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Articles 3301 - 3330 of 4291
Full-Text Articles in Entire DC Network
Corporations - Significance Of Appreciation And Changing Price Levels In Corporate Dividend Policies, Kenneth K. Luce
Corporations - Significance Of Appreciation And Changing Price Levels In Corporate Dividend Policies, Kenneth K. Luce
Michigan Law Review
The appreciation of assets and the legal and accounting problems involved are largely a product of constant fluctuation in the value of money, and to a lesser degree a prodμct of actual rise in the relative value of isolated pieces of property. In the face of political events such as the devaluation of the dollar, and economic phenomena such as the rising price level which the country has experienced since 1933, such problems are of immediate concern to the accountant and lawyer. We must recognize at the outset that appreciation or depreciation in the price level sense are unrelated to …
Interstate Commerce - Taxation Of Motor Vehicles In Interstate Transportation For Sale
Interstate Commerce - Taxation Of Motor Vehicles In Interstate Transportation For Sale
Michigan Law Review
A New Mexico statute exacts a flat permit fee for the privilege of transporting motor vehicles, on their own wheels, over the highways of the state, for purpose of sale within or without the state. Held, this does not impose an unconstitutional burden on interstate commerce nor does it discriminate against a citizen of another state engaged in transporting automobiles on their own wheels, in processions or caravans, for sale outside of New Mexico. Morf v. Bingaman, (U.S. 1936) 56 S. Ct. 756.
Taxation Of Undistributed Corporate Profits, John B. Martin Jr.
Taxation Of Undistributed Corporate Profits, John B. Martin Jr.
Michigan Law Review
The legislation proposed by President Roosevelt in his message of March 3, 1936, to prevent automatic avoidance of taxation by non-distribution of corporate profits, does not represent a new and previously unheard of system of taxation. It embraces, on the contrary, the gist of proposals made by various individuals and organizations extending back as far as the year 1864 when Congress passed, a Revenue Act providing that "gains and profits of all companies, whether incorporated or partnership . . . shall be included in estimating the annual gains, profits, or income of any person entitled to the same, whether divided …
Revenue Financing Of Public Enterprises, E. H. Foley Jr.
Revenue Financing Of Public Enterprises, E. H. Foley Jr.
Michigan Law Review
Courts have been slow to take judicial notice of the growing needs of local communities. Legislatures have restrained municipal corporations from engaging in business enterprises upon the assumption that the object was mere hope of gain, that the investment of municipal funds in such enterprises was simply a speculation, or that the effect was to divert municipal corporations from their legitimate ends and to poach upon the preserves of private enterprise. Novel municipal undertakings have been feared as an entering wedge of state socialism or governmental paternalism. Even when the instrumentality of private adventure was disposed to leave a need …
Contracts - Indefiniteness - Effect Of Buyer's Right To Require Alternative Performance
Contracts - Indefiniteness - Effect Of Buyer's Right To Require Alternative Performance
Michigan Law Review
A buyer, who had agreed to take a certain number of gallons of oil within a viscosity range comprising seven weights, each weight being listed at a different price, repudiated his contract without having specified any of the seven types. In a suit by the seller to recover for breach of contract, held, as the indefiniteness of the agreement precluded any damages save those based on speculative, average, or other arbitrary price, it was not enforcible and plaintiff could not recover for defendant's refusal to accept oil. Wilhelm Lubrication Co. v. Brattrud, (Minn. 1936) 268 N. W. 634.1
Public Utilities - Judicial Review Of The Rate Base
Public Utilities - Judicial Review Of The Rate Base
Michigan Law Review
The Secretary of Agriculture made an order fixing the rates chargeable by the appellant, the rate base being determined by the cost of reproduction new less depreciation. The district court held that, since by congressional act the findings of fact of the Secretary were made conclusive, the court could not make an independent determination of the value but was bound to take the Secretary's valuation if there was substantial evidence to support it. However, the court then went on to review the evidence before the Secretary and concluded that the appellant had failed to show that the valuation was "clearly …
Waters And Watercourses - Riparian Rights In Streams Flowing Through Several States
Waters And Watercourses - Riparian Rights In Streams Flowing Through Several States
Michigan Law Review
A special master appointed by the Court after the filing of a bill by the state of Washington praying an injunction against the state of Oregon found that inhabitants of Oregon had been diverting water from the Walla Walla River, a non-navigable stream, by means of a dam for over fifty years for use in irrigating their lands which would otherwise be arid and had been for a long time pumping some nine thousand acre feet of water per annum from wells bored on their lands. The state of Washington claimed this diversion materially injured an irrigation project known as …
Uniform Corporation Laws Through Interstate Compacts And Federal Legislation, Robert S. Stevens
Uniform Corporation Laws Through Interstate Compacts And Federal Legislation, Robert S. Stevens
Michigan Law Review
It is the purpose of the present article to suggest that another means of accomplishing the end exists in the possibility of an interstate compact for uniform corporate legislation, coupled with supplementary federal legislation appropriate to make the interstate compact effective.
Practical Results Of Federal Equity Rule 75 (B) As To Restatement Of Testimony In Narrative Form, Marion L. Severn
Practical Results Of Federal Equity Rule 75 (B) As To Restatement Of Testimony In Narrative Form, Marion L. Severn
Michigan Law Review
During the twenty-four years since the adoption of the narrative form for records on appeal in the federal courts under Equity Rule 75 (b), there have been some printed comments and criticisms of the rule as well as informal and unrecorded discussion by the bench and bar. The more recent comments on the working out of the rule vary little from the prophecies made soon after its adoption. There is not much of value that can be added to the theoretical discussions of the rule either by its proponents or its opponents. But there remain certain highly important practical questions: …
Trusts-Restated And Rewritten, Harry W. Vanneman
Trusts-Restated And Rewritten, Harry W. Vanneman
Michigan Law Review
Two books were published during the past year which are of the greatest importance to those of the legal profession who are interested in the law of trusts. Professor Bogert's seven volumes appeared first, followed shortly by The Restatement of the Law of Trusts by the American Law Institute, of which Professor Scott, of the Harvard Law School, was the reporter. Professor Bogert, of the University of Chicago Law School, was a member of the Institute's Committee on Trusts. Since 1927, therefore, when the Institute began work on the Restatement of Trusts, Professor Bogert apparently has been working …
Constitutional Law - Bituminous Coal Conservation Act Of 1935 - Congressional Power Under The Commerce Clause To Regulate Labor Conditions In Local Industry And Fix The Price Of Sales In Interstate Commerce
Michigan Law Review
By its sweeping decision invalidating the Bituminous Coal Conservation Act of 1935, the Supreme Court precluded any future use of the commerce clause by Congress as a basis for federal regulation of labor conditions in local industry, whether on the theory that production is interstate commerce or that labor conditions directly affect interstate commerce.
Constitutional Law-Religion In The Public School
Constitutional Law-Religion In The Public School
Michigan Law Review
Plaintiff sued as a taxpayer to enjoin defendant from permitting the use of school buildings by organizations of pupils based on religious affiliations and from directing the reading of excerpts from the Bible in the public schools. Plaintiff contended that in so far as the Greater New York Charter impliedly authorized the use of the Bible for such purposes, it was unconstitutional. Held, the action of the school board was proper, and injunction denied. Lewis v. Board of Education of City of New York, (N. Y. Sup. Ct. 1935) 285 N. Y. S. 164.
Trade Restraints-Trade Associations-Open Price Agreements- Sugar Institute Case
Trade Restraints-Trade Associations-Open Price Agreements- Sugar Institute Case
Michigan Law Review
The Sugar Institute case, decided March 30, 1936, in a unanimous decision by the Supreme Court, has been eagerly awaited by those interested in 'the limits and possibilities, under the anti-trust laws, of so-called self-regulation by industry through permissible activities of trade associations. The decision has been reported to affect some 2,000 trade associations. The case presented such a diversity of practices that any decision in it gave great promise of answering some of the many perplexing questions growing out of the enforcement of the anti-trust laws, which could not heretofore be answered from the decided cases. The fact that …
The Right Of Appeal In Criminal Cases, Lester B. Orfield
The Right Of Appeal In Criminal Cases, Lester B. Orfield
Michigan Law Review
In the conduct of a criminal proceeding certain steps are regarded as essential. The accused must be brought before the court. There must be a preliminary investigation to insure that the case is one which should be prosecuted. Notice must be given to the accused of the offense charged. He must have an opportunity to prepare for trial, procure witnesses, and make needed investigations. He should have a speedy trial. He should have a fair trial before an impartial tribunal. Finally, there should be one review of the case as a whole by a suitable tribunal. The principle of a …
Attack On Decrees Of Divorce, Albert C. Jacobs
Attack On Decrees Of Divorce, Albert C. Jacobs
Michigan Law Review
Hitherto we have been concerned with the extent to which a decree is impeachable at the suit of one of the so-called "contestants" to the divorce litigation. But other parties, second spouses, children, personal representatives, grantees of a divorced party, and other third persons, may be affected; they may desire to question its efficacy. Are they controlled by the same principles of attack which govern the divorce litigants? Do these third persons all stand in the same position when they seek to assail the decree?
Municipal Corporations-Fencing Ordinances
Municipal Corporations-Fencing Ordinances
Michigan Law Review
Defendant city passed an ordinance which prohibited the erection of fences that exceeded four feet in height, or which were composed wholly or in part of barbed wire. Plaintiff was refused permission to build a woven wire fence, six feet high with barbed wire attached to arms extending inward at the top. Plaintiff thereupon sued to enjoin defendant city from enforcing this ordinance, claiming that it deprived her of property without "due process." Held, by the court, that the right to fence one's land is a right of property that cannot be unreasonably interfered with. The ordinance in question …
Attack On Decrees Of Divorce, Albert C. Jacobs
Attack On Decrees Of Divorce, Albert C. Jacobs
Michigan Law Review
This paper deals with attacks on decrees of divorce. The attack may arise in the state of the divorce or elsewhere. F-1 is used to designate the state in which the divorce was granted; F-2 a state other than that in which the decree in' question was rendered. The attack in F-1 may be on purely local or non-jurisdictional grounds, such as fraud, collusion, duress or perjury, or upon the ground that the proper jurisdictional requirements were lacking. The attack in F-2 will generally be on jurisdictional grounds, though in certain situations a decree has been impeached for non-jurisdictional factors. …
The Corporate Entity As A Solvent Of Legal Problems, Elvin R. Latty
The Corporate Entity As A Solvent Of Legal Problems, Elvin R. Latty
Michigan Law Review
If a layman were to ask a lawyer what is the reason that a stockholder is ordinarily not liable for his corporation's debts or that a deed to corporate property by the sole stockholder in his own name is not a flawless conveyance, the answer the layman would get would be: a corporation is a wholly different person from its stockholders-it is an entity separate and distinct from them. That answer reveals the traditional approach to scores of problems in corporation law, an approach which, it is submitted, can lead the incautious into considerable trouble.
Book Notes, Michigan Law Review
Book Notes, Michigan Law Review
Michigan Law Review
This department undertakes to list and, when possible, describe briefly current books on law and matters closely related thereto.
Unforgetable Knowledge, Maurice H. Merrill
Unforgetable Knowledge, Maurice H. Merrill
Michigan Law Review
In another article, the writer had occasion to analyze the concept of notice. He there called attention to the fact that in some instances the existence of notice depends upon awareness by the person to be charged, either of the ultimate facts or of circumstances placing him upon inquiry thereof, while in other cases notice exists entirely independent of such awareness. To characterize notice of the first class he suggested the term "cognitive notice," applying to the latter the designation "absolute notice."
Trusts - Duration Of An Indestructible Trust
Trusts - Duration Of An Indestructible Trust
Michigan Law Review
The celebrated case of Claflin v. Claflin left in its wake a number of novel legal problems, some of which have been at best only partially resolved. One of the most perplexing is that of the duration of the so-called "indestructible trust." Once such an "indestructible trust" is created, how long may it be permitted to endure? If an attempt is made to attain excessive duration, what penalty attaches? What disposition will be made of the legal and equitable estates?
Trade-Marks--Unfair Competition--Right Of Exclusive Selling Agent
Trade-Marks--Unfair Competition--Right Of Exclusive Selling Agent
Michigan Law Review
Plaintiff corporation is a retailer and importer of denture -blanks and is the exclusive American selling agent of the German company which makes them. The blanks are stamped with the trade-mark '"Heckolith," which is registered by the German maker in Germany and in the United States. The plaintiff, after putting the blanks through a secret aging process, places them on the market in distinctive boxes, which it marks with the word, "Hecolite," the Anglicized form of the German trade-mark. The plaintiff registered the mark "Hecolite" as his own, and also the mark "Heckolith," after a purported assignment of the mark …
Trusts-Executors As Trustees-Existence Of A Res Sufficient To Constitute A Trust
Trusts-Executors As Trustees-Existence Of A Res Sufficient To Constitute A Trust
Michigan Law Review
Testator provided in his will that $35,000 of the estate be set aside in trust for the life of his widow. E, executor of the estate, being named trustee, posted bond, and, while heavily indebted to the estate, attempted to transfer the trust fund to himself as trustee from himself as executor by means of a check upon the estate payable to himself as trustee, which he endorsed and deposited to the credit of his own personal account in the same bank upon which it was drawn. The probate court, treating the check as a valid segregation of the …
Municipal Corporations-Constitutionality Of Municipal Debt Readjustment Act
Municipal Corporations-Constitutionality Of Municipal Debt Readjustment Act
Michigan Law Review
To avail itself of the remedial provisions of the National Bankruptcy Act as amended by section 80, the Imperial Irrigation District, a taxing district within the State of California, filed a petition for the readjustment of its debts. Pursuant to the requirements of section 80 the petition alleged that the District was unable to meet its debts and that a plan of readjustment had been accepted by 87.31 per cent of the creditors. Contestants, owners of petitioners' bonds, intervened. Held, section 80 of the National Bankruptcy Act as applied to the readjustment of the debts of an irrigation district …
The Secured Creditor's Share Of An Insolvent Estate, Fred T. Hanson
The Secured Creditor's Share Of An Insolvent Estate, Fred T. Hanson
Michigan Law Review
Liquidation proceedings destroy the creditor's independent right to enforce full payment of the debt or in any way obtain a new advantage over other creditors. This change in the normal incidents of property in a debt is necessary in order to distribute the limited fund equitably. But in applying this principle, previously acquired rights by way of lien upon specific property must be respected.
Fees And Expenses In A Corporate Reorganization Under Section 77b, George F. Medill
Fees And Expenses In A Corporate Reorganization Under Section 77b, George F. Medill
Michigan Law Review
A District Court of the United States in a proceeding under Section 77B of the Bankruptcy Act has substantially all the powers of a court of equity. All that follows may be summarized by saying that allowances of compensation for services and reimbursement for expenses are to be made by the court according to the principles and practices of equity applied to the accomplishment of the purposes of the Section and the object of the proceeding-a fair and equitable plan of reorganization. The Section, so far as it provides for or regulates allowances, is no more than a statutory restatement …
Criminal Law And Procedure-Contempt Of Court-Sheriff Allowing Federal Prisoners To Escape From County Jail
Michigan Law Review
Information was filed against a sheriff for contempt in negligently permitting the escape of federal prisoners from his county jail. Held, the sheriff was guilty of contempt of the federal committing court. United States v. Fanning, (D. C. W. Va. 1934) 6 F. Supp. 412. Affirmed, Fanning v. United States, (C. C. A. 4th, 1934) 72 F. (2d) 929.
Constitutional Law-Martial Law-Suspension Of The Law
Constitutional Law-Martial Law-Suspension Of The Law
Michigan Law Review
Fifteen thousand workmen in a county struck, forced business houses to close, cut off the milk supply even to hospitals, threatened electric and water company employees with violence, stopped all transportation services, and congregated in mobs. On request of the local authorities the governor issued a proclamation suspending the right to carry arms, the right of assembly, and the right to enter or leave the county, and directed the military to disperse all crowds, picketers, or other assemblages. A striker imprisoned by the military forces sued to enjoin the governor and military officials from carrying out the proclamation on the …
Corporations-Accommodation Guaranty-Effect Of Charter Provision
Corporations-Accommodation Guaranty-Effect Of Charter Provision
Michigan Law Review
The articles of the complainant business corporation authorized it "to guarantee interest, dividends, or other returns to the holders of securities or other obligations of other persons or companies in cases wherein it shall be advantageous to this company to do so." The corporation pledged to the defendant bank some of its bonds held in its treasury to secure the previously incurred personal indebtedness of its treasurer. In affirming a decree adjudging that the corporation was complete owner of the bonds, that the bank had no interest therein, and that the guaranty-pledge was ultra vires, the court held, that …
Quasi Contracts-Mistake-Recovery Of Money Paid In Settlement Of Disputed Claim
Quasi Contracts-Mistake-Recovery Of Money Paid In Settlement Of Disputed Claim
Michigan Law Review
Defendant, who had not heard from her husband during seven years of separation, believed that he had lost his life in the sinking of a car ferry owned by the plaintiff, because a man employed by plaintiff on the car ferry was registered on plaintiff's books under a name similar to one which defendant's husband had occasionally used. After defendant started suit against plaintiff for damages, plaintiff, believing that the deceased was the husband of the defendant, paid $4000 to defendant and received a release of all claims. Subsequent investigation, made after inquiry by the real wife of the deceased, …