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Articles 1 - 29 of 29
Full-Text Articles in Law
Frankenstein, Incorporated, By I. Maurice Wormser, Daniel James
Frankenstein, Incorporated, By I. Maurice Wormser, Daniel James
Indiana Law Journal
No abstract provided.
Corporations - Power To Dispose Of Realty
Corporations - Power To Dispose Of Realty
Michigan Law Review
A cattle company, authorized by its charter to deal only in live stock, was in possession of three tracts of land. Upon a decision of the stockholders and directors to dissolve, two of these tracts were sold outright. The third, being near a large city, was subdivided into city lots with streets, sidewalks, water, lights, etc., for the purpose of a more advantageous sale. This involved the expenditure of considerable sums of money, and at the end of four years some of the lots were still unsold. The corporation became insolvent and the receiver refused to pay the money borrowed …
Corporations - Chattel Mortgages - Consent Of Stockholders
Corporations - Chattel Mortgages - Consent Of Stockholders
Michigan Law Review
The claimant held a chattel mortgage on certain fixtures, the property of a corporation in which the bankrupt held a controlling interest. The validity of the mortgage was challenged by the trustee for the reason that it had been executed in disregard of the statutory requirements. It was admitted that the assent of the stockholders was not formally expressed, but it appeared that the requisite number of stockholders had, in fact, assented. Held, that the mortgage is void since it did not have the statutory consent to its execution, the fact of actual consent being immaterial. In re Joseph …
A Casebook On Corporation Finance
A Casebook On Corporation Finance
Michigan Law Review
A review of CASES AND MATERIALS ON THE LAW OF CORPORATION FINANCE. By Adolf A. Berle, Jr.
Corporations - Dissolution - Distribution Of Assets Between Preferred And Common Stockholders
Corporations - Dissolution - Distribution Of Assets Between Preferred And Common Stockholders
Michigan Law Review
In periods of business depression, problems concerning the dissolution and liquidation of corporations, with the question of preference between the holders of the preferred and common stock, often become very acute. A recent case, presenting the question of preference from the aspect of unpaid dividends on preferred stock, is Penington v. Commonwealth Hotel Construction Corporation.
Corporations - Injunctive Relief Against Corporate Action Which Requires Unanimous Approval
Corporations - Injunctive Relief Against Corporate Action Which Requires Unanimous Approval
Michigan Law Review
A bill for an injunction to prevent the submission, at a stockholders' meeting, of a corporate by-law providing for extra dividends on stock owned by officers and employees, was maintained, on the ground that the proposed move was illegal and unauthorized by statute. Scott v. P. Lorillard Co. (N. J. Eq. 1931) 154 Atl. 515.
Corporations - Rescission Of Contract Procured Through Fraud
Corporations - Rescission Of Contract Procured Through Fraud
Michigan Law Review
P purchased shares of stock in S Company through the fraud and misrepresentation of his agents in collusion with the agents of the S Company. Upon discovery of the fraud, P tendered back a number of shares equal to the number received by himself and his innocent associates. In the meantime, P had resold part of the shares at a higher price. Held, P must also tender the profit resulting from the resale and subsequent purchase of equivalent shares in a fallen market, together with any dividends paid on stock and interest from date of payment. Marr v. Tumulty …
Banks And Banking--Enforcement Of Stockholders' Double Liability, Robert E. Stealey
Banks And Banking--Enforcement Of Stockholders' Double Liability, Robert E. Stealey
West Virginia Law Review
No abstract provided.
Equity--Subjecting Corporate Stocks To An Equitable Servitude, James A. Mcwhorter
Equity--Subjecting Corporate Stocks To An Equitable Servitude, James A. Mcwhorter
West Virginia Law Review
No abstract provided.
The Business Trust As A Means Of Securing Limited Liability
The Business Trust As A Means Of Securing Limited Liability
Michigan Law Review
Small investors are unwilling to risk their entire personal fortunes in one business venture, and for this reason refuse to participate in an enterprise unless they are assured that they will be free from individual liability for the obligations of the business. Such freedom from liability may be obtained by incorporation. That is the method especially provided by law and the one which most businesses adopt, but it has its disadvantages. The organization of a corporation involves heavy expenses in the form of lawyers' fees, filing fees and organization taxes. Once formed the corporation is subject to many. special taxes, …
Corporations-Duty Of Corporate Trustee To Record Mortgage Securing Bonds
Corporations-Duty Of Corporate Trustee To Record Mortgage Securing Bonds
Michigan Law Review
Plaintiff became the holder of bonds issued under and secured by a collateral trust agreement executed in Pennsylvania. The mortgage contained the provision that " * * * the trustee, save for its gross negligence or wilful default, shall not be personally liable for any loss or damage" and further that "It shall be no part of the duty of the trustee to record this instrument as a mortgage." The mortgage was not recorded nor the mortgage debt satisfied. Plaintiff sued the trustee in New York for negligence. Held, the contract limited the obligations and duties of the trustee, …
Corporations-Dividends On Non-Cumulative Preferred Stock
Corporations-Dividends On Non-Cumulative Preferred Stock
Michigan Law Review
Plaintiff held non-cumulative preferred stock in the defendant corporation. From 1925 through 1928 no dividends were declared upon this stock; although earnings were sufficient they were used instead for property improvements. Since 1928, dividends have been paid regularly on this stock at the specified rate. In 1930 a dividend was declared on the common stock. Plaintiff sued to have this amount paid instead as a dividend on the preferred stock, and to enjoin any payment of dividends on the common stock until full dividends were paid on the non-cumulative preferred stock for the period from 1925 to 1928. Held, …
Municipal Corporations-Constitutional Law
Review: A Textbook On Law And Business, J. Wayne Ley
Review: A Textbook On Law And Business, J. Wayne Ley
Michigan Law Review
A Book Review on A TEXTBOOK ON LAW AND BUSINESS By William H. Spencer
Interested Directors In Corporate Transactions, Daniel James
Interested Directors In Corporate Transactions, Daniel James
Indiana Law Journal
No abstract provided.
Corporations--Cumulative Preferred Stock-Effect Of By-Laws
Corporations--Cumulative Preferred Stock-Effect Of By-Laws
Michigan Law Review
An action was brought by preferred stockholders, during voluntary liquidation of a corporation, for payment of dividends, alleged to be cumulative, which had been passed on account of deficits during the two preceding years. The statutory provision giving the power to issue stock required the articles of incorporation to indicate, when any of the stock was preferred, whether or not the dividends should be cumulative. The articles stipulated that the preferred stock should be entitled to a six per cent dividend out of the net yearly income before any dividend should be paid on the common stock. A by-law, adopted …
Public Utilities: I. The Quest For A Concept, Thomas P. Hardman
Public Utilities: I. The Quest For A Concept, Thomas P. Hardman
West Virginia Law Review
No abstract provided.
Adverse Possession-Possession By Church Corporation
Adverse Possession-Possession By Church Corporation
Michigan Law Review
This was an action in ejectment. The defendant, a church corporation, claimed title to the land in question, which adjoined the church, by virtue of adverse possession. Held, that the rule that a corporation can show possession only by proving formal corporate acts is inapplicable to a church organization, members of which constitute the corporation, and that the acts of the members of the church in using this property to park cars on, for social purposes, etc., were, in effect, corporate acts of the church so as to vest title in that organization. Davy v. Trustees of Protestant Episcopal …
Municipal Corporations-Supplemental Proceedings On Assessment Roll
Municipal Corporations-Supplemental Proceedings On Assessment Roll
Indiana Law Journal
No abstract provided.
Corporations-Tax Upon Extension Or Renewal Of Corporate Term
Corporations-Tax Upon Extension Or Renewal Of Corporate Term
Michigan Law Review
Plaintiff, its period of corporate existence expiring in May, 1929, proceeded to extend its life, as provided by law, for another 30 years. The general corporation statute required a corporation, upon filing its annual report, to pay a privilege fee for exercising its franchises. It provided, however, that if the corporation was organized in the instant year between January 1 and August 31, it need pay only a filing fee and a privilege fee of ten dollars. By amendment in 1929, it was declared that a corporation seeking extension of corporate existence "should be regarded as a new corporation for …
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 …
Corporations-Subsidiary's Evasion Of Income Tax Law By Contract With Parent Company-Income Attributable To Business Transacted Within The State
Michigan Law Review
The Palmolive company sought to reduce to a minimum the amount of its income taxable in Wisconsin. Three companies were formed which, for convenience' sake, will be designated as: parent company, a Delaware corporation; plaintiff company, a Delaware corporation; and Wisconsin company, a Wisconsin corporation. The parent company acquired all the capital stock of the Wisconsin company, and then acquired all its assets outside the state of Wisconsin, surrendering therefor part of the stock of the Wisconsin company so acquired. The balance of the capital stock of the Wisconsin company the parent company transferred to plaintiff company in exchange for …
Preferred Stock: Its Authorization By Amendment Of The Corporate Charter, Gurney Edwards
Preferred Stock: Its Authorization By Amendment Of The Corporate Charter, Gurney Edwards
West Virginia Law Review
No abstract provided.
Some Comments On The Reserved Power To Alter, Amend And Repeal Corporate Charters, Gustavus Ohlinger
Some Comments On The Reserved Power To Alter, Amend And Repeal Corporate Charters, Gustavus Ohlinger
Michigan Law Review
The old theories as to the nature, creation and powers of corporations which during the last hundred years have been obscured, but today are coming more and more to the fore in legal literature, in the adjudications of the courts, and in recent revisions of corporation acts suggest a re-examination of the power of state legislatures to alter, amend and repeal corporate charters under the reservations contained in many state constitutions and statutes, both as related to those theories and as they apply to recent and impending social and economic changes.
Corporate Personality, Henry Rottschaeffer
Corporate Personality, Henry Rottschaeffer
Michigan Law Review
A review of CORPORATE PERSONALITY By Frederick Hallis.
Corporations-Right Of General Creditors, After Appointment Of Receiver In Suit Brought For Foreclsoure Of Mortgage Covering Major Portion Of Assets, To Have Receivership Extended For Protection And Eventual Liquidation Of Unmortgaged Assets
Michigan Law Review
When the affairs of a corporation become so involved that it is not able to meet its maturing obligations as they become due and it is necessary either that the corporation be reorganized on a more sound financial basis or that its assets be liquidated in an orderly manner, to the best advantage of its creditors and stockholders, it is customary, as a basis for such reorganization or liquidation, to have a receiver appointed of all the property and assets of the corporation. Such receivership is usually precipitated by the filing in the federal court of a bill of complaint …
Corporations-Stockholders' Liability-Effect Of Fraud In The Subscription Contract
Corporations-Stockholders' Liability-Effect Of Fraud In The Subscription Contract
Michigan Law Review
The Minnesota constitution with certain exceptions provides for double liability of stockholders. In a suit brought by the receiver of U. S. I. Realty Co., referred to by the court as No. 2 Corporation, to collect an assessment on the stock of that corporation under such liability imposed by the constitution, defendant contended that he was not liable for the reason that when he made his investment in the stock of that company and received his stock certificates he thought that he was investing in the stock of U. S. Installment Realty Co., referred to by the court as No. …
Corporations-Power To Delegate Management For Long Period
Corporations-Power To Delegate Management For Long Period
Michigan Law Review
The corporate parties contracted that in consideration of certain commissions to be paid to the plaintiff, the defendant insurance company should delegate to the plaintiff corporation complete and exclusive control and management of its entire business for a period of twenty years. In an action to recover commissions, held, that the contract was void on the ground of public policy, and that there could be no recovery. Sherman & Ellis, Inc., v. Indiana Mutual Casualty Company (C. C. A. 7th Cir.) 41 F.(2d) 588.
Corporations-Preparation Of Stockholders' List-Statutory Provision
Corporations-Preparation Of Stockholders' List-Statutory Provision
Michigan Law Review
On a petition challenging the legality of an election of directors at a special meeting, one of the contentions was that calling this meeting on five days' notice violated section 29 of the Delaware General Corporation Act, as amended by 36 Del. Laws, c. 135, sec. 15, which provided that a list of stockholders entitled to vote be made by the officer in charge, ten days before every election. Held, this is not grounds for avoiding the election; the provisions of the statute are directory only, and where a by-law of the corporation required five days' notice for special …