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Full-Text Articles in Law
Training Tomorrow's Banking Lawyers, John D. Hawke Jr., Melanie L. Fein
Training Tomorrow's Banking Lawyers, John D. Hawke Jr., Melanie L. Fein
Michigan Law Review
A Review of Banking Law and Regulation by Jonathan R. Macey and Geoffrey P. Miller
Bills And Notes - Incorporation By Reference - Clause In Mortgage Limiting Bondholder's Right To Sue On Bond
Michigan Law Review
Plaintiff, a holder, sued for the principal of and interest on matured bearer bonds which were part of an issue secured by a trust mortgage. Each bond, which was otherwise negotiable, recited that it was secured by a mortgage, "to which indenture reference is hereby made for a statement of the rights of the holders of said bonds." The mortgage provided that all rights of action on the bonds were vested in the trustee and that no bondholder could sue on the primary indebtedness until he had fulfilled certain prerequisites relative to giving the trustee an opportunity to sue. These …
Bills And Notes - Forged Indorsement - Liability Of Collecting Bank To Drawer
Bills And Notes - Forged Indorsement - Liability Of Collecting Bank To Drawer
Michigan Law Review
Plaintiff drew a check payable to V. It was stolen by H, plaintiff's employee, and delivered to a confederate who forged V's indorsement and deposited the check in the defendant bank which collected on the instrument. Plaintiff was reimbursed by H's bonding company, and then sought to recover the amount of the check from the defendant. Held, that though plaintiff could ordinarily recover the proceeds of its stolen, undelivered check from the collecting bank, recovery here would be denied because plaintiff had already been reimbursed for its loss. Washington Mechanics' Savings Bank v. District Title …