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Full-Text Articles in Law
Contracts - Consideration - Agreement To Reduce Rent Reserved In Lease
Contracts - Consideration - Agreement To Reduce Rent Reserved In Lease
Michigan Law Review
Plaintiff sued defendants, who were trustees of a business trust, to enforce personal liability upon them for accrued rent due under a lease. When the lessee company, which was losing money because of the depression, threatened to vacate the premises, the plaintiff acquiesced in the lessee's demand that the rent be reduced for the balance of the term. Plaintiff sought to recover the amount due under the lease, claiming that the agreement for reduction was without consideration and therefore a nullity. Held, that in view of plaintiff's knowledge of the lessee's financial condition, the latter's agreeing to remain in …
Banking Reform By Statute, Robert G. Rodkey
Banking Reform By Statute, Robert G. Rodkey
Michigan Law Review
The lamentable failure of our banking system to function satisfactorily in the performance of its duties to the public raises at the outset two kinds of questions. Is there something fundamentally unsound about the structure of our banking machinery or does the trouble reside merely in a lack of understanding on the part of bankers of the proper management of the detailed activities in which banks necessarily engage? Or may the unsatisfactory result be ascribed to a combination of these two alternatives? The position taken in this paper is that the structure of our banking system is inherently unsound and …
Federal Housing And Home Loan Legislation And Its Consequences, Ernest M. Fisher
Federal Housing And Home Loan Legislation And Its Consequences, Ernest M. Fisher
Michigan Law Review
The laissez-faire policy characteristic of both federal and state policy prior to 1932 in connection with housing was first departed from in a provision in the "Emergency Relief and Construction Act of 1932," passed by the 72nd Congress just before adjournment in July. This provision authorized the Reconstruction Finance Corporation to "make loans to corporations, formed wholly for the purpose of providing housing for families of low incomes, or for reconstruction of slum areas, which are regulated by state or municipal law as to rents, charges, capital structure, rate of return, and areas and methods of operation, to aid in …
Criminal Law And Procedure-Larceny-Hunger And Want As Defense
Criminal Law And Procedure-Larceny-Hunger And Want As Defense
Michigan Law Review
A large group of unemployed marched on a Red Cross commissary to request a larger ration of flour. After locating the chairman and being answered with a firm and final refusal, a large part of the group went into a private store and carried off groceries without paying for them. At the trial the appellants offered to prove conditions of poverty and want among the unemployed of that county on and prior to the date of the raid, for the purpose of showing a purpose and justification for the raid. Held, such evidence was correctly excluded. State v. Moe …
Bankruptcy - Proof Of Claims For Unaccrued Rent
Bankruptcy - Proof Of Claims For Unaccrued Rent
Michigan Law Review
In the very recent case of Manhattan Properties, Inc. v. Irving Trust Co., the Supreme Court for the first time authoritatively passed on the validity of a claim in bankruptcy by a lessor against the bankrupt estate for loss of future rents due after the filing of the petition. The Court, affirming the decision of the Circuit Court of Appeals, ruled that the landlord's claim was not provable. Mr. Justice Roberts, delivering the opinion of the Court, reviewed the long history of litigation on the subject and was impressed by the fact that although the great majority of the …
The Securities Act Of 1933, Laylin K. James
The Securities Act Of 1933, Laylin K. James
Michigan Law Review
In 1907 a Pennsylvania superior court stated in one of its opinions that, "'there is no reason why a man should not be a fool.' As a corollary to that saying, it may be added that there is no reason why a court should protect a fool against the result of his folly. No new feature of rapacity in the buyer is apparent in this instance [ the purchase of property worth $ 5,000 prospectively for $ 500] to make him a worse offender against the law of fair dealing than an army of Shy locks who have preceded him. …
Constitutional Law - Moratory Legislation
Constitutional Law - Moratory Legislation
Michigan Law Review
A Minnesota statute, in view of the economic emergency, provided, among other things, that courts might, upon petition of a mortgagor, extend the period of redemption from mortgage foreclosure sales for a definite time not beyond May 1, 1935. If a court took such action, the mortgagor was to remain in possession of the premises and pay a reasonable rental to the mortgagee. Held, by the United States Supreme Court in a five-to-four decision, that this statute did not violate the contracts, or due process, or equal protection clauses of the Constitution. Home Building and Loan Association v. Blaisdell …