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Articles 1 - 22 of 22
Full-Text Articles in Securities Law
The Expanding Jurisdiction Of The Securities And Exchange Commission: Variable Annuities And Bank Collective Investment Funds, John W. Erickson
The Expanding Jurisdiction Of The Securities And Exchange Commission: Variable Annuities And Bank Collective Investment Funds, John W. Erickson
Michigan Law Review
The Securities and Exchange Commission is presently attempting to assert jurisdiction over certain aspects of two industries traditionally exempt from federal securities regulation-insurance and banking. The SEC claims that two recently developed investment vehicles-variable annuities in the insurance field and pooled funds of managing agency accounts in the banking field-are virtually the same as mutual funds, which are subject to SEC regulation under the Investment Company Act of 1940. (A mutual fund is essentially a fund (usually in corporate form), the participants' contributions to which are collectively invested in a portfolio of securities, each participation representing a pro rata interest …
Securities Regulation- Federal Courts-Private Rights Of Action Under The Investment Company Act Of 1940, Lee D. Powar
Securities Regulation- Federal Courts-Private Rights Of Action Under The Investment Company Act Of 1940, Lee D. Powar
Michigan Law Review
Two actions for damages were brought against officers and directors of a mutual investment fund alleging violations of the Investment Company Act of 1940. These actions, by the fund itself and by a stockholder on behalf of the fund, were consolidated in a federal district court. The court denied defendant's motion to dismiss for want of federal jurisdiction. On an interlocutory appeal by the non-affiliated directors, held, reversed. The Investment Company Act of 1940 does not expressly or by implication create a private right of action cognizable in the federal courts against non-affiliated directors. Brouk v. Managed Funds, Inc. …
Federal Jurisdiction - Securities And Exchange Commission - Application Of Rule X - 10b-5 To Transactions Involving Non-Securities, Richard Singer
Federal Jurisdiction - Securities And Exchange Commission - Application Of Rule X - 10b-5 To Transactions Involving Non-Securities, Richard Singer
Michigan Law Review
Plaintiff brought an action for damages and the cancellation of certain instruments under section 10 (b) of the Securities Exchange Act of 1934 and rule X-10B-5 promulgated thereunder by the Securities and Exchange Commission. She proved a series of interrelated acts which took place over a period of months by which the defendants fraudulently deprived her of both securities and other property. The defendants objected to the jurisdiction of the district court on the ground that rule X-10B-5 was not applicable to transactions involving non-securities. The district court retained jurisdiction on the theory that all of the acts complained of …
Securities - Effect Of Certificate Of Title Acts Of Sales On Encumberd Vehicles To Purchasers In Ordinary Course, Charles G. Williamson, Jr. S.Ed.
Securities - Effect Of Certificate Of Title Acts Of Sales On Encumberd Vehicles To Purchasers In Ordinary Course, Charles G. Williamson, Jr. S.Ed.
Michigan Law Review
The primary purpose of this comment will be to examine the various legislative schemes in use and the bearing of the certificate of title acts on the case of mortgagee v. purchaser in ordinary course.
Corporations-Dividends-Majority Of The Board Of Directors As Indispensable Parties In A Suit To Compel The Declaration Of Corporate Dividends, James W. Callison
Corporations-Dividends-Majority Of The Board Of Directors As Indispensable Parties In A Suit To Compel The Declaration Of Corporate Dividends, James W. Callison
Michigan Law Review
A minority group of stockholders brought an action to compel a declaration of dividends on common stock, naming as defendants the Continental Mills company, four of the five directors of the corporation, and a majority stockholder. Effective service of process was made only on the corporation and two of the directors. The majority stockholder and the other two directors named appeared specially and obtained a dismissal of the action as to them. The two directors properly served then moved to dismiss the action for failure to include a majority of the board of directors as parties. Held, a majority …
Federal Procedure-Jurisdiction-Diversity Of Citizenship Required In Stockholder's Derivative Suit, Morris G. Shanker
Federal Procedure-Jurisdiction-Diversity Of Citizenship Required In Stockholder's Derivative Suit, Morris G. Shanker
Michigan Law Review
Plaintiff, a citizen of New York, instituted a stockholder's suit on behalf of a New York corporation in the United States District Court for the Southern District of New York. Individual officers and directors of the corporation, all citizens of Connecticut, were charged with mismanagement and were joined with it as party defendants. Since plaintiff and defendant corporation were both citizens of New York, requisite diversity did not exist, and the district court dismissed the claim for lack of jurisdiction. Upon appeal, held, judgment affirmed. The section of the Federal Judicial Code providing that "any civil action by a …
Bankruptcy-Jurisdiction Of Bankruptcy Court To Determine Attorneys' Fees For Services Rendered In Chapter X Reorganization Proceedings, Bernard Goldstone S. Ed.
Bankruptcy-Jurisdiction Of Bankruptcy Court To Determine Attorneys' Fees For Services Rendered In Chapter X Reorganization Proceedings, Bernard Goldstone S. Ed.
Michigan Law Review
A committee for preferred stockholders entered into an agreement with petitioners, wherein it was provided that certain shares of stock of the debtor corporation, placed in escrow with the committee by four preferred shareholders, would be delivered to petitioners as added compensation for their services in the reorganization proceeding. Pursuant to this agreement petitioners performed valuable services connected with the reorganization. The bankruptcy court allowed petitioners $37,500 from the debtor's estate, but held it had no jurisdiction to pass on the amount of the allowance which should be paid under the escrow agreement. Petitioners then sued in a state court …
Securities Legislation - Public Utility Holding Company Act Jurisdiction Of The Securities And Exchange Commission, Robert Kneeland
Securities Legislation - Public Utility Holding Company Act Jurisdiction Of The Securities And Exchange Commission, Robert Kneeland
Michigan Law Review
In 1935 the International Paper and Power Company filed an application with the Securities and Exchange Commission to secure permanent exemption from the provisions of the Public Utility Holding Company Act of 1935. While this application was pending, the company formed a plan for recapitalization of its stock, and applied to the commission for an order validating the plan. The report of the commission on this plan was approved by the requisite number of shareholders of the company, whereupon the commission entered an order purporting to exempt from the provisions of the act the stock and the warrants for stock …
Bankruptcy-Corporate Reorganization-Publicly Held Securities As A Test Of Availability Of Relief Under Chapters X And Xi Of The Chandler Act, Edward S. Biggar
Bankruptcy-Corporate Reorganization-Publicly Held Securities As A Test Of Availability Of Relief Under Chapters X And Xi Of The Chandler Act, Edward S. Biggar
Michigan Law Review
Chapter X of the amended Bankruptcy Act of 1938 was mainly the product of the investigation by the Securities and Exchange Commission of reorganization practices under the old equity procedure and under section 77B. The chief aim of the sponsors of this new chapter was to preclude the control of reorganization proceedings by "inside" groups, and thereby more adequately protect the interests of investors. Contemporaneously with the overhauling of section 77B, however, other sections of the old Bankruptcy Act were being revised. Among the changes effected, old sections 12 and 74, dealing with extensions and compositions, were remodelled and combined …
Taxation - Jurisdiction - Classification Of Property As Tangible Or Intangible, John L. Rubsam
Taxation - Jurisdiction - Classification Of Property As Tangible Or Intangible, John L. Rubsam
Michigan Law Review
Respondent's decedent died testate in 1936 and was at the time of his death a resident of and domiciled in Oregon. In earlier years when he resided in Wisconsin he placed various stocks, bonds and other intangibles in the possession of an Illinois trust company, which acted as his agent in collecting and investing the principal and income on these securities. These securities were always physically present in Illinois, never in Oregon. About six months before his death respondent's decedent directed the trust company to sell some of his bonds and purchase $450,000 worth of federal irrevocable trust for the …
Bankruptcy - Corporate Reorganization - Effect Of Release Of Collateral Obligor On Dissenting Creditors, Edward D. Ransom
Bankruptcy - Corporate Reorganization - Effect Of Release Of Collateral Obligor On Dissenting Creditors, Edward D. Ransom
Michigan Law Review
The federal district court confirmed a plan of reorganization of debtor corporation, under section 77B of the Bankruptcy Act, which expressly released defendant from liability as guarantor of bonds of the corporation and provided for cancellation of the bonds and substitution of new certificates of stock. The plaintiff, a bondholder, made no objection when the plan was submitted to the court; objection by other bondholders was overruled. The plaintiff brought suit in municipal court on the defendant's guaranty. Defendant pleaded the confirmation of the plan by the district court as res adjudicata. The trial court denied the plea and entered …
Constitutional Law-Service Of Process-Jurisdiction Over Non-Resident Acquired By Service Upon Resident Agent, Maurice S. Culp
Constitutional Law-Service Of Process-Jurisdiction Over Non-Resident Acquired By Service Upon Resident Agent, Maurice S. Culp
Michigan Law Review
Henry L. Doherty, a non-resident of the State of Iowa, did business within the state under the name of Henry L. Doherty & Co., with a district manager in charge of the office at Des Moines. Under the manager were clerks and salesmen engaged in the business of selling securities. One of these salesmen made an illegal sale to Goodman, and for damages resulting from the transaction Goodman brought suit in 1931, serving in the regular manner in accordance with the provisions of section 11079 of the Iowa Code the district agent at the Des Moines office. Doherty appeared specially …
Recent Important Decisions
Michigan Law Review
A collection of recent important court decisions.
Note And Comment, Ralph W. Aigler, John R. Rood, Henry Rottschaefer, Allen M. Reed
Note And Comment, Ralph W. Aigler, John R. Rood, Henry Rottschaefer, Allen M. Reed
Michigan Law Review
Revocability of Licenses - The Rule of Wood v. Leadbitter - That a mere license purporting to create in the licensee a new right or privilege is revocable at law at the will of the licensor seems to have been definitely settled in England by Wood v. Leadbitter. It was there held that the plaintiff who had entered the close of the defendant's master after the purchase of a proper ticket could be -forcibly ousted, notice having been first given that he should leave. The only remedy open to the ousted ticket holder-in law at least-no excessive violence having been …
Note And Comment, Edson R. Sunderland, Roswell B. O'Hara, Arend V. Dubee, Hollis Harshman
Note And Comment, Edson R. Sunderland, Roswell B. O'Hara, Arend V. Dubee, Hollis Harshman
Michigan Law Review
The Proposed Michigan Judicature Act. The Michigan Legislature, at its last session, passed an act (No. 286, Public Acts of 1913) providing for the appointment of a Commission to revise and consolidate the laws of the State relating to procedure. The Governor appointed Alva M. Cummins, J. Clyde Watt, and Mark W. Stevens as members of this commission, and, the result of their labors has just appeared in the form of a proposed bill regulating the entire subject of procedure in all the courts of the State. The bill is a long one, embracing 565 printed pages, but it is …
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
Adoption--Defect in Proceedings--Effect; Bankruptcy--Equitable Rights under Unrecorded Mortgage--Agreement to Insure--Equitable Lien on Insurance Money; Bankruptcy--Insolvent Firm--Individual Estate of Unadjudicated Solvent Partner Not Subject to Administration; Bills and Notes--Liability of Indorser of Non-Negotiable Note; Bills and Notes--Liability of Irregular Indorser; Carriers--Wrongful Treatment of Passengers--Damages for Mental Suffering; Constitutional Law--Imprisonment for Debt--Peonage; Constitutional Law--Interstate Commerce--Shipments Within a State; Corporations--Foreign Corporations--Effect of Withdrawal From State--Validity of Service; Courts--Jurisdiction--Action Under the Laws of Another State; Covenants--Running with the Land; Damages--Destruction of Growing Grass; Evidence--Admissibility of a Deed as an Ancient Document; Evident--Admissions in Pleading; Garnishment--Nonresident Defendant--Jurisdiction; Jury--Right to Trial by Twelve Jurors--Waiver of Jury; …
Recent Important Decisions, Michigan Law Review
Recent Important Decisions, Michigan Law Review
Michigan Law Review
Admiralty--Liability of Public Corporation for Tort; Bankruptcy--bills and Notes--discharge of Indorser; Bankruptcy--Title to Stock Held by Stockholders; Bills and Notes--Renewal of Void Note--Moral Obligation Not a Good Consideration; Bills and Notes--Renewal of Void Note--Moral Obligation Sufficient Consideration; Carriers--contributory Negligence--Protruding Arms of Passengers; Carriers--Contributory Negligence--Protruding Arms of Passengers; Constitutional law--foreign Corporations--Service of Summons on the Auditor of State--Due Process of Law; Contract to Devise--Parol Evidence to vary Consideration Expressed in a Deed; Corporations--application for Shares--Contracts; Easements--Way of Necessity--Relation of Parties; Equity--Jurisdiction--Bills of Peace; Executors and Administrators--Allowance to Surviving Children--Stepchildren; Garnishment--Proceeds form Sale of Homestead Exempt; Garnishment--Waiver of Defect in Writ; Homestead--conveyance--Joinder …
Recent Important Decisions, Michigan Law Review
Recent Important Decisions, Michigan Law Review
Michigan Law Review
Acknowledgement--Use of "He" Instead of "They"; Adverse Possession--Easement--License--Legal Maxim; Attachment--Conflict of Jurisdictoin--State and Federal Courts; Bills and Notes--Negotiability of Overdue Note; Bills and Notes--Presentment; Common Carriers--Fellow Servant Rule--Departmental Doctrine; Conspiracy--Recovery Against One Alone; Constitutional Law--County Taxes--Statutory Limitation--Impairment of Contracts; Constitutional Law--Search And Seizure--Due Process of Law; Constitutional Law--Sunday Law--Obligatory on Hebrews; Contracts to make a Particular Disposition of Property at Death--Specific Performance; Corporations--Banks and Banking--Negligence of Directors--Liability for Deceit--Liability to Creditors; Corporations--Issue of Convertible Bonds--Increase of Capital Stock--Preemptive Right of Stockholders; Covenants--Technical and Substantial Breach; Deeds--Condition Subsequent--Agreement to Support; Divorce--Alimony--Decree--Monion to Vacate; Dower--Rights of Divorced Wife; Eminent Domain--Telephone Poles in …
Recent Important Decisions, Michigan Law Reivew
Recent Important Decisions, Michigan Law Reivew
Michigan Law Review
Agency--Ratification--Action by Principal Based on His Own Ratification; Bailments--Negligence of Bailor and Bailee; Bills and Notes--Designation of Amount--Marginal Figures; Bills and Notes--Sufficiency of Plaintiff's Title; Bills and Notes--Rights of an Accommodation Maker; Carriers--Liability of Steamship Company for Loss of Passenger's Baggage; Common Carrers--Limitation of Liability by Special Contract--Exemption Includes Limitation; Constitutional Law--Game Laws; Constitutional Law--Habeas Corpus--Former Jeopardy; Contract for Sale of Realty--Rescission--Bringing Action not Sufficient Notice of Recission; Corporations--Foreign Corporations--Doing Business in the State--State Control--Taxation of Intra-State Business; Corporations--Illegal Payment of Dividends--Statuatory Liability of Directors--Discretion of Directors; Corporations--Ultra Vires Contract--Powers of Railroad Company--Estoppel; Criminal Law--Homicide--Threats by Deceased; Damages--Nursing by Husband …
Recent Important Decisions, Michigan Law Review
Recent Important Decisions, Michigan Law Review
Michigan Law Review
Adoption--Inheritance by Representation; Adverse Possession--Effect of Former Judgment--Statute of Limitations; Adverse Possession--Statute of Limitations--Jurisdiction of the Department of the Interior; Concealed Property--Finder's Rights--Treasure Trove; constitutional Law--Eminent Domain--Taking Private Property for Private Use; Constitutional Law--Penalty for Breach of Labor contracts; Contract--Mutuality--Specific Performance; Corporations--contracts Between Corporations Having Common Shareholders and Officers--Suit in Name of Stockholder; Corporations--Liability of Officers--Negligent management--contracts Between Corporations Having Common Officers; Deed--Insane Person--Voidable Assignment; Ejectment--Impairment of Contract Obligation; Evidence--Confession--Admission; Evidence--Letters of Administration--How Far Evidence of Widowhood; Evidence--Personal Injury--Physical Examination of Plaintiff; Foreign Corporations--Business in Other States--License--Purpose of Incorporation--Evasion of State Laws; Fraud--Doctrine of Reasonable Inquiry; Guardian--Appointment--Jurisdiction--Sale of Ward's Lands; …
Note And Comment, Michigan Law Review
Note And Comment, Michigan Law Review
Michigan Law Review
A National Incorporation Law; The Northern Securities Case; Controversies Between States; Liability of Members of Congress for Bribery; Exempting of Lawyers from Service of Civil Process While Attending Court; Law Governing the Validity of a Note Executed and Delivered in One State, But Payable in Another