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Michigan Law Review

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Front Matter, Michigan Law Review Jun 1934

Front Matter, Michigan Law Review

Michigan Law Review

Front Matter for Volume 32, Issue 8 of Michigan Law Review

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The Securities Exchange Act Of 1934, John E. Tracy, Alfred Brunson Macchesney Jun 1934

The Securities Exchange Act Of 1934, John E. Tracy, Alfred Brunson Macchesney

Michigan Law Review

The Congress has enacted and the President has just signed an act for the regulation of stock exchanges, to be known as the Securities Exchange Act of 1934. In order that we may understand the nature of the Act and the reasons for its enactment, it will be well first to consider briefly the organization and functions of stock exchanges, the evils that are claimed to have arisen from their existence, and some of the previous attempts which have been made to prevent the occurrence of such evils.

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The Varying Meaning And Legal Effect Of The Word "Void", Abraham J. Levin Jun 1934

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 …

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The Grant Of Rule-Making Power To The Supreme Court Of The United States, Edson R. Sunderland Jun 1934

The Grant Of Rule-Making Power To The Supreme Court Of The United States, Edson R. Sunderland

Michigan Law Review

The determined effort on the part of the American Bar Association, which continued without relaxation for almost a quarter of a century, to place the regulation of federal trial court procedure in law actions under the control of the Supreme Court of the United States, has at last been successful. Senate Bill No. 3040, granting full rulemaking power to the Supreme Court, became a law on June 19, 1934.

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Amendments To The Securities Act Of 1933, Laylin K. James Jun 1934

Amendments To The Securities Act Of 1933, Laylin K. James

Michigan Law Review

Title II of the Securities Exchange Act of 1934 amends the Securities Act of 1933. These amendments make substantial concessions to the persistent and continuous clamor against the Securities Act. They will help to allay some of the fears of corporate managements and merchant bankers. The changes affect the definition section, the exemptions, the prospectus, the civil liabilities, and administration provisions.

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Federal Trade Commission-Recent Trends In Interpretation Of The Federal Trade Commission Act Jun 1934

Federal Trade Commission-Recent Trends In Interpretation Of The Federal Trade Commission Act

Michigan Law Review

The Federal Trade Commission has never been a favored child of the courts. Beginning with the first case to which the Commission was a party, the attitude of the judiciary has clearly been unfriendly. The Commission gets its powers from the Clayton Act and from the Federal Trade Commission Act. The courts have interpreted the Clayton Act strictly, and there is no sign of a change of heart by the majority of the Supreme Court in that respect; it is believed, however, that a few of the recent cases under the Federal Trade Commission Act, both in the Supreme Court …

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Actions-Declaratory Judgments-Jurisdiction To Grant Jun 1934

Actions-Declaratory Judgments-Jurisdiction To Grant

Michigan Law Review

A will was duly probated in the county court. By it the plaintiff and defendant were appointed guardians of the testator's minor children. The guardians did not get along together, and could not agree as to how the funds of their wards should be invested. Finally, proceedings were properly brought in the county court to have questions concerning the care of the funds settled. While such proceedings were pending, the plaintiff, evidently not content to have the difficulty settled in this manner, brought an equity suit in the district court against her co-guardian under the Declaratory Judgments Act, in which …

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Administrative Tribunals-Notice And Hearing Jun 1934

Administrative Tribunals-Notice And Hearing

Michigan Law Review

The State Highway Commissioner proceeded against the defendant railroad under a Virginia statute empowering him to order the removal of any railroad grade crossing and the substitution of an elevated road when in his opinion public safety and convenience demanded it. No notice and hearing was given or required, and the only judicial recourse was an action in equity in the event of "arbitrary" action. Held, by a six-three decision, that although it is assumed that a state legislature might order the same action, it by no means follows that an administrative officer may be empowered to act with …

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Bankruptcy-Debtor Proceedings-Power Of Court To Enjoin State Court Actions Jun 1934

Bankruptcy-Debtor Proceedings-Power Of Court To Enjoin State Court Actions

Michigan Law Review

A debtor proceeding was initiated in a Florida federal court and an ancillary proceeding was begun in a New York federal court. The latter court enjoined petitioner, who had obtained a tort judgment against the debtor in a New York state court, which judgment had been affirmed by the Appellate Division, from arguing the case as appellee in the New York Court of Appeals and from continuing to prosecute an action commenced by him (petitioner) against the sureties on an appeal bond filed by the debtor pending the appeal to the Appellate Division. Shares of stock had been pledged by …

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Banks And Banking--Holder Of Draft Paid For By Check On Issuing Bank As Preferred Claim Upon Drawer's Insolvency Jun 1934

Banks And Banking--Holder Of Draft Paid For By Check On Issuing Bank As Preferred Claim Upon Drawer's Insolvency

Michigan Law Review

A depositor presented his own check to his bank and received in exchange a New York draft drawn by the bank payable to a third person. The drawer bank was closed and the draft was dishonored. The depositor redeemed the draft and sought to establish a preferred claim against the bank's assets. In Fulton v. Baker-Toledo Co. the court held that a trust existed in favor of the depositor, under an Ohio statute which declares that when a check drawn by a depositor is presented to his bank for "collection and payment," and such check is charged against the depositor's …

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Physicians And Surgeons-When Physician Obliged To Disclose Information Gained Through Doctor-Patient Relation Jun 1934

Physicians And Surgeons-When Physician Obliged To Disclose Information Gained Through Doctor-Patient Relation

Michigan Law Review

In April of this year a Minnesota physician, Dr. Clayton E. May, treated for gunshot wounds a certain undesirable person, John Dillinger, very much in demand by the police. He further neglected to inform the police concerning his ministrations, and as a result, was tried in a federal court on a charge of harboring a fugitive wanted under a federal warrant, found guilty, and sentenced to serve two years in a penitentiary and to pay a fine of $1,000. Said a prominent English medical journal in commenting on the case: " . . . colleagues in every country will applaud …

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Federal Housing And Home Loan Legislation And Its Consequences, Ernest M. Fisher May 1934

Federal Housing And Home Loan Legislation And Its Consequences, Ernest M. Fisher

Michigan Law Review

The laissez-faire policy characteristic of both federal and state policy prior to 1932 in connection with housing was first departed from in a provision in the "Emergency Relief and Construction Act of 1932," passed by the 72nd Congress just before adjournment in July. This provision authorized the Reconstruction Finance Corporation to "make loans to corporations, formed wholly for the purpose of providing housing for families of low incomes, or for reconstruction of slum areas, which are regulated by state or municipal law as to rents, charges, capital structure, rate of return, and areas and methods of operation, to aid in …

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Banks And Banking - Bank Collection Code - Preference For Certified Check On Drawee Bank's Insolvency May 1934

Banks And Banking - Bank Collection Code - Preference For Certified Check On Drawee Bank's Insolvency

Michigan Law Review

The petitioner accompanied a bid on construction work with two certified checks drawn on the M Bank and payable to the government. On rejection of the bid the checks were returned, but in the meantime the drawee bank had been closed. The petitioner presented the checks to the receiver of the defunct bank who refused to honor them as preferred claims. An Illinois statute provided that when a bank has presented to it for payment an item drawn upon such bank, and such bank shall fail after having charged such item to the account of the drawer but without having …

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Contracts - Fraud - Effect Of Provision In Contract That Representations Of Seller's Agent Are Not Binding May 1934

Contracts - Fraud - Effect Of Provision In Contract That Representations Of Seller's Agent Are Not Binding

Michigan Law Review

Plaintiff sued on promissory notes given it by defendant in part payment of the purchase price for a dumptor. Defendant counterclaimed on the ground that he was induced to buy the dumptor because of fraudulent misrepresentations made by the plaintiff's agent. The contract contained the stipulation that "no representations made by an agent not included herein shall be binding," and therefore the plaintiff contended that the jury could not consider any of the false statements made by its agent. Held, said statement is ineffectual to preclude the defendant from asserting fraud. National Equipment Corp. v. Volden, (Minn. 1934) …

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Criminal Law And Procedure-Larceny-Hunger And Want As Defense May 1934

Criminal Law And Procedure-Larceny-Hunger And Want As Defense

Michigan Law Review

A large group of unemployed marched on a Red Cross commissary to request a larger ration of flour. After locating the chairman and being answered with a firm and final refusal, a large part of the group went into a private store and carried off groceries without paying for them. At the trial the appellants offered to prove conditions of poverty and want among the unemployed of that county on and prior to the date of the raid, for the purpose of showing a purpose and justification for the raid. Held, such evidence was correctly excluded. State v. Moe …

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Book Notes May 1934

Book Notes

Michigan Law Review

This department undertakes to list and, when possible, describe briefly current books on law and matters closely related thereto.

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Banking Reform By Statute, Robert G. Rodkey May 1934

Banking Reform By Statute, Robert G. Rodkey

Michigan Law Review

The lamentable failure of our banking system to function satisfactorily in the performance of its duties to the public raises at the outset two kinds of questions. Is there something fundamentally unsound about the structure of our banking machinery or does the trouble reside merely in a lack of understanding on the part of bankers of the proper management of the detailed activities in which banks necessarily engage? Or may the unsatisfactory result be ascribed to a combination of these two alternatives? The position taken in this paper is that the structure of our banking system is inherently unsound and …

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Process In Actions Against Non-Residents Doing Business Within A State, Maurice S. Culp May 1934

Process In Actions Against Non-Residents Doing Business Within A State, Maurice S. Culp

Michigan Law Review

Many state legislatures have undertaken to subject non-resident persons or unincorporated groups, or both, to the power of their local courts in relation to business transacted within their limits. No less than forty States have at one time or another enacted statutes providing for substituted service of process in actions arising out of such transactions. Most of these statutes apply to non-residents generally; but in eighteen States statutes, now or formerly in force, have provided in express terms for substituted service on non-resident partnerships or unincorporated associations. Both types alike provide that service may be made upon an actual agent …

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Contracts - Fraud -Tests Of Materiality In Deceit And On Rescission For Fraud May 1934

Contracts - Fraud -Tests Of Materiality In Deceit And On Rescission For Fraud

Michigan Law Review

Current decisions abundantly show the usefulness and efficiency of remedies based on rescission in contracts induced by fraud, as compared with damage remedies. Modern improvements in the rescission remedies go far to explain their popularity. On the other hand, the tests for "materiality" of misrepresentations that are unavoidably connected with the action of deceit have restricted its utility. Both the advantages of rescission and the disadvantages of damage remedies appear most clearly in a period of rapidly fluctuating and uncertain values. These considerations seem to justify a comparative study of the tests of "materiality" evolved by recent decisions in actions …

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Criminal Law And Procedure - Statutory Construction May 1934

Criminal Law And Procedure - Statutory Construction

Michigan Law Review

The rule of strict construction of criminal statutes is fortified and established by innumerable cases of both recent and early vintage. Chief Justice Marshall, in the leading American case of United States v. Wiltberger, said, "The rule that penal laws are to be construed strictly, is perhaps not much less old than construction itself."

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Equity - Admissibility Of Evidence Arising Pendente Lite May 1934

Equity - Admissibility Of Evidence Arising Pendente Lite

Michigan Law Review

In equitable actions "the right to judgment is not limited to the facts as they existed at the commencement of the action, but the relief administered is such as the nature of the case, and the facts as they exist at the close of the litigation, demand." While this quotation may express the general rule regarding the admissibility of evidence arising pendente lite, the difficulties in its application are numerous.

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Conflict Of Laws-Foreign Marriage-Dower May 1934

Conflict Of Laws-Foreign Marriage-Dower

Michigan Law Review

Plaintiff was divorced a vinculo matrimonii in the District of Columbia on the grounds of her adultery with defendant who was made co-respondent in the suit. A statute of the district provided that the innocent party only may remarry. Plaintiff married defendant in Florida and later secured a divorce a mensa et thoro from defendant in Virginia. On the death of defendant in the District of Columbia, plaintiff claimed a dower interest in his estate. Held, plaintiff cannot recover. Loughran v. Loughran, (App. D. C. 1933) 66 F. (2d) 567.

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Negligence - Liability Of Manufacturer To Third Persons - Recovery For Property Damage May 1934

Negligence - Liability Of Manufacturer To Third Persons - Recovery For Property Damage

Michigan Law Review

Defendant sold a contractor a trial can of waterproofing materials recommended for the interior of silos. The contractor used this on the interior of a watertank being built in plaintiff's barn. While it was being applied the fumes from the preparation came in contact with a kerosene lamp used to light the interior of the tank, causing an explosion which burned the plaintiff's barn. The ingredients of the waterproofing material were highly inflammable and toxic, but the container bore no warning of these facts. Held, that recovery could be had for the damage to plaintiff's property, the evidence being …

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Torts - Wrongful Death - Limitation Of Action - Fraud May 1934

Torts - Wrongful Death - Limitation Of Action - Fraud

Michigan Law Review

An administrator brought an action against the defendant power company for damages for the death of the plaintiff's intestate allegedly caused by the negligence of the defendant five years before the commencement of the suit. The statute permitting a cause of action for wrongful death provided that the action be brought "within one year after such death." The plaintiff alleged in his complaint that the delay in bringing the suit was due to a conspiracy by the defendant and others to suppress the knowledge of the death of the plaintiff's intestate. The defendant demurred to the complaint. Held, the …

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Front Matter, Michigan Law Review May 1934

Front Matter, Michigan Law Review

Michigan Law Review

Front Matter for Volume 32, Issue 7 of Michigan Law Review

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Torts - Libel By Talking Pictures - Rasputin Case May 1934

Torts - Libel By Talking Pictures - Rasputin Case

Michigan Law Review

The motion picture production of "Rasputin The Mad Monk" portrayed an episode in which Rasputin seduced a young lady of the Russian court. Alleging that the character of the seduced was patterned after her own so that she had been defamed, the plaintiff brought an action of libel against the producers. Held, the plaintiff was entitled to damages of what, in this country, would amount to about one hundred and twenty-six thousand dollars. Youssoupov. v. M-G-M Pictures, England (1934).

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Evidence - Admissibility Of Blood-Group Test May 1934

Evidence - Admissibility Of Blood-Group Test

Michigan Law Review

The old axiom, "blood will tell," has been given a new lease on life by the work of biochemists and hereditists in the last thirty years. At the beginning of the twentieth century a scientist, Karl Landsteiner, working on the means to make blood transfusions safe, discovered that the New Testament saying, the Almighty "hath made of one blood all nations of men," is not true. He found that human blood is divided into four groups, characterized by the possession or non-possession of certain substances in the serum and the corpuscles of the blood. If one puts a little blood …

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Banks And Banking -- Relation Of Bank To Depositor Of Checks Unqualifiedly Indorsed -- Set-Off Against A Failing Correspondent Bank May 1934

Banks And Banking -- Relation Of Bank To Depositor Of Checks Unqualifiedly Indorsed -- Set-Off Against A Failing Correspondent Bank

Michigan Law Review

Checks drawn on the M bank of another city were deposited by the holders in the D bank pursuant to an agreement that "in receiving and handling items for deposit or collection . . . this bank acts only as depositor's collecting agent and assumes no responsibility beyond the exercise of due care. . . . It may decline to honor or pay checks drawn against conditional credits." The checks were unqualifiedly indorsed. The D bank credited each depositor's account and forwarded the checks to M bank which charged the accounts of the drawers and sent its draft to D …

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Contracts - Consideration - Agreement To Reduce Rent Reserved In Lease May 1934

Contracts - Consideration - Agreement To Reduce Rent Reserved In Lease

Michigan Law Review

Plaintiff sued defendants, who were trustees of a business trust, to enforce personal liability upon them for accrued rent due under a lease. When the lessee company, which was losing money because of the depression, threatened to vacate the premises, the plaintiff acquiesced in the lessee's demand that the rent be reduced for the balance of the term. Plaintiff sought to recover the amount due under the lease, claiming that the agreement for reduction was without consideration and therefore a nullity. Held, that in view of plaintiff's knowledge of the lessee's financial condition, the latter's agreeing to remain in …

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Stare Decisis -The Retroactive Effect Of An Overruling Decision May 1934

Stare Decisis -The Retroactive Effect Of An Overruling Decision

Michigan Law Review

In 1923 the Supreme Court of Michigan ruled, in Kavanaugh v. Rabior, that property lying between the meander line and the waterline of the Great Lakes belonged to the State. The defendant, after this decision and upon the advice of the State Conservation Department, refused to pay rent to the plaintiff, the littoral proprietor. In 1930 the court, overruling the Kavanaugh case, held, in Hilt v. Weber, that such property belonged to the littoral proprietor. On the basis of this decision the plaintiff brought suit for use and occupation. Held, in the principal case, that the overruling …

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