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Full-Text Articles in Law
Federal Procedure-Applicability Of State Decisional Law Interpreting State Statutes Of Limitations Under Section 11 (E) Of The Bankruptcy Act, Charles E. Oldfather S.Ed
Federal Procedure-Applicability Of State Decisional Law Interpreting State Statutes Of Limitations Under Section 11 (E) Of The Bankruptcy Act, Charles E. Oldfather S.Ed
Michigan Law Review
Plaintiff is the trustee in bankruptcy of a Virginia corporation whose petition for reorganization under chapter X of the Bankruptcy Act was approved by a Virginia federal district court in 1942. Plaintiff filed this action in a New York federal district court under section 11 (e) of the Bankruptcy Act against defendant, the principal stockholder, and others for breach of fiduciary duty. The alleged breaches of duty occurred in 1927 and 1929. The defendant pleaded the New York statute of limitations and contended that it should be applied as interpreted by New York decisions, which hold that the statute begins …
Corporations-Insolvency-Corporate Officers As Preferred Wage Claimants, E. C.V. Greenwood
Corporations-Insolvency-Corporate Officers As Preferred Wage Claimants, E. C.V. Greenwood
Michigan Law Review
A closed corporation, soon after its formation, executed an assignment for the benefit of creditors. One of the large creditors objected to a preferred wage claim allowed by the assignee to a vice-president and director of the assignor, the officer who had in fact been instrumental in executing the assignment. The claim was for wages amounting to two hundred fifty dollars for alleged manual work for the assignor prior to the assignment and was granted by the assignee on the theory that preferential treatment was authorized by the New York debtor and creditor statutes. The applicable statute reads as follows: …
Bankruptcy - Chapter X Reorganization - Power Of The Trustee To Sue In A Foreign Jurisdiction, Shubrick T. Kothe S.Ed.
Bankruptcy - Chapter X Reorganization - Power Of The Trustee To Sue In A Foreign Jurisdiction, Shubrick T. Kothe S.Ed.
Michigan Law Review
Plaintiffs, trustees appointed under Chapter X of the Bankruptcy Act, as amended, by the District Court for the Eastern District of Virginia, sued defendants in the District Court for the Southern District of New York to recover corporate assets, alleging a conspiracy to defraud the debtor corporation. Jurisdiction was rested, not upon diversity of citizenship, but upon sections 2 and 102 of the Bankruptcy Act, and certain sections of the Judicial Code, not pertinent here. The district court dismissed the action for want of jurisdiction. On appeal, held, reversed. The reorganization trustee under Chapter X may maintain an action …
Bankruptcy-Effect Of Rule Of Erie Railroad V. Tompkins On Priorities In Federal Bankruptcy Proceedings, Michigan Law Review
Bankruptcy-Effect Of Rule Of Erie Railroad V. Tompkins On Priorities In Federal Bankruptcy Proceedings, Michigan Law Review
Michigan Law Review
A company engaged in the mortgage-guaranty business became bankrupt, the respondent being the successor company resulting from reorganization proceedings under section 77B of the Bankruptcy Act. The original company had loaned money secured by a bond and mortgage and then sold certificates to the public representing undivided shares in the mortgage, the certificates being guaranteed by the same company. The mortgagor having defaulted, the controversy in the principal case arose because the now bankrupt company had before bankruptcy repurchased two of the certificates, acquired title to a third, and held the balance of the loan for which no certificates had …
Bankruptcy - Effect Of Discharge - Suspension Of Driver's License For Non-Payment Of Judgment As Conflicting With The Bankruptcy Act, Walter Muller
Bankruptcy - Effect Of Discharge - Suspension Of Driver's License For Non-Payment Of Judgment As Conflicting With The Bankruptcy Act, Walter Muller
Michigan Law Review
Under section 94-b of the New York Vehicle and Traffic Law, as amended in 1936 and 1939, if a judgment entered against a driver for 'damages for injury to person or property remains unpaid for fifteen days, the clerk of the court where the judgment was entered must (but only upon written demand of the judgment creditor) forward a copy thereof to the commissioner of motor vehicles, whose duty it then becomes to suspend the driving license of such judgment debtor; further, section 94-c provides (a) that such suspension shall continue for such part of three years as the judgment …
Sales-Corporate Reorganization Proceedings Under Section 77b-Right Of Conditional Vendors To Reclaim Property
Michigan Law Review
The debtor, a laundry corporation, had filed a petition for reorganization under Section 77B of the Bankruptcy Act. The petition was granted, but prior to the approval by the court of a reorganization plan several conditional vendors (whose sales agreements had been filed according to the requirement of the New York law) moved to retake the articles sold, in accordance with said law relative to conditional sales, the debtor having defaulted in the agreed payments. Held, the conditional vendors were not lienors nor mortgagees, whose interests would have been covered by the reorganization petition; and since the chattels were …
Torts-Negligent Misrepresentation-Duty Arising From Contract To Persons Not Parties
Torts-Negligent Misrepresentation-Duty Arising From Contract To Persons Not Parties
Michigan Law Review
The defendants, accountants, examined the books of the Stern Co., knowing that their balance sheet and 32 certified copies would be exhibited as a basis for future credit, but not knowing of the plaintiff particularly. Through negligence they failed to discover and report insolvency. Relying upon the report showing a solvent concern plaintiff extended credit to the Stem Co. He sued for his loss in two counts, negligence and fraud. Held, defendants had no duty to plaintiff to exercise due care, so he can not recover for negligence in the examination. But defendants might be liable for fraud as …