that a college degree helps graduates to weather the setbacks that sometimes lead to financial hardship as measured by bankruptcy, they also indicate that a college degree may not help everyone equally. African American college graduates are equally likely to file for bankruptcy as African Americans without a college degree. Thus, a college education may not confer the same protective benefit against financial …
Deleveraging Microfinance: Principles For Managing Voluntary Debt Workouts Of Microfinance Institutions, Deborah Burand
Deleveraging Microfinance: Principles For Managing Voluntary Debt Workouts Of Microfinance Institutions, Deborah Burand
Articles
This paper focuses on the challenges of responding to a deleveraging of the microfinance sector and offers guidelines for stakeholders in microfinance-regulators, policymakers, investors (debt and equity), donors, and microfinance providers-for how to address these challenges in the context of a microfinance institution debt workout so as to minimize undue disruption and damage to the microfinance sector as a whole.
Partially Odious Debts?, Omri Ben-Shahar, Mitu Gulati
Partially Odious Debts?, Omri Ben-Shahar, Mitu Gulati
Articles
The despotic ruler of a poor nation borrows extensively from foreign creditors. He spends some of those funds on building statues of himself, others on buying arms for his brutal secret police, and he places the remainder in his personal bank accounts in Switzerland. The longer the despot stays in power, the poorer the nation becomes. Although the secret police are able to keep prodemocracy protests subdued by force for many years, eventually there is a popular revolt. The despot flees the scene with a few billion dollars of his illgotten gains. The populist regime that replaces the despot now …
The Feasibility Of Debt-Equity Swaps In Russia, Thomas M. Reiter
The Feasibility Of Debt-Equity Swaps In Russia, Thomas M. Reiter
Michigan Journal of International Law
This Note examines the origins, development, and mechanics of debt-equity swap programs in Latin America before discussing the various goals and policy considerations involved in formulating debt-equity swap programs. Next, the Note describes Russia's debt situation and sketches the outlines of a debt-equity swap program that will reduce Russia's foreign debt while stimulating foreign direct investment.
Debts, Job Choices, And Financial Burden: Educational Debts At Nine American Law Schools, David L. Chambers
Debts, Job Choices, And Financial Burden: Educational Debts At Nine American Law Schools, David L. Chambers
Books
American law students are borrowing large sums of money. For graduates at many schools, cumulative debts of $35,000 from college and law school have become the norm and debts of $40,000, $50,000 and even more are common. The sums students are borrowing are much larger today than they were ten years ago, even after adjusting for increases in the cost of living. They have risen at a vastly faster pace than the initial salaries at small law firms and government agencies. They have even risen at a faster pace than the initial salaries in many large firms. The new pattern …
Section 707(B) Of The Bankruptcy Code: A Roadmap With A Proposed Standard For Defining Substantial Abuse, David L. Balser
Section 707(B) Of The Bankruptcy Code: A Roadmap With A Proposed Standard For Defining Substantial Abuse, David L. Balser
University of Michigan Journal of Law Reform
This Note examines these questions and proposes a standard for determining "substantial abuse." Part I provides an overview of Chapter 7 of the Bankruptcy Code. Part II discusses the legislative history of section 707(b). Part III examines the jurisdictional and procedural questions raised by the section and attempts to define what Congress meant by "primarily consumer debts" and "on [a court's] own motion." Part IV proposes a two-part standard for determining "substantial abuse." This standard suggests that courts should find "substantial abuse" whenever a debtor acts in bad faith or is able to repay 100% of his debts over the …
Law, Legalism, And Community Before The American Revolution, Bruce H. Mann
Law, Legalism, And Community Before The American Revolution, Bruce H. Mann
Michigan Law Review
The connections between law and community are difficult to identify, let alone explain. It may be best to begin by seeing how law and the ways people used it changed, and then attempt to relate those changes to the surrounding economy and society. One must, of course, be wary of finding what one looks for. Nonetheless, as with objects against a dark background, it is sometimes easier to see things when they move than when they remain still. To illustrate the interactive nature of legal change and community, I will draw on examples from Connecticut before the Revolution - not …
Accrual Of Gambling Debts Under Internal Revenue Code Section 451, Michigan Law Review
Accrual Of Gambling Debts Under Internal Revenue Code Section 451, Michigan Law Review
Michigan Law Review
This Note examines whether an accrual-basis taxpayer must include a legally unenforceable claim in taxable income when it is executed or satisfied. Section I of the Note interprets the "all events test" to require measurement of the likelihood of payment of a debt at the time it is executed: If payment is sufficiently certain, the debt must be accrued. The section concludes that the casinos must include the outstanding markers as income in the year of their execution, and cannot postpone their inclusion until the debts are repaid. Section II argues that accrual-method taxpayers are entitled to use a "bad …
The Partially Secured Creditor Under Chapter Xiii Of The Bankruptcy Act, Wayne C. Dabb Jr.
The Partially Secured Creditor Under Chapter Xiii Of The Bankruptcy Act, Wayne C. Dabb Jr.
University of Michigan Journal of Law Reform
Under current bankruptcy law, a partially secured creditor can force a struggling debtor into straight bankruptcy despite the debtor's voluntary attempt to rescue himself from insolvency under a Chapter XIII wage earner plan. Since the partially secured creditor has a security interest in the debtor's personal property, though it may be one of only negligible value, he is generally treated under Chapter XIII as a wholly secured creditor. If the partially secured creditor is affected by the wage earner plan, his assent to it is required before the court can confirm the plan. He may therefore, by his single dissent, …
Wage Garnishment Should Be Prohibited, William T. Kerr
Wage Garnishment Should Be Prohibited, William T. Kerr
University of Michigan Journal of Law Reform
Historically, the statutory treatment of wage garnishment among the states has been characterized primarily by its diversity. Although most states exempt a specified amount of a man's wage from the reach of his creditors, the dollar levels of these exemptions are as various as the methods chosen to compute the amount to be exempted. In addition, legislators, some union spokesmen and some legal commentators have become increasingly aware of the role of wage garnishment in the "debtor-spiral" of easy credit, discharge from employment, bankruptcy and welfare. Inevitably this spiral involves a disproportionate impact on the poor. Impelled by these concerned …
Future Interests-Rule Against Perpetuities-Vesting Of Residuary Estate In Trustee For Charity Subject To A Condition Precedent, Edward W. Rothe S.Ed.
Future Interests-Rule Against Perpetuities-Vesting Of Residuary Estate In Trustee For Charity Subject To A Condition Precedent, Edward W. Rothe S.Ed.
Michigan Law Review
The will of testatrix provided: after the payment of debts and legacies, "I give, devise and bequeath" the residue of my estate to a charitable foundation. Held, the provision for payment of debts and legacies refers only to the quantum of estate the trustee will take and not to the time when his title vests in interest; it constitutes no condition precedent to the vesting of title in the trustee for charity. Therefore, the rule against perpetuities, which applies only to remoteness of vesting and not to postponement of possession and enjoyment, has no application. The fact that debts …
Bankruptcy-Status Of Claims In Bankruptcy Proceeding Following Default In Chapter Xi Arrangement, Myron J. Nadler S.Ed., L. B. Lea S.Ed
Bankruptcy-Status Of Claims In Bankruptcy Proceeding Following Default In Chapter Xi Arrangement, Myron J. Nadler S.Ed., L. B. Lea S.Ed
Michigan Law Review
A significant question arising under the Bankruptcy Act of 1938 which has not been satisfactorily dealt with by the statute is the relative status, in a bankruptcy proceeding precipitated by the debtor's default under the terms of a chapter XI arrangement, of claims of creditors participating in the arrangement and of those who became creditors after confirmation. Specifically, the problem is whether the old creditors, those who participated in the arrangement, can prove to the amount of their original claims, or merely to the extent of their claims as scaled down by the terms of the arrangement; and whether the …
Descent And Distribution-Necessity Of Administration Of Decedents' Estates-Effect Of Statutes Which Change The Devolution Of Personal Property, Neal Seegert S.Ed.
Descent And Distribution-Necessity Of Administration Of Decedents' Estates-Effect Of Statutes Which Change The Devolution Of Personal Property, Neal Seegert S.Ed.
Michigan Law Review
It is almost an axiom of the common law that upon the death of a person the title to his personal property vests in his personal representative. On the other hand it is equally axiomatic that title to real property descends directly to the heirs or devisees, subject to the control of the personal representative and the probate court for purposes of satisfying the debts of the decedent in the absence of sufficient personalty. A number of jurisdictions, however, have by statute altered the common-law doctrine and have provided that title to both personalty and realty passes directly to the …
Principal And Surety -Application Of Payments By Creditor When Source Of Funds Is Known, William H. Buchanan S.Ed.
Principal And Surety -Application Of Payments By Creditor When Source Of Funds Is Known, William H. Buchanan S.Ed.
Michigan Law Review
X, contractor on a housing project, sublet the painting work to Y. Y purchased paints from Z and also borrowed money from Z to pay his laborers until payments began to come in. Pursuant to an agreement between Y and Z, Y turned over checks received from X to Z, and these checks were applied against the debt owing for the money loaned to Y by Z. Z, as materialman and as beneficiary of an ordinary bond to pay labor and materials, sued X and the surety on the bond. Held, Z was …
Dispensing With Administration, Paul E. Basye
Dispensing With Administration, Paul E. Basye
Michigan Law Review
With an elaborate system existing in every state for the administration of decedents' estates, it should not be assumed that every estate is or need be subjected to official supervision by a probate court. According to studies made in this connection there is approximately one administration for every four deaths. In some cases there is no estate to be administered. In others it is of such small value that administration is neither required nor justified. Even when a decedent dies possessed of a moderate or large estate, it does not follow that administration is absolutely essential. It is the experience …
Powers - Excluding Creditors Of The Donee Of A General Power By Express Provisions By The Donor, S. W. Boyce, Jr.
Powers - Excluding Creditors Of The Donee Of A General Power By Express Provisions By The Donor, S. W. Boyce, Jr.
Michigan Law Review
There is very little authority upon this subject; lawyers seemingly assume that the picture is complicated enough without venturing into new fields. In only two jurisdictions are there actual reported cases where the donor has tried by specific provisions to restrain creditors of the donee.
Corporations - Rights Of Action By The Representative Of Corporate Creditors - Effect Of Corporate Assent, Edward W. Adams
Corporations - Rights Of Action By The Representative Of Corporate Creditors - Effect Of Corporate Assent, Edward W. Adams
Michigan Law Review
By various acts the directors and officers of a corporation--its agents for the conduct of corporate business--may wrong the corporation or make possible a wrong to the corporation or to the body of corporate stockholders. When the corporation becomes involved in insolvency proceedings, in order to make available to creditors as many assets as possible, the receiver or trustee in bankruptcy determines whether some cause of action will lie to recover damages or property, or whether he may successfully defend to preserve assets. If the corporation itself could have been successful in the litigation, the solution would be easy because …
Taxation - Federal Income Tax - Deductions - Loss Upon Sale To Corporation Wholly Owned By Taxpayer, G. Randall Price
Taxation - Federal Income Tax - Deductions - Loss Upon Sale To Corporation Wholly Owned By Taxpayer, G. Randall Price
Michigan Law Review
In 1932 the taxpayer sold to the X corporation, which he wholly owned and controlled, certain shares of stock in partial payment of a debt which he owed to X corporation. The selling price, which was the market value of the stock, was less than the stock had cost the taxpayer. It was found that the sale was entered into with the intent of creating a deductible loss and thus reducing the taxpayer's taxable income. In computing his taxable income for 1932, the taxpayer deducted the amount of the loss on the sale of this particular stock to his wholly …
Trusts - Tentative Trusts - Right Of Settlor To Set-Off Against Insolvent Bank, Ralph Winkler
Trusts - Tentative Trusts - Right Of Settlor To Set-Off Against Insolvent Bank, Ralph Winkler
Michigan Law Review
Plaintiff brought this bill in equity to compel the receiver of an insolvent bank to set off a deposit against the plaintiff's liability as an indorser on a note, the maker of which was unable to discharge the debt. The account was opened by the plaintiff as "trustee" for his minor son. He had exercised complete control over the account and had made numerous withdrawals for his own purposes. Held, set-off denied. The deposit created a tentative trust; and until revocation the son was the equitable owner thereof. Since the right of set-off is determined by the state of …
The Effect Of Inflation On Private Contracts: United States, 1861-1879, John P. Dawson, Frank E. Cooper
The Effect Of Inflation On Private Contracts: United States, 1861-1879, John P. Dawson, Frank E. Cooper
Michigan Law Review
The American Civil War provides ample material for studying the legal consequences of currency depreciation. The sudden demands of war on government budgets made it necessary in both North and South to issue a large volume of paper money, which produced a general rise in prices, a premium on gold, and all the other indices of major monetary inflation. American history had already illustrated the dangers in the use of unstable monetary standards and in too rapid an expansion of the monetary supply. The period of the Civil War is of peculiar interest to lawyers, however, because the record of …
The Recognition Of Russia, Edwin D. Dickinson
The Recognition Of Russia, Edwin D. Dickinson
Michigan Law Review
Revolution in Russia culminated, on March 15, 1917, in the abdication of the Romanoffs and the establishment of the Provisional Government. In November, 1917, the Provisional Government was overthrown by the Bolsheviki and the Russian Socialist Federated Soviet Republic was proclaimed. Thus in nine turbulent months authority in Russia passed from the autocracy of the Czars, through the ineffective hands of the moderates, to extreme radicals frankly committed to communism and the dictatorship of the proletariat.
Bases Of Jurisdiction In State Taxation Of Inheritances And Property, Charles L.B. Lowndes
Bases Of Jurisdiction In State Taxation Of Inheritances And Property, Charles L.B. Lowndes
Michigan Law Review
Theoretically there is an accepted distinction between jurisdiction to exact an inheritance tax and a property tax. Is this distinction of practical significance? Does it influence a court in the concrete decision of a case?
Taxation-Jurisdiction To Tax Intangibles-Business Situs
Taxation-Jurisdiction To Tax Intangibles-Business Situs
Michigan Law Review
Decedent died domiciled in Illinois, owning the majority of stock in a South Carolina corporation, and a chose in action for a large sum owed him by the corporation, partly on open account, and partly for dividends declared but unpaid. The executors objected to the inclusion of the chose in an assessment under the South Carolina inheritance tax law, but the South Carolina court refused relief, basing jurisdiction to tax the transfer of the indebtedness, in part, on the ground that this property had acquired a business situs in South Carolina. On certiorari, this decision was reversed by the United …
Pleading-Counterclaim-Shipper's Counterclaim In Carrier's Action For Freight No Violation Of Interstate Commerce Act
Michigan Law Review
See note, supra, on Chicago and N. W. Ry. v. Lindell, 281 U. S. 14, 50 Sup. Ct. 2co, 74 L. ed. (Adv, Op. 272), at page 245 of this number.
Gratuitous Partial Assignments, Edwin D. Dickinson
Gratuitous Partial Assignments, Edwin D. Dickinson
Articles
"Is it possible to make an effective and irrevocable assignment by way of gift of part of a close action? There are no obvious reasons why it should not be possible. Gifts of a great variety of valuable rights are favored and protected by law. Why not a gift of part of a chose in action?"
Acquiring Jurisdiction In Garnishment Proceedings, John R. Rood
Acquiring Jurisdiction In Garnishment Proceedings, John R. Rood
Articles
Garnishment is a proceeding provided by statutes found in every state, for the purpose of laying hold of something belonging to a defendant or judgment debtor but actually in the hands of someone else, and appropriating it to pay the debt due from the defendant or judgment debtor. If the proceeding is instituted ancillary to a pending suit, and before judgment, it is a species of attachment. If it is issued ancillary to a judgment already recovered it is a species of execution. If the third person summoned as garnishee is merely bailee of property belonging to the judgment debtor …