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Secured Transactions-Insurance-A Security Interest In The "Proceeds" Of Secured Collateral Does Not Include Insurance Proceeds-Universal C.I.T. Corp. V. Prudential Investment Corp., Michigan Law Review
Secured Transactions-Insurance-A Security Interest In The "Proceeds" Of Secured Collateral Does Not Include Insurance Proceeds-Universal C.I.T. Corp. V. Prudential Investment Corp., Michigan Law Review
Michigan Law Review
In return for a loan, a debtor executed a promissory note to codefendant, Prudential Investment Corporation, and entered into a written agreement to secure this note, designating as collateral a semi-tractor and the proceeds therefrom. Under this type of arrangement, Prudential's security interest would attach automatically to any property received from a sale, exchange, or other disposition of the tractor. Petitioner, Universal C.I.T. Corp., held the conditional sales contract which was executed in financing the purchase of the tractor and was named as loss payee in the insurance contract covering the tractor. When the tractor was totally destroyed, petitioner collected …
Bankruptcy - Uniform Trust Receipts Act - Rights Of Entruster To A Lien Interest In The General Assets Of Bankrupt Trustee, Barry I. Fredericks
Bankruptcy - Uniform Trust Receipts Act - Rights Of Entruster To A Lien Interest In The General Assets Of Bankrupt Trustee, Barry I. Fredericks
Michigan Law Review
Plaintiff, a credit corporation, used a trust receipt arrangement to finance a car dealer, who thereafter sold a number of the entrusted cars (out of trust sales) without remitting the proceeds to plaintiff. In order to restore some of these proceeds, which had been dissipated in the course of running his business, the car dealer gave plaintiff a trust receipt on ten unencumbered trucks in its possession, in release of part of plaintiff's security interest under the first trust receipts. Plaintiff later sold these ten trucks. Subsequently, in the course of bankruptcy proceedings filed against the car dealer, plaintiff sought …
Securities - Rights Of Used Car Purchasers Under Trust Receipt Financing, Walter H. Weiner S.Ed.
Securities - Rights Of Used Car Purchasers Under Trust Receipt Financing, Walter H. Weiner S.Ed.
Michigan Law Review
The recent enactment of the Uniform Trust Receipts Act: by the Michigan legislature was an important and much needed revision in the Michigan law of chattel security. Although the UTRA has been referred to as a " . . . perplexing maze of technical phrases ... ," it is submitted that the act contains a clear presentation of the changes which are to be effected, and should go far in freeing the financing of goods in the flow of commerce from some anachronistic shackles. The particular intent of this comment is to explore the impact of the UTRA and other …
Sales - Uniform Trust Receipts Act - Strict Requirement Of Accuracy In Designating Trustee In Filing Under The Act, John W. Hupp S.Ed.
Sales - Uniform Trust Receipts Act - Strict Requirement Of Accuracy In Designating Trustee In Filing Under The Act, John W. Hupp S.Ed.
Michigan Law Review
Plaintiff and E. R. Millen Co., Inc., entered into a financing arrangement whereby plaintiff agreed to finance the wholesale purchase of various types of electrical appliances by E. R. Millen Co., Inc. Plaintiff promptly recorded a statement of trust receipt financing setting forth that the plaintiff "is or expects to be engaged in financing under trust receipt transactions the acquisitions by the trustee, E. R. Millen Company." The statement then designated the trustee's business address. This trust receipts arrangement was in operation for about a year when E. R. Millen Co., Inc., made a general assignment of all of its …
Chattel Mortgages In Floor Financing-Validity Of Recorded Chattel Mortgage As Against Purchaser In Ordinary Course-Effect Of Certificate Of Title Act When Certificate Retained By Mortgage, Walter H. Weiner S.Ed
Chattel Mortgages In Floor Financing-Validity Of Recorded Chattel Mortgage As Against Purchaser In Ordinary Course-Effect Of Certificate Of Title Act When Certificate Retained By Mortgage, Walter H. Weiner S.Ed
Michigan Law Review
Plaintiff, buyer of an automobile from a used-car dealer, brought suit against the dealer and a bank, to which the dealer had given a duly filed chattel mortgage covering the automobile, to have the mortgage declared invalid as to the automobile in question, and for specific enforcement of the promise by the dealer to deliver the certificate of title to the buyer. The mortgage contained a clause giving the dealer-mortgagor the right to sell automobiles mortgaged to the bank-mortgagee, but the bank retained possession of the certificate of title to the automobile. The Circuit Court in Chancery entered judgment for …
Mcgowan: Trust Receipts, Michigan Law Review
Mcgowan: Trust Receipts, Michigan Law Review
Michigan Law Review
A Review of TRUST RECEIPTS. By George B. McGowan.
New Legislation Affecting Non-Notification Financing Of Accounts Receivable, Maximilian Koessler
New Legislation Affecting Non-Notification Financing Of Accounts Receivable, Maximilian Koessler
Michigan Law Review
Not less than sixteen new statutes affecting the assignment of accounts receivable have been enacted in this country since the writer's completion of an essay in which he attempted to draw an all-round picture of the legal situation in this recently so much debated field. It is one of the purposes of the present follow-up study to discuss those new legislative developments. This will be done in part II of this article, where the analysis is subdivided into a contemplation of the new validation statutes on the one hand, and the new recording acts, on the other.
Sales - Status Of Title-Retaining Instruments As Against Third Persons
Sales - Status Of Title-Retaining Instruments As Against Third Persons
Michigan Law Review
The exploitation of the legal concept of divided property interests in chattels by ingenious draftsman-lawyers has resulted in the variety of title-retaining instruments commonly used today in the creation of vendor-vendee relationships. Among the more familiar forms may be mentioned the conditional sale, bailment lease, chattel mortgage, and trust receipt. The chief motive of the seller in resorting to these devices seems to lie in the belief that the buyer is a poor credit risk, and the particular instrument which a seller will employ in a given situation will depend largely upon the relative legal advantages which he seeks to …