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Bankruptcy - Reorganization - Nature Of Farmer-Debtor's Right To Adjudication Under Section 75 (S), Louis C. Andrews, Jr.
Bankruptcy - Reorganization - Nature Of Farmer-Debtor's Right To Adjudication Under Section 75 (S), Louis C. Andrews, Jr.
Michigan Law Review
Plaintiff, a farmer, filed his original petition May 3, 1934, under section 74 of the Bankruptcy Act. Eleven months later he amended his petition, seeking relief under section 75 (a)-(r). Until March 2, 1940, no progress was made, and at that time the plaintiff sought adjudication under subsection (s). The district court entered an order that the petition be denied and the mortgagee's title recognized. The circuit court of appeals affirmed, stating that the petitioner had an affirmative duty to proceed diligently in obtaining a composition and extension agreement under subsections (a)-( r). Held, reversed. The benefits of section …
Bankruptcy-Effect Of Rule Of Erie Railroad V. Tompkins On Priorities In Federal Bankruptcy Proceedings, Michigan Law Review
Bankruptcy-Effect Of Rule Of Erie Railroad V. Tompkins On Priorities In Federal Bankruptcy Proceedings, Michigan Law Review
Michigan Law Review
A company engaged in the mortgage-guaranty business became bankrupt, the respondent being the successor company resulting from reorganization proceedings under section 77B of the Bankruptcy Act. The original company had loaned money secured by a bond and mortgage and then sold certificates to the public representing undivided shares in the mortgage, the certificates being guaranteed by the same company. The mortgagor having defaulted, the controversy in the principal case arose because the now bankrupt company had before bankruptcy repurchased two of the certificates, acquired title to a third, and held the balance of the loan for which no certificates had …
Specific Performance - Effect Of A V Endor's Breach Of A Collateral Agreement, Michigan Law Review
Specific Performance - Effect Of A V Endor's Breach Of A Collateral Agreement, Michigan Law Review
Michigan Law Review
The vendor sought specific performance of a land contract containing the following clause, "On default by the buyer, the binder shall be retained by the seller, but if the seller shall be unable to make conveyance as above stipulated then the binder shall be returned and all obligations shall cease." It was agreed orally by the parties that the vendor would help the vendee finance the purchase. The vendor did provide the vendee with an application for a mortgage from a bank, but the bank did not promise to take the mortgage. Held, specific performance should be refused, both …