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Articles 1 - 30 of 55
Full-Text Articles in Securities Law
Has Corporate Law Failed? Addressing Proposals For Reform, Antony Page
Has Corporate Law Failed? Addressing Proposals For Reform, Antony Page
Michigan Law Review
Part I of this Review discusses the modem "nexus of contracts" approach to corporations and highlights how Greenfield's views differ. Part II examines corporate goals and purposes, suggesting that Greenfield overstates the impact of the shareholder-primacy norm and does not offer a preferable alternative. Part III critiques the means to the ends--Greenfield's proposals for changing the mechanics of corporate governance. Although several of his proposals are intriguing, they seem unlikely to achieve their pro-social aims. This Review remains skeptical, in part because-even given its problems-the U.S. "director-centric governance structure has created the most successful economy the world has ever seen." …
Venture Capital On The Downside: Preferred Stock And Corporate Control, William W. Bratton
Venture Capital On The Downside: Preferred Stock And Corporate Control, William W. Bratton
Michigan Law Review
When stock indices drop precipitously, when the startup companies fizzle out, and when it stops raining money on places like Wall Street and Silicon Valley, attention turns to downside contracting. Law and business lawyers, sitting in the back seat as mere facilitators on the upside, move up to the front and sometimes even take the wheel. The job is the same on both the upside and downside: to maximize the value of going concern assets. But what comes easily on the upside can be dirty work on the down, where assets need to be separated from dysfunctional teams of business …
A Public Choice Approach To Private Ordering: Rent-Seeking At The World's First Futures Exchange: Comments On Mark West's 'Private Ordering At The World's First Futures Exchange', Omri Yadlin
Michigan Law Review
The literature on private ordering systems has expanded exponentially over the last decade. Yet, very few scholars have actually attempted to define the term "private ordering" - a failure that sometimes leads to confusion. Some scholars identify private ordering with non-state ordering. According to this view, the private legal systems Robert Ellickson, Lisa Bernstein, McMillan & Woodruff, Mark West, and others have investigated are "private" simply because their norms are not manufactured or enforced by the state. The alternative view emphasizes the decentralized feature of private ordering systems. Robert Ellickson, for example, studied "how people manage to interact to mutual …
Empirical Insight And Some Thoughts On Future(S) Investigation: Comments On Mark West's 'Private Ordering At The World's First Futures Exchange', A.W. Brian Simpson
Empirical Insight And Some Thoughts On Future(S) Investigation: Comments On Mark West's 'Private Ordering At The World's First Futures Exchange', A.W. Brian Simpson
Michigan Law Review
Some considerable number of years ago, when I was in Chicago, I had a plan to undertake a general study of the origins of futures markets. They fascinated me for a variety of reasons, one being their bizarre nature: traders meeting together, usually in some form of ring, in order to sell, on a huge scale, quantities of commodities which they neither possess, nor intend to possess, to other traders, who have not the least wish to receive such commodities, and nowhere to put them if they did. At first sight it appears a weird perversion of the institution of …
Private Ordering At The World's First Futures Exchange, Mark D. West
Private Ordering At The World's First Futures Exchange, Mark D. West
Michigan Law Review
Modern derivative securities - financial instruments whose value is linked to or "derived" from some other asset - are often sophisticated, complex, and subject to a variety of rules and regulations. The same is true of the derivative instruments traded at the world's first organized futures exchange, the Dojima Rice Exchange in Osaka, Japan, where trade flourished for nearly 300 years, from the late seventeenth century until shortly before World War II. This Article analyzes Dojima's organization, efficiency, and amalgam of legal and extralegal rules. In doing so, it contributes to a growing body of literature on commercial self-regulation while …
Article Eight: A Premise And Three Problems, Ernest L. Folk Iii
Article Eight: A Premise And Three Problems, Ernest L. Folk Iii
Michigan Law Review
This essay concerns itself with a basic premise and three problems concerning investment securities under Article Eight of the Uniform Commercial Code (Code). Although some amount of relevant exposition is necessary to make the arguments intelligible, general familiarity with the essentials of the Code's treatment of investment securities is assumed.
Actions On Commercial Paper: Holder's Procedural Advantages Under Article Three, Stanley V. Kinyon
Actions On Commercial Paper: Holder's Procedural Advantages Under Article Three, Stanley V. Kinyon
Michigan Law Review
The discussion will also be concerned primarily with the usual action "on the instrument": an action by the holder to enforce payment by a person who has signed it as maker, acceptor, certifier, drawer, indorser, or guarantor and has thus become "liable on" it. These instruments, of course, may be involved in other types of actions, such as: an action for conversion of the instrument (section 3-419); an action to recover damages for breach of the warranties of a collector or transferor (sections 3-417 and 4-207); an action to compel indorsement (section 3-201); an action to enjoin payment (section 5-114(2)(b)); …
Stockholder Votes Motivated By Adverse Interest: The Attack And The Defense, Earl Sneed
Stockholder Votes Motivated By Adverse Interest: The Attack And The Defense, Earl Sneed
Michigan Law Review
It is the purpose of this article to study stockholder votes motivated by adverse interest from the standpoint of the attack and the defense. First, the remedies available to the complaining minority are examined. Then follows a study of the indicia of adverse interest in specific shareholder actions. Knowledge of the nature and import of these indicia should enable the careful lawyer to avoid or defeat the charge that unconscionable adverse interest vitiated the result of a stockholder vote.
Two-Contract Analysis May Imperil Stock Option Plans, James F. Ward
Two-Contract Analysis May Imperil Stock Option Plans, James F. Ward
Michigan Law Review
Stock option plans generally have withstood judicial scrutiny where they have complied with the requirements developed to control the operation of this type of arrangement. It would seem, therefore, that the future of stock options is secure against even the most critical court review-that nothing in the nature of the stock option arrangement would render it vulnerable to a general attack. The writer believes that complacency in this assumption is not now advisable. Recently a view (from a respectable authority) has been introduced unnoticed into this area, and may have gained the acceptance accorded to an unsuspected imposter. This view, …
Corporations - Stockholders - Effect Of State Constitutional Provisions On Liabilty To Creditors For Unpaid Subscriptions, Douglas Peck S.Ed.
Corporations - Stockholders - Effect Of State Constitutional Provisions On Liabilty To Creditors For Unpaid Subscriptions, Douglas Peck S.Ed.
Michigan Law Review
Basset and Company, an Oklahoma corporation, issued stock to defendant for which defendant never paid. The sum due was carried on the corporate books as "subscriptions receivable." The corporation became bankrupt and the trustee brought suit in the federal district court to recover the amount due on the subscriptions. Held, judgment for the defendant. Under the Oklahoma Constitution, where stock is issued for consideration which is less than par value, the issue is void. The stock certificate cannot serve as a consideration to support the would-be stockholder's promise to pay for the stock, and no liability attaches to the …
Labor Law - Lmra - Stock Purchase Plan As Subject Of Compulsory Collective Bargaining, Edward W. Powers
Labor Law - Lmra - Stock Purchase Plan As Subject Of Compulsory Collective Bargaining, Edward W. Powers
Michigan Law Review
An employer unilaterally instituted a stock purchase plan, membership in which was voluntary and open to regular employees who had at least one year of service and were at least thirty years of age. Members, through authorized payroll deductions, were to contribute monthly not less than five dollars but not more than five percent of their earnings. The employer contributed monthly an amount equal to fifty percent of each member contribution and annually an amount dependent upon the ratio of profits to invested capital, up to a combined total of seventy-five percent of the members' contributions. Member contributions were kept …
Corporations - Securities Regulation - Investment Contracts Under Securities Act Of 1933, James W. Beatty S.Ed.
Corporations - Securities Regulation - Investment Contracts Under Securities Act Of 1933, James W. Beatty S.Ed.
Michigan Law Review
Plaintiffs purchased tracts of twenty acres, part of a larger tract owned by the defendant, for the purpose of developing the tracts into small citrus groves. Plaintiffs also executed with defendant a care and management contract, whereby plaintiff was to give directions as to the marketing of the crops on the tract; the defendant management company was to follow these directions but would still supervise harvesting and marketing and would receive its compensation therefor. Plaintiff brought an action under the Securities Act of 1933 to impose civil liability for fraudulent misrepresentations and material omissions concerning the value of the land. …
Equity-Specific Performance-Recent Trends In The Specific Enforcement Of Contracts To Sell Securities, Allan Neef S.Ed.
Equity-Specific Performance-Recent Trends In The Specific Enforcement Of Contracts To Sell Securities, Allan Neef S.Ed.
Michigan Law Review
The rise of the corporation, as a form of business organization, to a dominant position in the modern economic scene has attached increased importance to the ownership of corporate securities. As property interests have become more and more represented by such securities, society has promoted such interests by setting up organized procedures for dealing with and in securities. Stock exchanges have been organized to aid the marketability of corporate stocks. A brokerage profession has evolved to bring buyers and sellers together. Underwriting has been developed to aid in the initial disposal of securities by the issuing corporation. Governments have undertaken …
Quasi-Contracts -- Taxation -- Rescission Of Gift For Failure To Achieve Donor's Purpose Of Minimizing Federal Income Taxes, N. S. Peterman S. Ed.
Quasi-Contracts -- Taxation -- Rescission Of Gift For Failure To Achieve Donor's Purpose Of Minimizing Federal Income Taxes, N. S. Peterman S. Ed.
Michigan Law Review
In 1937, plaintiff made a gift of stock in a closed corporation to his wife, the defendant. For two years defendant received cash dividends on the stock transferred to her and paid income taxes thereon. Late in 1938 the corporation was dissolved; the assets were distributed to the shareholders, and a partnership was formed. Defendant continued to report the income received by her from the partnership. In 1946, the Tax Court sustained the contention of the commissioner of internal revenue that the entire income from this partnership was taxable to plaintiff under the doctrine of Commissioner v. Tower. Plaintiff …
Contracts - Agency - Statute Of Frauds - Satisfaction Of The Statute Of Frauds By A Memorandum Signed By An Agent Acting For A Partially Disclosed Principal, Michigan Law Review
Contracts - Agency - Statute Of Frauds - Satisfaction Of The Statute Of Frauds By A Memorandum Signed By An Agent Acting For A Partially Disclosed Principal, Michigan Law Review
Michigan Law Review
Plaintiff engaged a Michigan corporation to negotiate the purchase for him of certain shares of stock. The corporation obtained the promise of defendant to sell the stock to the corporation as agent for an undisclosed principal. The corporation, acting as the agent for an undisclosed vendor (defendant), sent a written confirmation of the sale to the plaintiff and sent a similar memorandum to the defendant which was signed by the corporation as agent for an undisclosed vendee (plaintiff). The next day defendant notified the corporation that he refused to deliver the shares. Plaintiff brought a suit in equity for the …
Specific Performance - Oral Option To Buy Stock - Effect Of Provision To Fix Price By Arbitration, Michigan Law Review
Specific Performance - Oral Option To Buy Stock - Effect Of Provision To Fix Price By Arbitration, Michigan Law Review
Michigan Law Review
Defendant, who owned all the common stock of a bank, gave an oral option to sell it at a fixed price to plaintiff. Plaintiff was to investigate the bank's books, assets, and liabilities in order to determine the true value of the stock. If the true value did not equal the agreed price, the parties were to meet and set the amount of the diminution. In the event of disagreement, a third party was to be called in. Plaintiff expended considerable sums for investigation before defendant renounced the option and prevented further investigation. In an appeal from an interlocutory order …
Corporations-Trust Indenture-Notice To Security Holders Of Contents Of Indenture
Corporations-Trust Indenture-Notice To Security Holders Of Contents Of Indenture
Michigan Law Review
Ever since corporate bonds made their appearance more than a century ago, there has been a steady increase in difficult problems relating thereto. Not the least interesting of these problems pertains to the matter of notice to holders of the bonds and other securities of the contents of the indenture under which they are generally issued. The question becomes acute when one of these bondholders starts suit in law or in equity, and is met by the proposition that his right to so sue is limited by the trust indenture. There are two aspects to the matter, and it is …
The Varying Meaning And Legal Effect Of The Word "Void", Abraham J. Levin
The Varying Meaning And Legal Effect Of The Word "Void", Abraham J. Levin
Michigan Law Review
To interpret properly what has been said or written necessitates our going beyond the dictionary into the sphere of action and reality. In its narrowest sense the, meaning of a word is the single effect which is given to it in the specific case. Insofar as nature repeats itself are we able to build up concepts and symbols which function in substantially the same way in different cases. But the mind must always be ready to discard an accepted definition of a word symbol for the particular legal effect which the circumstances demand. The same word or symbol with the …
Quasi-Contracts - Measure Of Recovery On Infant's Disaffirmance
Quasi-Contracts - Measure Of Recovery On Infant's Disaffirmance
Michigan Law Review
On November 1, 1928, an infant caused to be delivered to a brokerage firm shares of stock in which he had an interest or equity of $3,342.09. The brokerage firm had been carrying a margin account with the infant which was continued until it was closed April 2, 1929, by payment to him of $70.99. While yet in his minority he rescinded the agreement with his brokers, and disaffirmed the entire transaction. In an action for the recovery of the value of his equity in the shares of stock as of November 1, 1928, minus the sum paid to him …
Quasi-Contracts--Duress--Economic Pressure-Adequacy Of Legal Remedies
Quasi-Contracts--Duress--Economic Pressure-Adequacy Of Legal Remedies
Michigan Law Review
The plaintiff deposited funds with the defendant, a stock-broker, as security for his margin account. The defendant without authority sold short on the plaintiff's account a large number of shares of stock and threatened to use the plaintiff's deposits to cover the sale unless the plaintiff would authorize a purchase for that purpose. The plaintiff under protest authorized the defendant to purchase the stock, which in the meanwhile had increased in value. The plaintiff then brought suit to recover the difference between the sale and the re-purchase prices plus the defendant's commissions and transfer taxes. Held, on demurrer that …
Corporations-Stock Conversion-Obligation Of Interstate Carrier
Corporations-Stock Conversion-Obligation Of Interstate Carrier
Michigan Law Review
Plaintiff, holding preferred stock of the defendant railroad convertible into common stock, sought to exercise his right of conversion, and on the railroad's failure to comply, filed the present suit for damages. The answer set up as an affirmative defense that the defendant, an interstate common carrier, is subject to the jurisdiction of the Interstate Commerce Commission; by the 1920 amendment to the Interstate Commerce Act, 49 U. S. C. A. sec. 20a, it was made unlawful for any carrier to issue stock except by the Commission's sanction; on Feb. 7, 1927, for the first time demand was made for …
Recent Important Decisions
Michigan Law Review
A collection of recent important court decisions.
Recent Important Decisions
Michigan Law Review
Banks and Banking - Right to Set-off Deposit Against Debt Due Bank - L. Bank set off a matured debt due to it by a depositor against the amount due by the bank to the depositor, all of which was done after the death of the depositor and after appraisers appointed to set apart a year's support to his widow had made a return, setting apart the amount due by the bank to the decedent. Held, that the bank exercised its right of setoff too late, Luthersville Banking Co. v. Hopkins (Ga. 1913) 77 S. R: 589.
Recent Important Decisions
Michigan Law Review
Bankruptcy - Judgment for Breach of Promis, Aggravated by Seduction, Not Dischargeable - Petitioner 'had secured a judgment against the bankrupt for the breach of a promise to marry, seduction under such promise having been pleaded in aggravation of damages; the common law rule prevails in New York and a woman may not maintain an action for her own seduction. The District Court (196 Fed. 571), viewing this as a judgment grounded solely in contract, and not in tort as "for -will-ful and malicious injury to the person or property of another," or for "seduction of an unmarried female," held …
Recent Important Decisions, Michigan Law Review
Recent Important Decisions, Michigan Law Review
Michigan Law Review
Adverse Possession--Hostile Character--Possession Under Executory Contract for Sale; Bills and Notes--Bona Fide Purchase--Effect of Taking After Maturity; Bills and Notes--Bona Fide Purchase--Payment of Forged Check--Recovery of Payment; Bills and Notes--Invalidity of Note--Recovery Upon Original Consideration; Constitutional law--Due Process of Law--Situs of Ship for Purposes of Taxation; contracts--Sufficiency of Typewritten Signature; Copyright--Moving Pictures as Dramatization of Book; Corporations--Stockholder's Meetings--Effect of Withdrawal of Stockholders; Courts--The New Commerce Court--Jurisdiction--First Decision; Covenants Running with the Land--Building Restrictions; Damages--Excessiveness--Personal Injuries--Remittitur; Dead Bodies--Burial Determination of Place; Easements--Merger--Use by Owner of Servient Estate--Adverse Possession; Homicide--Burden of Proof When Insanity is a Defense; Intoxicating Liquors--Illegal Sale--"Dispensing"; Judgment--Collateral Attack--Defective …
Recent Important Decisions, Michigan Law Review
Recent Important Decisions, Michigan Law Review
Michigan Law Review
Accident Insurance--Accident or Disease; Antenuptial Contract; Waiver of Performance; Bankruptcy--Arrest of Bankrupt--Exemption from Arrest; Bankruptcy--Effect upon a Surety of Bankrupt's Discharge; Charities--Validity--Certainty as to Purpose of the Gift; Constitutional Law--Equal Protectin of the Laws--Abrogation of Fellow-Servant Rule; Constitutional Law--Equal Protection of the Laws--Permit to Woman Pharmacist to Sell Liquors; Constracts--Public Policy; Corporations--Injury to Minority Stockholders--Remedy by Injunction; Corporations--Nature of a Corporation--Franchises; Deeds--Specific Performance of a Condition Subsequent; Elections--Primary Elections--Failure of Nominee to File Expense Account; Evidence--Parol Testimony--Admissibility; Husband and Wife--Personal Torts Between; Husband and Wife--Subrogation of Wife to Rights of Creditors for Necessaries; Inn-Keepers--Liability for Goods of Guest--Termination of Liability; …
Recent Important Decisions, Michigan Law Review
Recent Important Decisions, Michigan Law Review
Michigan Law Review
Adverse Possession--Paper Title--Constructive Possession--Occupancy; Bankruptcy--Property Vesting in Trustee--Insurance Policies with Cash Surrender Value Absorbed by a Lien; Bankruptcy--Provable Debts--Contingent Claims--Landlord and Tenant; Bills and Notes--Incomplete and Undelivered Check, completed and Negotiated by Thief--Delivery Not Presumed; Bills and Notes--Note Distinguished from Testamentary Disposition; Contracts--Consideration--Forbearance to Sue; Contracts--Illegal Contract--Agent's Liability for Proceeds; Corporations--corporate Stock--Priority of Rights Between Unrecorded Transferee and Attachment Creditor; Criminal Procedure--Sealed Verdict--Separation of Jury; Eminent Domain--Streets--Power to Condemn Land Required for Railroad Purposes; Evidence--Presumptions and Burden of Proof in Case of Corporation Charged with Crime; Garnishments--On What Actions Available--Liquidated Claims; Insurance--change of Rates in Mutual Benefit Association; Judgments--Foreign Judgment--Merger--Bar; …
Recent Important Decisions, Michigan Law Review
Recent Important Decisions, Michigan Law Review
Michigan Law Review
Bankruptcy--Corporation "Engaged Principally in Manufacturing"; Bankruptcy--Invalidity of Liens for Want of Record; Bills and Notes--Effect of Agreement to Pay Attorney's Fees on Negotiability; Boundaries--Street--Riparian Rights; Carriers--Negligent Delay of Passenger--Liability; Constitutional Law--Due Process of Law--Banking--Guaranty Fund; Constitutional Law--Vested rights--rights in Navigable and Non-Navigable Waters; Contracts--Performance of Building Contract; Corporations--Capital Stock--Trust Fund--Right of Bank to Purchase its own Stock; Corporations--Ownership of Stock--Unlawful Pledge--Rights of Pledgee; Damage--Breach of Covenant Against Incumbrances--Though Incumbrance Removed Nominal Damages Recoverable; Divorce--Grounds--Extreme Cruelty--Malicious Charges; Dower--Right to Dower--Divorce--Interlocutory Decree; Evidence--difference Between Burden of Proof and burden of Evidence; Evidence--Proof of Death--Privileged Communications Between Husband and Wife; Homestead--Fraudulent Conveyance--Right of …
Note And Comment, Ferris D. Stone, Dan B. Symmons, J. Earl Ogle Jr.
Note And Comment, Ferris D. Stone, Dan B. Symmons, J. Earl Ogle Jr.
Michigan Law Review
The Execution of the Insured for Crime as a Defense to the Insurer, the Policy Being Silent as to This Contingency; The Power of a Corporation to Hold and Vote Stock of Another Corporation; Effect of an Agreement Not to Compromise Without consent of Attorney Upon Contract for Contingent Fees; The Pennsylvania Supreme Court and The Pennsylvania Railroad Company
Recent Important Decisions, Michigan Law Review
Recent Important Decisions, Michigan Law Review
Michigan Law Review
Adjoining Landowners--Excavations--"Contiguous" Structures; Aliens--Naturalization--Persons of Japanese Race--"White Persons"; Bankruptcy--Suit by Trustee--Recovery of Property Transferred by Bankrupt; Carriers--Duty to Person Riding on Engine; Carriers--Through Contract--Liability of Connecting Carriers; Color of Title as Extending Possession of Adverse Claimant--Deed to Claimant's Vendor; Constitutional Law--Due Process of Law--White and Negro Pupils; Constitutional Law--Interstate Commerce--Power of Congress to Regulate; Constitutional Law--Secret Societies--Unauthorized Wearing of Badges; Conversion--Time of Conversion--Pledges--Assertion of Title; Corporations--Stockholder's Liability--Enforcement in Other States; Damages--For Interference with Employment--Mental Suffering an Element; Dedication--Acceptance--Ordinance Fixing Grade; Deed--Acknowledgement Taken by Officer and Stockholder of Corporation Grantor; Deeds--Building Restriction--"Front Property Line" of Corner Lot; Deeds--Restrictive Covenant--Electric Light Station …