Open Access. Powered by Scholars. Published by Universities.®
Articles 1 - 3 of 3
Full-Text Articles in Law
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 …
Public Officers - When Do They Owe A Duty To A Particular Individual Rather Than A Class?
Public Officers - When Do They Owe A Duty To A Particular Individual Rather Than A Class?
Michigan Law Review
The plaintiff, a stockholder in the Bank of the United States, sued the defendant, superintendent of banks for New York State, for losses sustained when the bank failed as a result of the defendant's failure to perform certain acts required by statute. Held, the defendant, being charged by statute with a duty to all the people of the state, owed no duty to the stockholders as individuals, and was not liable to the plaintiff. Walker v. Broderick, 252 N. Y. S. 559 (1931).
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 …