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Vendor -Purchaser-Prospective Inability Of Vendor To Convey
Vendor -Purchaser-Prospective Inability Of Vendor To Convey
Michigan Law Review
In a contract for the sale of sixty-three lots of a subdivision, the defendant agreed to take the purchase money by installments extending over a period of eighteen months, and promised to convey the premises free from encumbrances when twenty-five per cent of the sale price was paid. While the plaintiff was not in default the defendant mortgaged the entire subdivision to one who was not charged with notice, to secure the payment of bonds some of which did not mature for five years. Stipulations m the mortgage allowed the release of any lot on deposit with the mortgagee of …
Subrogation -An Equitable Device For Achieving Preferences And Priorities
Subrogation -An Equitable Device For Achieving Preferences And Priorities
Michigan Law Review
Courts are seldom embarrassed in modern times by the poverty of their resources. On the contrary, with the multiplication of "substantive law" formulae and of new procedural devices, their difficulties more often result from the embarrassment of overwhelming riches. This statement may be best illustrated by a brief review of the equitable devices for achieving preferences and priorities, which have developed so rapidly within the last fifty years and have surmounted almost completely the artificial barriers of legal doctrine. In this field the chief effort of the courts must now be not to develop new machinery, but to reexamine the …
Publicly Owned Utilities And The Problem Of Municipal Debt Limits, Lawrence L. Durisch
Publicly Owned Utilities And The Problem Of Municipal Debt Limits, Lawrence L. Durisch
Michigan Law Review
The far-reaching contest being waged between the advocates of municipal ownership of public utilities and the private ownership group, between those who "want the government to get out of business" and those who desire to see an increase in its proprietary functions, has produced a number of sharp legal controversies. One of the most interesting of these, recently litigated in a number of state courts, is whether an obligation incurred for the purchase or repair of a municipally-owned utility is a "municipal debt" within the meaning of constitutional or statutory debt limits. Because of the wide-spread interest in, and the …