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Full-Text Articles in Contracts
Bankruptcy - Claims Against Bankrupt Indorsers
Bankruptcy - Claims Against Bankrupt Indorsers
Michigan Law Review
Bankrupts were indorsers of promissory notes payable to claimants. None of these notes was due before the filing of the petition in bankruptcy and some of them did not mature within the year following adjudication during which proof of claims may be made. The court of appeals for the sixth circuit held that claimants could not prove on the indorsements because their claims were contingent. Held, that the claim was one "founded upon a contract express or implied," and provable even though not due until after the year allowed for proof of claims, the requirement of presentment and notice …
Conflict Of Laws - Contracts - Public Policy
Conflict Of Laws - Contracts - Public Policy
Michigan Law Review
The decedent, in Florida, became the grantee of Florida land by a deed which recited that it was made subject to a mortgage held by one Key, in the sum of $9,000, securing a note for that amount. The deed stipulated that "the grantee herein assumes and agrees to pay the above mortgage and notes." By Florida law the grantee was effectually bound by such a clause. Upon the death of the grantee, Key entered a claim against the estate in Pennsylvania. The lower court disallowed the claim on the basis of a Pennsylvania statute which held a grantee of …