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Articles 1 - 12 of 12
Full-Text Articles in Law
Restitution - Equitable Remedies - Imposition Of Equitable Lien To Carry Out Provisions Of Will, David C. Berg
Restitution - Equitable Remedies - Imposition Of Equitable Lien To Carry Out Provisions Of Will, David C. Berg
Michigan Law Review
H and W each conveyed their separate farms to themselves as joint tenants by means of a third-party conduit. The deeds were not recorded, and H and W continued to regard their respective farms as belonging to themselves individually. In 1951, W, faced with imminent death, executed a will calling for the payment of certain bequests out of her farm or its proceeds. H agreed to act as executor and promised that the bequests would be paid. H had recorded the joint tenancy deeds before W died, but had not paid the bequests when he died intestate two years …
Corporations - Shareholders - Delegation Of Director's Principal Duties Insufficient To Invalidate A Voting Trust, Gerald D. Rapp
Corporations - Shareholders - Delegation Of Director's Principal Duties Insufficient To Invalidate A Voting Trust, Gerald D. Rapp
Michigan Law Review
The directors of an intermediate unit in a string of holding companies caused the corporation's sole substantial asset, the stock representing control of a subordinate holding company, to be deposited in a voting trust. Most of these directors, serving one-year terms, comprised the majority of the trustees who were to serve for the life of the ten-year trust. This act served to insulate the lower companies from the control of plaintiffs who were majority shareholders of the top holding company. The plaintiffs sought an injunction restraining the use by the trustees of the stock controlled by the trust to effect …
Wills - Lapse Of A Residuary Gift, Phillip Jacobus
Wills - Lapse Of A Residuary Gift, Phillip Jacobus
Michigan Law Review
Testatrix left a will containing the following bequest: ". . . I give, devise and bequeath to my brothers and sisters, A, B, C, D and the children of E (naming them), and F and G, all the ... residue ... of my Estate ... both real and personal of whatsoever kind . . . and wherever situated should be sold and distributed in equal share, share and share alike .... " G died before the testatrix, and her share lapsed. The trial court held that G's share passed as intestate property of the testatrix. On appeal, held, …
Scott: The Law Of Trusts (Second Edition)., Lewis M. Simes
Scott: The Law Of Trusts (Second Edition)., Lewis M. Simes
Michigan Law Review
A Review of The Law of Trusts (second edition). By Austin Wakeman Scott
Future Interests - Rule Against Perpetuities - Recent Kentucky Legislation Pertaining To Administrative Contingencies, Jules M. Perlberg S.Ed.
Future Interests - Rule Against Perpetuities - Recent Kentucky Legislation Pertaining To Administrative Contingencies, Jules M. Perlberg S.Ed.
Michigan Law Review
A recent Kentucky amendment to its perpetuities statute follows the lead of Illinois in seeking a legislative solution to the problems inherent in applying the rule against perpetuities to administrative contingencies. The amendment provides, inter alia, that the vesting of any limitation of property "shall not be regarded as deferred for purposes of the rule against perpetuities or regarded as a suspension of the power of alienation of title to property merely because the limitation is made to the estate of a person, or to a personal representative, or to a trustee under a will, or to take effect on …
Future Interests - Construction - Implied Condition Of Survivorship, Herbert A. Bernhard S.Ed.
Future Interests - Construction - Implied Condition Of Survivorship, Herbert A. Bernhard S.Ed.
Michigan Law Review
Decedent's will gave the income from his estate to his widow for life. After her death the estate was to be held for an additional ten years, during which time the income was to be equally divided among his named daughters, Jennie, Bertha, Ida and Martha. At the end of the ten-year period, the estate was to be divided among the four daughters in equal shares, with the children of a daughter not surviving the ten-year period to take her share. Martha died three years after decedent's widow died. Plaintiff, as administrator of Martha's estate, objected to the payment by …
Trusts - Improved Real Estate - Validity Of Depreciation Reserves, Ross Kipka S.Ed.
Trusts - Improved Real Estate - Validity Of Depreciation Reserves, Ross Kipka S.Ed.
Michigan Law Review
Depreciation of physical assets is an accounting procedure now taken for granted in the business and tax areas of the law. Its emergence in the field of trusts has been relatively slow, however, and even today it has not gained much acceptance by the courts. It is the purpose of this comment to examine some of the reasons why the courts have been reluctant in applying the depreciation concept to trusts, and in particular to those trusts that include improved real estate among the assets of the corpus.
Restitution - Constructive Trust Relief For Breach Of Oral Contract To Create Trust In Land, Edward A. Manuel S.Ed.
Restitution - Constructive Trust Relief For Breach Of Oral Contract To Create Trust In Land, Edward A. Manuel S.Ed.
Michigan Law Review
Plaintiff mining company sued to impose a constructive trust on mineral interests purchased by the defendant employee in breach of his oral agreement with the company. The agreement included a promise to hold any property so acquired in trust for the employer at his election. Ruling that this agreement was unenforceable under the Oklahoma statute of frauds, the trial court relied on the defendant's status as an ordinary employee without duties relating to the acquisition of mineral interests or access to confidential information, and gave judgment for the defendant. On appeal, held, affirmed. Without proof of positive fraud or …
Business Associations - Uniform Limited Partnership Act - Corporation As A Limited Partner, Richard Singer
Business Associations - Uniform Limited Partnership Act - Corporation As A Limited Partner, Richard Singer
Michigan Law Review
The Port Arthur Trust Co., a Texas corporation, sought to enter into a limited partnership agreement as a limited partner. Its capital contribution was to be three trusts established by the prospective general partner wherein the trust company had been named trustee. The secretary of state refused to file the instrument creating the limited partnership on the grounds "that it was necessary for a corporation to have express charter powers" before it can, enter into a limited partnership, and that "a corporation is not a 'person' " within the meaning of the Texas Uniform Limited Partnership Act. The corporation then …
Wills - Construction - Conditional Wills, Richard Rosenthal
Wills - Construction - Conditional Wills, Richard Rosenthal
Michigan Law Review
Testator executed a holographic will immediately prior to departing on an intended journey abroad. The will, making a friend and creditor his sole beneficiary, provided, "This is my will if I should die on this my trip to India You are my sol heiress." Although the trip was postponed, it was never abandoned. Testator subsequently repaid a substantial part of his debt to the beneficiary. Soon thereafter, testator died without having made the journey. His will was contested by his widow and brother. On remand to the surrogate's court from the court of appeals, held, the will is conditional …
Trusts - Jurisdiction - Trustee And Trust Assets Outside Jurisdiction Of Forum, Richard J. Riordan
Trusts - Jurisdiction - Trustee And Trust Assets Outside Jurisdiction Of Forum, Richard J. Riordan
Michigan Law Review
The purpose of this comment is to examine these rationales and determine their validity--first as to testamentary trusts and then as to inter vivos trusts.
Wills - Execution - Attestation, Max H. Bergman
Wills - Execution - Attestation, Max H. Bergman
Michigan Law Review
Prospective witnesses to a will saw the testatrix standing in an adjoining room engaged in writing. Soon thereafter, the testatrix asked them to come in and sign a paper. Her name had already been written on the document, and she neither signed it in the witnesses' presence nor in any manner indicated the writing to be her will. The witnesses read enough of the document, however, to know it was a will, before subscribing it in the presence of the testatrix and one another. Three of the testatrix' sons objected to the probate of the will on the ground that …