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Articles 6841 - 6870 of 8523
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Constitutional Law-Application Of Joint Resolution Of Congress To Gold Clause In Bonds Of Corporations Of Other Countries
Michigan Law Review
Plaintiff, a South American corporation, brought suit to recover on bearer bonds of a Finland corporation sold to plaintiff in New York. The bonds contained the stipulation that they were to be paid "in gold coin of the United States of America of the standard of weight and fineness as it existed on July 1, 1924." Both the principal and interest on these bonds were payable in New York. Held, the Congressional Joint Resolution declaring gold clauses in obligations to be against public policy and providing for discharging such obligations on payment, dollar for dollar, of legal tender coin, …
Taxation-State Tax On Shares Of National Bank-Preferred Shares Held By Reconstruction Finance Corporation
Michigan Law Review
The Reconstruction Finance Corporation owned the entire issue of preferred stock of plaintiff bank The state statute putting a tax on stock of national banks was amended to allow the bank to be taxed directly and pass the tax on to its shareholders. A federal statute permitted states to tax, subject to certain limitations, all shares of national banking associations whose principal place of business was within the state. In a proceeding by the bank for the benefit of the Reconstruction Finance Corporation as well as itself to protest the collection of the tax, it was held that the shares …
Trusts-Process By Which Creditor May Reach Cestui's Interest In Spendthrift Trust
Trusts-Process By Which Creditor May Reach Cestui's Interest In Spendthrift Trust
Michigan Law Review
The former husband of the principal defendant created a trust for her benefit with a clause restraining alienation and barring attachment by creditors. Plaintiff, holding a judgment against the cestui que trust, brought a creditor's bill in equity against the trustee and cestui. Held, creditor's bill dismissed, but the exemption of cestui's interest from the claims of creditors was invalid, and plaintiff might recover by amending and bringing an action at law with trustee process. Brahmey v. Rollins, (N. H. 1935) 179 A. 186.
Contracts - Rewards -Apportionment Among Claimants Acting Severally
Contracts - Rewards -Apportionment Among Claimants Acting Severally
Michigan Law Review
When a reward has been offered for the apprehension of a criminal, arrest is frequently effected by the combined efforts of persons acting independently of each other. Action among the captors is necessarily independent when apprehension depends upon the contribution of bits of information in the possession of persons who are scattered over a wide area and who have no acquaintance with each other. Furthermore, in the nature of things information is apt to be scattered because a criminal attempting to cover his escape will leave only a few tell-tale clues along the path of his flight. When arrest has …
Corporations-Amendment Of Corporate Charters-Power Of The Legislature To Authorize Changes In Intracorporate Affairs
Michigan Law Review
In 1819, in the leading Dartmouth College case, Justice Story suggested that a state might easily retain control over its corporations by the simple expedient of reserving the power to alter, amend, or repeal the charter. The states were quick to accept the suggestion, but the real extent of this reserved power has never been definitely ascertained. A minority of the state courts, led by New Jersey, have held that this reserved power extends only over the contract between the state and the corporation; whereas a great majority have adopted the view that it extends over the contract between the …
Corporations-Liability Of Officers Of Corporate Trustee For Breach Of Trust
Corporations-Liability Of Officers Of Corporate Trustee For Breach Of Trust
Michigan Law Review
Defendants were officers and directors of the Lincoln Trust Company, which was acting as trustee for the holders of certain bonds secured by a mortgage. Among other things, the trust instrument provided that the Trust Company should foreclose whenever a breach of the conditions of the mortgage should occur. The mortgagors defaulted on interest payments, but the Trust Company nevertheless advanced the amount of the interest to the bondholders without notifying them that the mortgagors had defaulted, the concealment being apparently for the purpose of maintaining the market value of the bonds. In an action brought by the successor trustee …
Evidence-Privilege-Husband And Wife-Attorney And Client
Evidence-Privilege-Husband And Wife-Attorney And Client
Michigan Law Review
A husband and wife are involved in marital difficulties. Together they consult an attorney in an effort to compromise their dispute, or failing in that, to arrange a property settlement prior to separation or divorce. Such a joint consultation may be for any one of a variety of purposes. In a later action, for divorce or separate maintenance for example, the question arises whether either the attorney or one of the spouses can disclose words spoken by the other spouse in the consultation. For instance, can the attorney or the husband disclose the wife's admission of adultery?
Taxation - Estate Taxation Of Property Of Citizens Located Abroad
Taxation - Estate Taxation Of Property Of Citizens Located Abroad
Michigan Law Review
An American citizen and resident died while temporarily in England leaving property in the United States, which was disposed of by an American will, and property consisting of tangible and intangible personalty in EngIand, which was disposed of by an English will. The executors of the English will paid the English death duties. The United States claimed that the English property should be included in the whole estate subject to the United States estate tax; this the executors of the American will denied, claiming that the United States had no jurisdiction to tax this property. Held, that the language …
Taxation-State Taxation Of Capital Stock Of Corporations Owning United States Securities
Taxation-State Taxation Of Capital Stock Of Corporations Owning United States Securities
Michigan Law Review
A Pennsylvania statute imposed a tax on the shares of trust companies, the companies to be primarily liable therefor and the value of the shares to be ascertained by adding together so much of the amount of capital stock paid in, surplus, and undivided profits as was not invested in the stock of corporations liable to pay to the Commonwealth a capital stock tax or tax on shares, or relieved from the payment of capital stock tax or tax on shares, and dividing the sum by the number of outstanding shares. The corporations so relieved were those exclusively engaged in …
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 …
Taxation-Right Of Federal Taxpayer To Question Validity Of A Federal Tax-Effect Of Section 3224 Of The United States Revised Statutes
Michigan Law Review
Quite apart from the merits of the controversy, the recent decision of the Supreme Court in the Hoosac Mills case presented the interesting problem of the taxpayer's standing in court to question the validity of a federal tax. The problem is really twofold. First, may the taxpayer enjoin the collection of the tax? Second, assuming that he may not, what steps must he take before he can get a refund of the amount that he has paid?
Corporations-Validity Of Option To Convert Preferred Stock Into Mortgage Bonds
Corporations-Validity Of Option To Convert Preferred Stock Into Mortgage Bonds
Michigan Law Review
A corporation issued preferred stock, with a fixed dividend rate, power to elect a director voting as a class, and an option in the holder to convert, at his election, into mortgage bonds which were issued at the same time. After a substantial indebtedness had been incurred by the corporation, the stockholders exercised their option to convert into bonds. The corporation then went into bankruptcy, and in reorganization proceedings, the bondholders claim a preference over general creditors. Held, that the former holders of the preferred stock were stockholders and not creditors of the corporation and that, in the absence …
The Banking Act Of 1935, Harold James Kress
The Banking Act Of 1935, Harold James Kress
Michigan Law Review
The purpose of this article is to consider in a non-technical manner the principal changes in federal central and commercial banking law which have been brought about by the enactment of the Banking Act of 1935, and in that connection to take some account of the preexisting law and the announced or ostensible reasons for the changes made.
May The Bar Set Its Own House In Order?, Lowell Turrentine
May The Bar Set Its Own House In Order?, Lowell Turrentine
Michigan Law Review
California is a particularly appropriate jurisdiction to be used as the basis for a study such as the present. Its State Bar Act of 1927 was one of the early, detailed, legislative attempts to confer self-governing powers upon the bar, its decisions have become leading cases on the questions of constitutionality and construction thus presented, and its reported disciplinary cases far outnumber those of any other state-baract jurisdiction. Consideration of the relative merits of different methods of bar integration is outside the scope of this paper. But no inference should be drawn from anything herein that a statutory bar of …
A Proposed Plan Of Classification For The Law, Charles C. Ulrich
A Proposed Plan Of Classification For The Law, Charles C. Ulrich
Michigan Law Review
One of the greatest needs of the law today is a satisfactory plan of classification. Whenever codes have been drafted, or digests and encyclopedias of the law compiled, from the time of the Romans to the present, the first problem that presented itself was always that of classification. The question of classification was considered when the work of the American Law Institute was begun and the restatement of the law attempted, though it does not seem to have been given the attention it merited. And despite various schemes of legal classification that have been proposed in the course of time, …
Contracto-Impossibility As An Excuse For Failure To Perform Conditions In Insurance Policies Requiring Notice Of Loss
Michigan Law Review
Policies of insurance invariably contain provisions to the effect that, upon occurrence of the event insured against, notice thereof shall be given to the insurer. As in the normal contract, such condition qualifies the undertaking of the promisor unless its performance is legally excused. In actions for breach of promise, impossibility of performance has been held to constitute a good defense to the suit for damages in certain instances, though the early rule was that payment of damages was never impossible and hence impossibility of performance was no defense in an action for breach. It is to be noted that …
Corporations - Stock Market Manipulation - Rescission For Fraud
Corporations - Stock Market Manipulation - Rescission For Fraud
Michigan Law Review
To obtain a more favorable market ratio for the contemplated exchange, defendants maintained an artificial market in Harriman Bank stock, then offered to exchange that stock for Liberty Bank stock. In a suit brought by former Liberty Bank stockholders to obtain a rescission of the executed exchange upon the ground of fraud, held, that a good cause of action was stated. Wilcox v. Harriman Securities Corporation et al., (D. C. N. Y. 1933) Io F. Supp. 532.
Constitutional Law-Conservation Of Waters-Validity Of Statute Limiting Riparian Rights
Constitutional Law-Conservation Of Waters-Validity Of Statute Limiting Riparian Rights
Michigan Law Review
By the common law a riparian owner on a non-navigable stream has a vested right in the continuous natural flow of the stream on or bordering his land. An Oregon statute undertakes to cut down this right; it provides that a riparian owner's vested right to the continuous flow of the stream is limited to such flow as is necessary to preserve to him the beneficial uses to which he is already putting the water. Inasmuch as the right to the full continuous flow as against non-riparian appropriators is really a right to insist upon the availability of the stream …
Constitutional Law - Regulation Of Employment Agencies - Denial Of License Where Field Is Overcrowded
Michigan Law Review
A Minnesota statute required the Industrial Commission to refuse to license an employment agency whenever the Commission should find "that the number of licensed employment agents . . . in the community in which the applicant for a permit proposes to operate is sufficient to supply the needs of employers and employees." Plaintiff's application was denied because the Commission found that sufficient agencies existed in the city of Duluth. In an appeal from a mandamus proceeding the Supreme Court of Minnesota held, Deveny, C. J., dissenting, that the statute denied plaintiff due process of law. The court reached this …
International Law - Treaty Interpretation - Immunity Of Consul From Civil Suit
International Law - Treaty Interpretation - Immunity Of Consul From Civil Suit
Michigan Law Review
Tarcuanu, the vice-consul in charge of the Roumanian consulate in New York City, was served with a summons ma civil suit. This case involves his motion to have the summons vacated because of article 2 of the treaty of 1881 between the United States and Roumania, the pertinent part of which says: "The consuls-general, consuls, vice-consuls and consular agents of each of the two high contracting parties shall enjoy reciprocally in the States of the other, all the privileges, exemptions and immunities that are enjoyed by officers of the same rank and quality of the most favored nation." In this …
Unfair Competition - Forgery Of Rare Stamps
Unfair Competition - Forgery Of Rare Stamps
Michigan Law Review
The defendant took stamps from a common, imperforate issue and perforated them to resemble exactly a perforate issue which because of its rarity had become very valuable, These were circulated among unscrupulous dealers who passed them off on the public as the genuine rare stamps at a much lower price than the genuine. This caused the value of the genuine stamps to fall and honest dealers to lose trade, The defendant did not try to deceive the dealers; he merely pointed the way for the deception of the public. The American Philatelic Society, an organization of some four thousand stamp …
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.
Torts -Automobiles - Liability Of Owner For Injuries Resulting From Negligence Of Driver
Torts -Automobiles - Liability Of Owner For Injuries Resulting From Negligence Of Driver
Michigan Law Review
To demonstrate the endurance of the cars which it was selling, a promoter induced defendant sales company to furnish a car to be driven for 100 consecutive hours without stopping, by a driver handcuffed to the steering wheel. The promoter hired the driver, instructing him to seek shelter (permitting the motor to continue running) should it start to rain, to protect the advertisements on the car. After driving for 20 hours, it commenced to rain and the driver found refuge in an open barn by the side of the road. After the rain had subsided, finding himself unable to get …
Estoppel And Statutes Of Limitation, John P. Dawson
Estoppel And Statutes Of Limitation, John P. Dawson
Michigan Law Review
Among all the spheres of its activity estoppel probably performs no more useful service than in the alleviation of hardship caused by statutes of limitation. Here as in other places the elements of estoppel and its relations to more basic legal concepts are exceedingly hard to define. At some points its effects on limitation acts could be described in terms of express contract; at other points it merges into "fraud"; in general it provides the medium for official expressions of disapproval where civil litigation exceeds the permissible limits of private warfare.
The Unicameral Legislature In Nebraska, Lester B. Orfield
The Unicameral Legislature In Nebraska, Lester B. Orfield
Michigan Law Review
It is perhaps not exaggerating to say that no more far-reaching innovation in state government has been adopted in recent years than Nebraska's unicameral legislature. It is an axiom of political science - somewhat modified, to be sure, by the growth of administrative tribunals - that there are three branches of government: legislative, executive and judicial. Nebraska has drastically changed the first of these three by adopting a single-house legislature. This question whether the legislature shall consist of one or two houses has become the chief problem of legislative structure during recent years. The model state constitution drafted by the …
Declaratory Judgments- Extension Of Protection Against Injuries To Personality
Declaratory Judgments- Extension Of Protection Against Injuries To Personality
Michigan Law Review
The widespread acceptance of the declaratory judgment as a statutory supplement to common law and equitable remedies has raised some searching questions as to the relation between right and remedy in Anglo-American law. The declaratory judgment can operate in anticipation of specific wrongs that would be a basis for ordinary legal or equitable relief. It does not depend for its efficacy on the use of the familiar remedies of law and equity - that is, on damages, specific restitution in replevin and ejectment, and the injunction and specific enforcement in equity. The question may therefore be asked whether the development …
Front Matter, Michigan Law Review
Front Matter, Michigan Law Review
Michigan Law Review
Front Matter for Volume 34, Issue 1 of Michigan Law Review
Executive Proclamations And Orders-Federal Register, Everett S. Brown
Executive Proclamations And Orders-Federal Register, Everett S. Brown
Michigan Law Review
On July 26, 1935, President Roosevelt signed H. R. 6323, "to provide for the custody of Federal proclamations, orders, regulations, notices, and other documents, and for the prompt and uniform printing and distribution thereof." To date, there has been no government serial publication containing all of the Executive orders signed by the President. The need for such a publication had been frequently pointed out, but to no avail. Legal complication resulting from the rapidly rising flood of executive and administrative orders issued to carry into effect the President's New Deal program led to the framing of H. R. 6323. The …
Public Utilities -- Rate-Base -- Late Supreme Court Decisions
Public Utilities -- Rate-Base -- Late Supreme Court Decisions
Michigan Law Review
In fixing the rate-base of a telephone company, the Maryland Public Service Commission translated the agreed 1923 rate-base (with all subsequent additions to plant) to 1933 price levels by means of a composite price index which included both general all-commodity indices, and indices particularly adapted to the telephone business. Held, that an order enjoining enforcement of the rates will be affirmed. West v. Chesapeake & Potomac Telephone Co., (U.S. 1935) 55 S. Ct. 894.
Administrative Law - Liability Of Public Officers Exercising Quasi-Judicial Functions
Administrative Law - Liability Of Public Officers Exercising Quasi-Judicial Functions
Michigan Law Review
Defendants as duly authorized municipal officers issued a building permit to the plaintiff. After plaintiff had acted in reliance thereon defendants for reasons of self-interest and political expediency revoked the permit. Held, defendants as quasi-judicial officers while acting within their jurisdiction are not liable personally in tort for damages resulting from a discretionary act notwithstanding their conduct may have been malicious or corrupt. Wasserman v. City of Kenosha, (Wis. 1935) 258 N. W. 857.