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Articles 1 - 7 of 7
Full-Text Articles in Securities Law
Corporations - Pre-Emptive Rights In Treasury Shares
Corporations - Pre-Emptive Rights In Treasury Shares
Michigan Law Review
Plaintiff, a former shareholder, sued the directors of a corporation for damages arising out of their alleged refusal to allow him pre-emptive rights in stock that had been issued, re-purchased by the corporation from the shareholders, and re-issued by the defendant-directors to themselves. Upon appeal from an order dismissing the complaint for insufficiency, held, that the order be reversed on the law. Hammer v. Werner, (App. Div. 1933) 265 N. Y. S. 172.
The New Federal Securities Act, John E. Tracy
The New Federal Securities Act, John E. Tracy
Michigan Law Review
A proper understanding of the purposes of this new Act and the reasons for its enactment can probably best be obtained by a short discussion of the manner in which the sale of securities has been regulated prior to this time.
Receivers - Situs Of Pledged Stock For Jurisdictional Purposes
Receivers - Situs Of Pledged Stock For Jurisdictional Purposes
Michigan Law Review
The assets of Insull Utility Investments, Inc., an Illinois corporation, consisted of stock in other Illinois corporations. This stock was pledged to New York banks by the president of Insull Utility in his representative capacity. Upon receivership of Insull Utility in the federal court in Illinois it was found that the equity of redemption in this stock comprised virtually the corporation's entire assets. The stock having depreciated below the amount of the loan secured, the pledgees took action to foreclose their collateral. Since otherwise the unsecured creditors would take nothing, the receiver sought to enjoin the sale until a better …
Trusts - For Employees - Definiteness Of Cestui
Trusts - For Employees - Definiteness Of Cestui
Michigan Law Review
The testator by his last will and testament devised a saw mill owned by him to certain trustees, the will reading, "I suggest that my said trustees sell the mill" for a specified price about half the estimated value of the property to a corporation to be organized by "my employees." There was a further provision reading, "I suggest that all the employees who have been in my employment for five years or longer should hold stock in such corporation, should they so desire in such proportions as my trustees shall presence." After the corporation had been organized, the incorporators …
Trusts-Apportionment Of Dividends Between Life Beneficiaries And Remaindermen - Depletion Of Oil Reserve
Michigan Law Review
Stock in an oil company was left in trust to pay the income to life beneficiaries with remainder over. For income-tax purposes the company deducted from income a figure for depletion of oil reserve, but at the close of each year it added directly to surplus account the same amount which had been deducted for depletion. Since the books of the company thus indicated that its management did not regard the drawing of oil from its wells as reducing the value of its property the court held that dividends, so far as they are made out of this amount, should …
Control Of Securities Selling, Watson Washburn
Control Of Securities Selling, Watson Washburn
Michigan Law Review
President Roosevelt in his inaugural address stated as one of the most important immediate necessities of the country "a strict supervision of all banking and credits and investments." This statement is in line with his campaign criticism of the failure of the Republican national administration to check the inordinate inflation of security prices in 1929. There is no doubt that the President's program in this respect received a sympathetic hearing throughout the country. Many state legislatures are now considering changes in state laws regulating securities. It is interesting that some States with rigid blue sky laws seem to be quite …
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 …