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Articles 1 - 30 of 35
Full-Text Articles in Law
Contribution--Where One Joint Principal Pays Tort Judgement Against Agent, Charles W. Caldwell
Contribution--Where One Joint Principal Pays Tort Judgement Against Agent, Charles W. Caldwell
West Virginia Law Review
No abstract provided.
Cases On The Administration Of Insolvent Estates, Raymon T. Johnson
Cases On The Administration Of Insolvent Estates, Raymon T. Johnson
West Virginia Law Review
No abstract provided.
Trusts - Compromise Agreement As Means Of Terminating Testamentary Spendthrift Trust
Trusts - Compromise Agreement As Means Of Terminating Testamentary Spendthrift Trust
Michigan Law Review
In Rose v. Southern Michigan National Bank, the Michigan Supreme Court refused to terminate a spendthrift trust composed of both real and personal property, although to end litigation upon the will all the parties in interest had signed a compromise agreement to terminate the trust according to the Michigan statute. There was no objection as to the fairness of the agreement, upon which ground the court might have refused to sanction the compromise under the statute. The decision seems to have been based upon the theory that to give effect to the compromise agreement would defeat the purpose of …
Constructive Trusts - Land Purchased By Agent In Violation Of Fiduciary Obligation To Principal - Statute Of Frauds
Michigan Law Review
Plaintiffs employed defendant to negotiate for the purchase of a certain tract of land, defendant to receive a 5% commission if the purchase was made. Defendant contracted with the owner for the purchase of the land in his own name and made the down payment with his own funds. Plaintiffs demanded an assignment of the contract and on defendant's refusal brought suit to compel a conveyance of the property by defendant as trustee. Held, that a constructive trust may be created where an agent purchases with his own money property which he is employed to purchase for his principal, …
Distribution Of Extraordinary Dividends Under A Trust, R. W. Maxwell
Distribution Of Extraordinary Dividends Under A Trust, R. W. Maxwell
Washington Law Review
The distribution of extraordinary dividends between the life tenant and the remainderman under a trust created in corporate stock is a problem which has been extremely vexing to the courts with the result that three general rules have been developed. But, regardless of the rule followed, it is universally agreed that the intentions of the testator or trustor should be controlling. The extraordinary dividend is most likely to arise under one of the following circumstances: 1. Where an unusually large dividend is paid out of profits accumulated over a period of years. 2. In cases of total or part liquidation …
Corporations-Validity Of Default Provisions In Trust Mortgages
Corporations-Validity Of Default Provisions In Trust Mortgages
Michigan Law Review
Ordinarily a secured creditor can take action to protect his claim against his debtor. When, however, the creditor is only one of many whose claims are equal in lien and right, it may be undesirable that any single creditor should be able to take independent action. This fact has led draftsmen to insert in corporate mortgages provisions limiting the rights of minority bondholders to take action in the event of default under the mortgage. The use of such provisions has created an apparent hotbed of judicial dissension.
Deeds-Acceptance After Death Of Grantor
Deeds-Acceptance After Death Of Grantor
Michigan Law Review
M. H. executed four deeds and delivered them to an attorney to be delivered to the grantees after her death. Two of the deeds contained clauses requiring the grantee to assume a mortgage. The deeds were delivered as directed and were recorded by the grantees after the grantor's death. Held, in Healy v. Stevens, et al, that the acceptance, though after the grantor's death, made the deeds effective.
Descent And Distribution-Release Of Expectancy-Effect
Descent And Distribution-Release Of Expectancy-Effect
Michigan Law Review
The testator owned an undivided interest in two sections of land. Upon his death the heirs made an agreement whereby five of the children (the plaintiffs) and the widow quitclaimed their interest in the one section to the remaining two children (the defendants) who in return quitclaimed their interest in the other section to the plaintiffs and widow. It was further agreed that, upon her death, the defendants were not to share in the distribution of her interest in the land. In disregard of this agreement, however, the defendants claimed a proportionate interest. It was held, in Heinrich v. …
Executors And Administrators-Right To Deduct Statute-Barred Debt From Legacy Or Distributive Share
Executors And Administrators-Right To Deduct Statute-Barred Debt From Legacy Or Distributive Share
Michigan Law Review
A contingent legatee made application for an order to compel the executor to pay to her a legacy. The executor claimed the right to deduct a debt due the estate upon which the statute of limitations had run. The court held, in In re Weidig' s Will, that there could be no deduction.
Precatory Trusts, Howard R. Stinson
Precatory Trusts, Howard R. Stinson
Washington Law Review
The law as to the construction of precatory words is not reducible to a formula which can be made to fit any particular case. In fact, it is hard more than to indicate an inclination or leaning of the courts in deciding such situations. With this preface in mind, we purpose to examine the early line of authorities, the modern trend at large, and the particular cases in Washington. Early English courts raised trusts on mere precatory words. The reason for this rule was perhaps because originally all trusts were at best only of precatory force, and so would most …
Federal Jurisdiction - Diversity Of Citizenship - Suit Under Death Act
Federal Jurisdiction - Diversity Of Citizenship - Suit Under Death Act
Michigan Law Review
The decedent, a citizen of Oklahoma, died as the result of injuries alleged to have been negligently inflicted by the respondents, citizens of Louisiana. An Oklahoma statute, creating a cause of action for death by wrongful act, requires that the administrator maintain the suit, the proceeds of which are to be divided between the widow and children and are not to be assets of the estate. Okla. Comp. Stat., 1921, secs. 822-825. The petitioner, a citizen of Louisiana, was duly appointed administrator for the obvious purpose of preventing removal of the cause to the federal court on the ground of …
Wills - Legacies On Impossible Or Illegal Conditions Precedent
Wills - Legacies On Impossible Or Illegal Conditions Precedent
Michigan Law Review
If a devise of realty be upon a condition subsequent which is impossible of performance or which is illegal as being malum prohibitum, it is generally held that the condition is void, but the devise is free and single. In this respect the law pertaining to legacies upon condition materially agrees with that upon devises of realty. But perhaps one of the most unusual distinctions drawn in the law of property is that which is drawn between an illegal or an impossible condition precedent to a legacy of personalty and an illegal or an impossible condition precedent to a …
Insane Persons--Receivers, Donald F. Black
Insane Persons--Receivers, Donald F. Black
West Virginia Law Review
No abstract provided.
Banks And Banking - Misappropriation Of Trust Funds - Liability Of Bank
Banks And Banking - Misappropriation Of Trust Funds - Liability Of Bank
Michigan Law Review
Committee for incompetent deposited checks payable to him as such committee in the defendant bank to the credit of his individual account. The committee's account was entirely dissipated, but, so far as the facts appear in the opinion, the defendant bank at no time had any knowledge of the use to which the money was put. The committee was removed and the substituted committee sued the defendant bank for aiding the original committee in the diversion of the funds. Held, that it was the duty of the defendant bank to inquire whether the committee had authority to deposit the …
Bills And Notes - Authority To Fill In Blanks - Effect Of Death Of Maker
Bills And Notes - Authority To Fill In Blanks - Effect Of Death Of Maker
Michigan Law Review
H gave W his note in blank with authority to fill it in at $50,000 when she wished, the note representing W's interest in their joint property. W filled in the blanks after H's death and sued H's estate on the note. Held, the authority to fill in was not revoked by H's death, for it was a power coupled with an interest. In re Ferrara (N. J. 19 3 l) 156 Atl. 265.
Trusts -- Self-Dealing Of The Trustee -- Right To Look Through The Corporate Entity
Trusts -- Self-Dealing Of The Trustee -- Right To Look Through The Corporate Entity
Michigan Law Review
One Northrop was appointed by the court as guardian, receiving $2,500 which he deposited in defendant bank of which he was the president, the general manager, and of which he was in complete control. Subsequently he exchanged this deposit for a mortgage owned by the bank. The bank became insolvent, and plaintiff, as substituted trustee, brought this action to have a preference adjudged out of the bank's assets in favor of the ward. Held, plaintiff could ignore the mortgage transaction but could only claim as a general creditor of the bank. Ottawa Banking and Trust Co. v. Crookston State …
Trusts - Tracing Of Assets - Preference
Trusts - Tracing Of Assets - Preference
Michigan Law Review
Public funds were unlawfully deposited in the insolvent bank. At the time the bank closed the cash in its own vault was less than the amount of public funds deposited but it did have, at the time of closing and at all times before, deposits in correspondent banks which, taken with the cash in its own vault, exceeded the amount of the public funds unlawfully deposited. Held, that the unlawful deposit of the public funds, the bank knowing them to be public funds, created a trust of those funds in the hands of the bank, which trust was impressed …
Waste - Improvement Of Premises By Life Tenant
Waste - Improvement Of Premises By Life Tenant
Michigan Law Review
The possible difficulties of a life tenant and some of the rigid and anachronistic doctrines of the law of waste are suggested by the recent case of Brokaw v. Fairchild, 135 Mis. 70, 237 N. Y. S. 6 (1929); aff'd 231 App. Div. 704,245 N. Y. S. 402 (1930), Finch, J., dissenting; aff'd, 177 N. E. 186 (1931), without opinion.
Descent And Distribution - Issue Of Void Miscegenous Marriage As Heirs Under Legitimation Statute
Descent And Distribution - Issue Of Void Miscegenous Marriage As Heirs Under Legitimation Statute
Michigan Law Review
An Indian married a negress in Oklahoma. The proper forms were observed, the parties acted in good faith, and thereafter lived together as husband and wife. Children were born to them. The marriage was absolutely void under an Oklahoma statute prohibiting such miscegenation and making it a felony. On the father's death intestate, the guardian of the children petitioned for letters of administration. Held, that under Okla. Comp. Stat. 1921, sec. I 1303, reading, "The issue of all marriages null in law . . . are legitimate," the children of the void marriage took as heirs, and the petition …
Future Interests - Devise Of Life Estate With Superadded Power To Sell Fee
Future Interests - Devise Of Life Estate With Superadded Power To Sell Fee
Michigan Law Review
Testator gave his wife a life estate and added, "and I further empower her to sell any and all of either my personal real or mixed estate whenever she may think it to her interest to do so," with a limitation over to his son of whatever property remained of his estate at the time of the widow's death or remarriage. The widow conveyed the estate in fee to her daughter for valuable consideration. On the widow's death the son, as remainderman, brought ejectment against the daughter. Held, that the action did not lie since the widow had been …
Wills - Pretermitted Heirs
Michigan Law Review
In an action based on section 1550 of the Compiled Laws of 1929 providing that a child omitted from the will of a parent shall share as in intestate succession unless it appears that such omission was intentional, the question arose as to whether this intent could be shown by extrinsic evidence. Held, such evidence is admissible. O'Neall v. Her, 254 Mich. 631, 236 N. W. 890 (1931).
Wills -Validity Of Contracts To Suppress
Wills -Validity Of Contracts To Suppress
Michigan Law Review
Certain children entered into a contract during the lifetime of their parents, by the terms of which it was agreed that if the will of either parent should favor some of the children above others, the favored children would waive their rights under the will and share equally in the real and personal estate of the parents. The will of the father left the whole estate to the mother. Her will omitted any gift to one of the children, and this suit was brought by an assignee of that child to obtain specific performance of the agreement. Held, that …
Trusts-Duty Of The Trustee To Sell Stock In A Falling Market
Trusts-Duty Of The Trustee To Sell Stock In A Falling Market
Michigan Law Review
Securities were turned over to defendant as trustee, among which were issues of common stock in two sugar companies, under the direction that the trustees were authorized to continue all investments of the testator without any personal liability in doing so. In the executor's accounting the stocks were valued per share at $22 and $12.25 respectively. In the present accounting, instituted by the beneficiary on becoming entitled to the corpus of the trust estate, the stocks had fallen to $7 and $.50 respectively. The trust company was experienced in the handling of securities and its officers were advised not to …
Wills-Competency To Attest-Competency Of Spouses
Wills-Competency To Attest-Competency Of Spouses
Indiana Law Journal
No abstract provided.
Trusts--Exercise By Trustee Of Power To Terminate After Period Of Good Behavior By Spendthrift, Henry P. Snyder
Trusts--Exercise By Trustee Of Power To Terminate After Period Of Good Behavior By Spendthrift, Henry P. Snyder
West Virginia Law Review
No abstract provided.
Gifts Causa Mortis - Contemplation Of Suicide
Gifts Causa Mortis - Contemplation Of Suicide
Michigan Law Review
The testator, suffering from melancholia and contemplating suicide, purchased a certificate of stock in the name of his brother and caused it to be deposited in a bank by the latter. Over two months thereafter, the testator stated, in effect, that in the event of his death the certificate should become the brother's property. Held, in affirming the allowance of the final account of the executor, that the transfer of the certificate was a valid gift causa mortis. In re Van Wormer's Estate, 255 Mich. 399, 238 N.W. 210 (1931).
The Rule Of Perpetuities And Powers Of Sale, Frederick G. Hamley
The Rule Of Perpetuities And Powers Of Sale, Frederick G. Hamley
Washington Law Review
The rule against perpetuities is usually stated as prohibiting the creation of future interests or estates, which by possibility may not become vested within a life or lives in being and twenty-one years, together with the period of gestation, where the latter is necessary to cover cases of posthumous birth. It is not enough that the estate may possibly or even probably vest within the time limited by the rule, but the court must be able to see by looking at the document creating the estate that the estate will necessarily vest within the time. The Rule against Perpetuities applies …
Resulting And Constructive Trusts In Kentucky, Alvin E. Evans
Resulting And Constructive Trusts In Kentucky, Alvin E. Evans
Kentucky Law Journal
No abstract provided.
The Transfer Of Future Interests In Kentucky, W. Lewis Roberts
The Transfer Of Future Interests In Kentucky, W. Lewis Roberts
Kentucky Law Journal
No abstract provided.
Insurance--Right Of Beneficiary Who Has Caused Death Of Insured To Share In Proceeds Of Insurance Policy, James C. Lyne
Insurance--Right Of Beneficiary Who Has Caused Death Of Insured To Share In Proceeds Of Insurance Policy, James C. Lyne
Kentucky Law Journal
No abstract provided.