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Articles 1 - 21 of 21
Full-Text Articles in Law
Securing Russia's Future: A Plea For Reform In Russian Secured Transactions Law, Jason J. Kilborn
Securing Russia's Future: A Plea For Reform In Russian Secured Transactions Law, Jason J. Kilborn
Michigan Law Review
After many turbulent years of uneasy transition to a market economy, Russia is finally "open for business." Nonetheless, the transitional period remains far from over, and Russian enterprises are still starved for capital that they desperately need for retooling to convert from military to consumer production, for acquiring new equipment to replace old and worn machinery, and for undertaking new and lucrative projects. While Russian financial institutions may provide significant funding, their reserves are limited; they could not hope to finance independently the multitude of existing and potential enterprises within the expansive Russian territory. Therefore, much of the financing for …
Taxation-Federal Tax Liens--Priority Of Senior Federal Lien Over Local Tax Lien In Mortgage Foreclosure, Samuel J. Mckim Iii
Taxation-Federal Tax Liens--Priority Of Senior Federal Lien Over Local Tax Lien In Mortgage Foreclosure, Samuel J. Mckim Iii
Michigan Law Review
Plaintiff, a first mortgagee, instituted a foreclosure proceeding joining the mortgagors, a second mortgagee, several judgment creditors, and the United States Government. The Government's lien had been recorded subsequently to the first mortgage but had attached prior to the accrual of various local real estate taxes. Plaintiff's motion for summary judgment, that the premises be sold free of the United States lien but subject to all local real property taxes, was granted. After reversal on appeal, the court again granted summary judgment and effected the same distribution, this time by directing that all local real property taxes be paid as …
Chancery Practice On The American Frontier: A Study Of The Records Of The Supreme Court Of Michigan Territory, 1805-1836, William Wirt Blume
Chancery Practice On The American Frontier: A Study Of The Records Of The Supreme Court Of Michigan Territory, 1805-1836, William Wirt Blume
Michigan Law Review
The act of Congress of January 11, 1805, which created Michigan Territory out of Indiana Territory, provided that the new territory should have a government "in all respects similar" to that provided for the Northwest Territory by the Ordinance of 1787. The Ordinance had provided for the appointment of a court to consist of three judges who should have "a common law jurisdiction. "
Constitutional Law - Due Process - Notice Required To Validate Tax Foreclosure Of Property Of Known Mental Incompetent, Frank M. Lacey S.Ed.
Constitutional Law - Due Process - Notice Required To Validate Tax Foreclosure Of Property Of Known Mental Incompetent, Frank M. Lacey S.Ed.
Michigan Law Review
On May 8, 1952, the town of Somers instituted an action to foreclose a number of tax liens. One of these was upon the property owned by a person known in the community to be a mental incompetent, but who had not yet been so certified by a court. Notice was given to the incompetent taxpayer in compliance with the statute by mail, posting, and publication. When she failed to answer within the prescribed period, foreclosure was entered and a deed to her property delivered to the town. Five days later she was declared a person of unsound mind, and …
The Installment Land Contract As A Junior Security, E. George Rudolph
The Installment Land Contract As A Junior Security, E. George Rudolph
Michigan Law Review
It is the purpose of this paper to explore the problems of one group whose members are increasingly, and more or less as a matter of necessity, finding themselves in the role of mortgagees, or vendors under installment purchase contracts, although they do not fit the assumed pattern. This group consists of persons who own homes subject to existing mortgages and for one reason or another decide to sell. The existing mortgages may be insured by the Federal Housing Administration or by the Veterans Administration or they may be uninsured mortgages held by building and loan associations or other financial …
Mortgages - Redemption - Right Of Mortgagee To Require Partial Redemption, James S. Taylor S.Ed.
Mortgages - Redemption - Right Of Mortgagee To Require Partial Redemption, James S. Taylor S.Ed.
Michigan Law Review
The mortgagor of the premises in question died leaving as his heirs-at-law the plaintiff and eight other children. Shortly thereafter, the mortgagee commenced proceedings to foreclose the mortgage under a power of sale. Pending these proceedings the plaintiff entered the military service of the United States and thus became entitled under the Soldiers and Sailors Civil Relief Act of 1940 to protection against the exercise of the power of sale. The mortgagee purchased at the foreclosure sale and thereafter made extensive improvements on the land. Plaintiff brought a bill to redeem the premises, tendering the entire amount of the mortgage …
Conflict Of Laws-Property-Law Governing Mortgage Deficiency Judgments, William O. Allen S.Ed.
Conflict Of Laws-Property-Law Governing Mortgage Deficiency Judgments, William O. Allen S.Ed.
Michigan Law Review
Defendant, a Michigan corporation, became a guarantor on a mortgage of land located in Alabama. Both the mortgage and underlying note were executed in Alabama and the note was payable there. Upon default, mortgagee, acting under a power of sale, foreclosed the mortgage and became the purchaser at the sale, which was duly conducted according to Alabama law. Mortgagee then brought this action in the federal district court for Michigan to recover the deficiency remaining due after foreclosure. Defendant claimed that the fair market value of the mortgaged property exceeded the balance due on the mortgage debt, and that under …
Mortgages-Mortgagee's Rights Against Tenant Who Occupies Premises Under Subsequent Lease By Mortgagor, Charles E. Becraft S. Ed.
Mortgages-Mortgagee's Rights Against Tenant Who Occupies Premises Under Subsequent Lease By Mortgagor, Charles E. Becraft S. Ed.
Michigan Law Review
It is the purpose of this comment to discuss possible rights of the mortgagee or the purchaser at foreclosure sale, who stands in the place of the mortgagee, in dealing with a tenant of the mortgagor who holds under a lease subsequent to execution of the mortgage. Only the law of those states in which the lien theory of mortgages is in force will be considered.
Constitutional Law--Impairment Of Obligation Of Contract--Mortgage Moratorium--Determination Of The Existence Of An Emergency, George Brody
Constitutional Law--Impairment Of Obligation Of Contract--Mortgage Moratorium--Determination Of The Existence Of An Emergency, George Brody
Michigan Law Review
In 1943 the New York State Legislature extended its moratorium legislation for another year, thereby continuing the suspension of mortgage foreclosure proceedings on real property due to default in payments on principal. The legislature declared that an emergency still existed and therefore the continuance of legislative action, first taken in 1933, was justified. The law made payment of interest, taxes, insurance and amortization charges a prerequisite to suspension of foreclosure. Appellant brought an action to foreclose a mortgage on appellee's property for the non-payment of principal, contending that the suspension of foreclosure proceedings resulted in an impairment of the obligation …
Secured Obligations, Benjamin M. Quigg, Jr.
Secured Obligations, Benjamin M. Quigg, Jr.
Michigan Law Review
The scope of this discussion probably is best defined in the words of the act itself as appear in section 302 (1): "obligations secured by mortgage, trust deed, or other security in the nature of a mortgage · upon real or personal property, owned by a person in military service at the commencement of the period of military service"; and the problems herein discussed are those which arise under the act in connection with the sale, foreclosure, seizure, or repossession of property which is security for such obligations.
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 …
Taxation - Tax Delinquent Lands - The Michigan Land Board Act As A Solution To The Delinquency Problem, Rex B. Martin
Taxation - Tax Delinquent Lands - The Michigan Land Board Act As A Solution To The Delinquency Problem, Rex B. Martin
Michigan Law Review
Nearly all states have been faced with the increasingly difficult problem of what to do with the growing volume of tax delinquent land which has been thrown upon their hands. As a typical example of the financial aspects of this problem, Michigan in 1928 had over $25,000,000 worth of delinquent taxes on 8,757,000 acres of property. In 1932 this acreage was estimated at 15,660,000. By 1937 the unpaid taxes in some of Michigan's counties exceeded five times the assessed value of the delinquent properties. Much of the property could not be sold for the amount of taxes owed, and the …
Bankruptcy - Corporate Reorganization - "Good Faith" In Presenting Petitions For Reorganization Proceedings, Arthur P. Boynton
Bankruptcy - Corporate Reorganization - "Good Faith" In Presenting Petitions For Reorganization Proceedings, Arthur P. Boynton
Michigan Law Review
Reorganization proceedings for corporations are now provided for in chapter ten of the recently enacted Chandler Act, which supersedes the provisions of 77B. This legislation, designed to aid corporations which are insolvent or unable to meet their debts as they mature, is available to all commercial corporations except municipal, insurance, and banking corporations and railroad corporations authorized to file a petition under section 77 upon the proper showing. Sections 130 and 131 enumerate the necessary requirements of any petition filed for the purpose of obtaining reorganization. However, the most important prerequisite to this relief, from the standpoint of difficulty in …
Statute Of Frauds - Estoppel At Law As A Substitute For Part Performance In Equity, John M. Ulman
Statute Of Frauds - Estoppel At Law As A Substitute For Part Performance In Equity, John M. Ulman
Michigan Law Review
In 1930, plaintiff, as administratrix, mortgaged real estate to defendant. In 1933, plaintiff acquiesced in a foreclosure by defendant in pursuance of an oral agreement between the parties whereby it was understood that defendant would convey the land to plaintiff individually to hold for herself and others, plaintiff to give to defendant another mortgage for the same amount and to pay the costs. Defendant obtained title by foreclosure in March, 1934. Extensive repairs and improvements were made by plaintiff between September, 1934 and the spring of 1935. In October, 1934, defendant gave notice to plaintiff that it would not be …
Deeds - Covenant Of Warranty Limited By Exceptions In Another Covenant, Seward R. Stroud
Deeds - Covenant Of Warranty Limited By Exceptions In Another Covenant, Seward R. Stroud
Michigan Law Review
A mortgaged land to B and thereafter executed a second mortgage on the same land to C. In the second mortgage, A covenanted that "they are seized of good and perfect title . . . in fee simple and that the title so conveyed is clear, free and unincumbered except . . . (the Hixton Bank mortgage) [mortgage to B] and that they will forever warrant and defend the same . . . against all claims whatsoever." The first mortgage to B was foreclosed, and B purchased at the foreclosure sale. B sold the land to A, …
Mortgages - Set-Off In Action Against Assuming Grantee On Third Party Beneficiary Theory, Anthony L. Dividio
Mortgages - Set-Off In Action Against Assuming Grantee On Third Party Beneficiary Theory, Anthony L. Dividio
Michigan Law Review
Evans and Fulmer entered into an agreement for an exchange of two pieces of property. Fulmer assumed two mortgages on the property conveyed to her. According to the agreement, Evans gave a first mortgage on the property conveyed to him to a third person and a second mortgage to Fulmer. Evans defaulted on the first mortgage assumed by him; Fulmer, who held the second mortgage, foreclosed and as a result suffered a $17,000 loss. Later, Evans regained possession of the promissory notes evidencing the second mortgage on the property conveyed to Fulmer, and assigned them to Goldfarb who sued Fulmer, …
Election Of Remedies - Deficiency Decree As Bar To Subsequent Suit On Debt, Donald H. Larmee
Election Of Remedies - Deficiency Decree As Bar To Subsequent Suit On Debt, Donald H. Larmee
Michigan Law Review
After foreclosure in Florida of a purchase money mortgage on Florida land, the mortgagee filed a claim for the deficiency against the estate of one of the co-mortgagors, who was a permanent resident of Michigan, and who had been served only by publication in the foreclosure suit. In the foreclosure proceedings the mortgagee had prayed for a deficiency decree, and the Florida court had retained jurisdiction for that purpose, after ordering the sale. The mortgagee had taken no further steps in that proceeding. Held, the Florida law was controlling, and that by Florida statutes, as construed by the courts …
Corporations - Reorganization Under Section 77 B - Right Of Mortgage Trustee To Vote To Exclusion Of Bondholders
Michigan Law Review
The trustee under a mortgage bond issue which was in default with foreclosure pending, sought to vote to the exclusion of the bondholders on a proposed plan for reorganization in a voluntary proceeding by the corporation debtor pursuant to Section 77B of the Bankruptcy Act. The trust indenture authorized the trustee on default to enforce the security by appropriate proceedings, and the individual bondholders were specifically forbidden to sue. The indenture also gave a majority in interest of the bondholders power by an instrument in writing to direct the procedure of the trustee or to remove him. There was no …
Evasion Of Mortgage Moratoria By Prosecution Of Personal Remedies, Gordon B. Wheeler, Edgar N. Durfee
Evasion Of Mortgage Moratoria By Prosecution Of Personal Remedies, Gordon B. Wheeler, Edgar N. Durfee
Michigan Law Review
For reasons political, social and economic which have never been fully analyzed, the moratory legislation of the last five years has shown special favor to the debtor whose obligation is secured by mortgage of land, and this legislation is faintly echoed in moratory decisions which have no direct statutory foundation. Granted that contracts have sometimes received similar treatment, that banks and insurance companies have also enjoyed indulgence, and that the new chapters of the Bankruptcy Act extend asylum to all and sundry, yet the mortgage is so far favored that the word "moratorium" brings to mind this case before all …
Trust Receipts- Rights As Between The Parties
Trust Receipts- Rights As Between The Parties
Michigan Law Review
The defendant financed purchases of automobiles by plaintiff, a retail dealer, in the following manner. The manufacturer would send the bill of lading and draft on plaintiff to a bank acting as agent for defendant. The bank would advance the amount of the draft and deliver the bill of lading to plaintiff, taking a trust receipt on the cars. This trust receipt recited that defendant was the owner of the automobiles and might retake possession at any time. On breach of the agreement, defendant retook possession of the cars with plaintiff's consent and thereafter sold them without plaintiff's knowledge. Plaintiff …
Vendor And Purchaser-Right Of Purchaser To Exoneration As To A Prior Vendor's Lien
Vendor And Purchaser-Right Of Purchaser To Exoneration As To A Prior Vendor's Lien
Michigan Law Review
The case of McClure v. Southfield Woods Corporation, decided by the Michigan supreme court last year, raised an interesting question as to whether a contract vendee of land which is included in a tract subject to a pre-existing vendor's lien has a right of exoneration against his vendor as to such incumbrance. The plaintiff in that case had sold land to the Southfield Woods Corporation by a contract which provided for joinder of the vendor and vendee in a subdivision plat and for release of any lots from the vendor's lien upon payment of a stipulated sum, in addition …