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Full-Text Articles in Law
Suretyship - Interpretation Of Surety Contract
Suretyship - Interpretation Of Surety Contract
Michigan Law Review
A bank sued to recover on a surety bond for loss sustained because of fraud practised by one of the vice-presidents on a customer. The bond provided that performance was subject to certain conditions and limitations, among which was one to the effect that the bank should notify the surety within ninety days of the default. The surety was not notified until the trial four years later. Held, notification is a condition precedent to liability, even though the surety was not prejudiced by lack of notice. National City Bank v. National Security Company, (C. C. A. 6th, 1932) …
Mortgages-Given Without Consideration But Intended As Gift
Mortgages-Given Without Consideration But Intended As Gift
Michigan Law Review
Statements that no mortgage is good unless there is consideration therefor are common; but that such statements are entirely true is very doubtful. Jones, in his book, Mortgages, makes such a statement, and then in the same section tells us that a mortgage intended as a gift will be enforced against all but prior creditors of the mortgagor. Wiltsie, in his book, Mortgage Foreclosures, states that want of consideration is a good defense, with some exceptions which are not clearly indicated. And Tiffany, in his work on Real Property, suggests that although a mortgage without consideration might be valid as …
Agency- Liability Of Principal For Torts Of Agent-Apparent Authority
Agency- Liability Of Principal For Torts Of Agent-Apparent Authority
Michigan Law Review
Defendant regularly delivered goods to plaintiff C. O. D. Lambert was employed by defendant to deliver such goods and collect for them, and for this purpose he was given blank re6eipts which he was authorized to fill out and sign upon being paid for the goods. The usual course of business was for Lambert to deliver to plaintiff's shipping clerk who signed the delivery bill, and then collect from plaintiff's cashier who was stationed in another room. Plaintiff's cashier never asked to see this delivery bill, but always took Lambert's word as to the amount due. For a period of …
Corporations - Obligation To Refund Dividends Paid Out Of Capital
Corporations - Obligation To Refund Dividends Paid Out Of Capital
Michigan Law Review
The general rule is fairly well established that, where dividends are paid, in whole or in part, out of the capital stock, corporate creditors, being such when the dividend was declared, or becoming such at any subsequent time, may, to the extent of their claims, if such claims are not otherwise paid, compel the stockholders to whom the dividend has been paid to refund whatever portion of the dividend was taken out of the capital stock. This, however, has been modified in the federal courts to the extent that where the dividend, although paid entirely out of capital, was received …
Bills And Notes-Holders In Due Course-Good Faith Taker
Bills And Notes-Holders In Due Course-Good Faith Taker
Michigan Law Review
The plaintiff bank sued the defendant maker on his promissory note which with several others had been given as collateral by the payees for a loan made to them by the bank. The defendant alleged fraud and that the bank did not take in good faith as required by the Uniform Negotiable Act, Gen. Laws 2921 (N. I. L., sec. 52) because of the following circumstances: inconsistent property valuation reports, knowledge of the slight financial responsibility of one of the makers of the note, insufficient investigation of financial status of one of the guarantors and the lack of a financial …
Torts - Federal Employers Liability Act - Misrepresentation To Gain Employment
Torts - Federal Employers Liability Act - Misrepresentation To Gain Employment
Michigan Law Review
P applied for a position as switchman with the defendant company. Defendant company had a rule that no one should be employed over the age of 45. Employees who had reached the age of 65 were pensioned but this limit was extended in some cases to 70. To gain employment, P, who was 49, represented that he was 38. He was accepted, and worked for 7 years when he was injured through defendant's negligence while engaged in interstate commerce. Held, his misrepresentation to gain employment did not bar recovery under the Federal Employers Liability Act, it not appearing that …
Bills And Notes - Is One Assuming Liabilities To The Creditors Of His Transferor A Holder In Due Course
Michigan Law Review
The plaintiff entered into an agreement whereby it was to receive all the assets of an insolvent bank as consideration for the assumption of certain specified liabilities. Among the assets was a note upon which the plaintiff is now suing a prior indorser. Although it was the intention of the defendant to indorse as agent in accordance with the request of the insolvent bank, on the face of his endorsement he indorsed individually. Held, that since the plaintiff was not a holder in due course, the note was subject to the same defenses in the hands of the plaintiff …
Torts - Fraud - Spoliation Of Will
Torts - Fraud - Spoliation Of Will
Michigan Law Review
In a suit in tort for damages, plaintiff alleged that defendant, heir-at-law of the decedent, suppressed a genuine will under which the plaintiff was devisee, and forged and fraudulently probated a will which did not contain the devise to the plaintiff who remained in ignorance of both the fraud and the existence of the genuine will for more than twenty years. The defendant demurred. Held, that the plaintiff has a cause of action in tort. Morton v. Pettit, 38 Ohio App. 348, 176 N.E. 494 (1930), aff'd., (Ohio 1931) 177 N.E. 591.