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Attorneys At Law-Substitution Of Attorneys-Protection Of The Attorney's Right To Compensation, G. B. Myers S.Ed.
Attorneys At Law-Substitution Of Attorneys-Protection Of The Attorney's Right To Compensation, G. B. Myers S.Ed.
Michigan Law Review
Plaintiff employed an attorney on a contingent fee basis. After the suit had been begun, but before trial, plaintiff moved to dismiss and to substitute attorneys so that he might bring the action in another state. The attorney objected, claiming that the court should secure him in his right to one-third of the recovery. Plaintiff contended that the attorney was only entitled to the reasonable value of his services. On argument to the court, held, for plaintiff. When the employment is upon a contingent fee basis the attorney discharged without cause has a right only to the reasonable value …
Corporations-Right Of Corporation To Pay Dividends To Common Shareholders To Equalize Prior Wrongful Payment To Preferred Shareholders, Theodore Sachs S.Ed.
Corporations-Right Of Corporation To Pay Dividends To Common Shareholders To Equalize Prior Wrongful Payment To Preferred Shareholders, Theodore Sachs S.Ed.
Michigan Law Review
As a general proposition, payment of dividends may be made only out of surplus and not out of the capital stock of a corporation. Though the cases evidence considerable confusion as to the meaning of "surplus" and "capital," it is clear that these terms do not indicate a res. Rather, they are convenient designations for legislatively prescribed limits as to when dividend payments are proper. The capital stock rule, that the aggregate consideration received for no par stock plus the aggregate value of issued par stock may not be tapped for shareholder distribution, is founded, loosely speaking, on the notion …
Creditors' Rights-Remedies Available To Tort Creditor Without Judgment In Michigan And Under The Uniform Fraudulent Conveyances Act, Colvin A. Peterson, Jr. S.Ed.
Creditors' Rights-Remedies Available To Tort Creditor Without Judgment In Michigan And Under The Uniform Fraudulent Conveyances Act, Colvin A. Peterson, Jr. S.Ed.
Michigan Law Review
During negotiations for settlement of a tort claim between plaintiff and X, X transferred some realty to his son, defendant. Plaintiff commenced suit against X on the claim and, alleging that defendant and X were jointly liable on the claim, sued defendant in equity to enjoin a prospective transfer of the property by defendant to third parties. Held, for defendant; equity has no jurisdiction to enjoin the transfer of assets for a claim that is not secured by a lien or reduced to a judgment. Irwin v. Meese, 325 Mich. 349, 38 N.W. (2d) 869 (1949).