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Full-Text Articles in Law
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 …
Failed Banks, Collection Items, And Trust Preferences, George Gleason Bogert
Failed Banks, Collection Items, And Trust Preferences, George Gleason Bogert
Michigan Law Review
About 1,200 banks failed in the United States during the year 1930, and failures for the years 1921-1929 averaged over 600 a year. Each of these bank failures doubtless involved several problems regarding collection items. In each case it was almost inevitable that there should be found among the assets in the hands of the defunct bank several items held for collection but not yet collected, and also that a number of items should have been collected but no effective remittance made on account of such collection. There thus arose a series of controversies between the banks or individuals which …
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 …
Injunction-Breach Of Negative Covenant-Adequate Remedy At Law
Injunction-Breach Of Negative Covenant-Adequate Remedy At Law
Michigan Law Review
The defendant, an owner of a gasoline station, entered into a contract with the plaintiff whereby he agreed to buy "all motor fuels handled, sold, or required" at his station from the plaintiff. He further agreed not to "sell, or allow to be sold on his premises * * * any other brands of motor fuel than those of the seller [plaintiff]." Before the expiration of the contract the defendant notified the plaintiff that he would no longer be bound by the contract. The lower court dismissed a bill praying for an injunction restraining the defendant from violating the negative …