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Articles 10951 - 10980 of 12806
Full-Text Articles in Entire DC Network
Corporations-Dividends On Non-Cumulative Preferred Stock
Corporations-Dividends On Non-Cumulative Preferred Stock
Michigan Law Review
Plaintiff held non-cumulative preferred stock in the defendant corporation. From 1925 through 1928 no dividends were declared upon this stock; although earnings were sufficient they were used instead for property improvements. Since 1928, dividends have been paid regularly on this stock at the specified rate. In 1930 a dividend was declared on the common stock. Plaintiff sued to have this amount paid instead as a dividend on the preferred stock, and to enjoin any payment of dividends on the common stock until full dividends were paid on the non-cumulative preferred stock for the period from 1925 to 1928. Held, …
Corporations-Duty Of Corporate Trustee To Record Mortgage Securing Bonds
Corporations-Duty Of Corporate Trustee To Record Mortgage Securing Bonds
Michigan Law Review
Plaintiff became the holder of bonds issued under and secured by a collateral trust agreement executed in Pennsylvania. The mortgage contained the provision that " * * * the trustee, save for its gross negligence or wilful default, shall not be personally liable for any loss or damage" and further that "It shall be no part of the duty of the trustee to record this instrument as a mortgage." The mortgage was not recorded nor the mortgage debt satisfied. Plaintiff sued the trustee in New York for negligence. Held, the contract limited the obligations and duties of the trustee, …
Easements-Way Of Necessity-Sale Of Servent Estate To Bona Fide Purchaser Without Notice
Easements-Way Of Necessity-Sale Of Servent Estate To Bona Fide Purchaser Without Notice
Michigan Law Review
M conveyed a portion of his land to X, through whom the defendant claims, the circumstances being such that X acquired a way of necessity over the land retained by M. X recorded his deed. Later M conveyed his remaining land to H, through whom the plaintiff claims. H was a purchaser for value without notice of the way of necessity. The plaintiff sought to enjoin the defendant from entering his land, and the defendant attempted to justify on the ground of this way of necessity. Held, under the recording acts the plaintiff as a bona fide purchaser took …
Equity-Power To Reform-Effect Of Statute Of Frauds
Equity-Power To Reform-Effect Of Statute Of Frauds
Michigan Law Review
The plaintiff made an oral contract to sell certain shares of stock to the defendant at a price of $1,160 a share, as a result of a telephone conversation. On the same day the plaintiff sent the defendant a written confirmation of the sale, in which the price of $1,060 a share was inserted by mistake. The New York Statute of Frauds makes such a contract unenforceable unless a note or memorandum thereof be in writing. Held, that although the parties intended to make a memorandum of the oral contract which they had made, the memorandum was of a …
Fixtures - Conditional Sale-Mortgage- Rights Of Parties
Fixtures - Conditional Sale-Mortgage- Rights Of Parties
Michigan Law Review
The plaintiff, holding a real estate mortgage recorded before the defendant's notice of conditional sale, bought in the premises at the foreclosure sale. The defendant claimed plumbing and heating fixtures sold to the mortgagor on a contract of conditional sale, notice of which was properly recorded according to the statute. Held, the defendant's title to the fixtures was not protected as against the plaintiff by the recording under the Massachusetts statute. Waverley Cooperative Bank v. Haner (Mass. 1930) 173 N.E. 699.
Marriag£-Insanity As Ground For Annulment
Marriag£-Insanity As Ground For Annulment
Michigan Law Review
Complainants sought to annul the marriage of their deceased brother on the ground that defendant, his widow, knowing him to be insane at the time, fraudulently procured the marriage. A statute provided for divorce on the ground, among others, of insanity at the time of marriage. On demurrer, held that the marriage was, under the statute, voidable only, could only be attacked directly in the life-time of the parties, and hence was not subject to collateral attack by the relatives after the death of the incompetent spouse. White v. Williams (Miss. 1931) 132 So. 573.
Mortgages-Assumption-Liability Of Grantees To Mortgagor
Mortgages-Assumption-Liability Of Grantees To Mortgagor
Michigan Law Review
Three successive grantees to a plot of land purchased it subject to a first and second mortgage and assumed the obligation to pay the notes which the mortgages secured. Foreclosure proceedings by the first mortgagee absorbed the entire value of the land. The second mortgagee then extended the time payment on the note to the last grantee without the consent or knowledge of the mortgagor or of the intermediate grantees. Such action released the intermediate grantees from liability on the note, for they were only secondarily liable, but did not release the mortgagor, for he as maker was primarily liable …
Wills-Restoration Or Revival Of A Will Upon The Revocation Of A Subsequent Instrument Revoking The Prior Will
Michigan Law Review
A recent Pennsylvania case, In re Ford's Estate, is an interesting example of a situation which has left the courts in decided conflict. The decedent had properly executed two wills. On his death bed he caused the later will, which contained the usual clause expressly revoking all prior instruments, to be torn. At the time he stated that he wished his son, his only heir at law and next kin, to have all his property. The evidence indicated that the decedent had entirely forgotten the existence of the prior will. The court, relying upon the expression of the decedent's …
Bills And Notes-Negotiability Of Corporate Debentures
Bills And Notes-Negotiability Of Corporate Debentures
Michigan Law Review
Many corporate bonds and debentures contain some such reference provision as the following: "* * * all [bonds, debentures] issued under a certain Trust Agreement, dated as of June 15, 1926, executed by the Company to the National City Bank of New York, as Trustee, to which Trust Agreement reference is hereby made for a statement of the terms under which the said Debentures are issued and the rights and obligations of the Company, of the Trustee and of the respective holders of the said Debentures under said Trust Agreement. * * *." To this clause some of these securities …
Constitutional Law-Just Compensation Under The Fifth Amendment- Rights Of Russian Citizen
Constitutional Law-Just Compensation Under The Fifth Amendment- Rights Of Russian Citizen
Michigan Law Review
The petitioner was a corporation organized under the laws of the Russian Czarist government, and in January, 1917, became an assignee for value of contracts for the construction of two vessels. In August, 1917, the United States requisitioned these contracts, and the vessels being constructed thereunder, for use in the War. The requisition was made under an act of Congress of June 15, 1917, 40 Stat. 183, which provided for compensation as follows: "Whenever the United States shall * * * requisition any contract * * * or take over any ship, * * * in accordance with the provisions …
Contracts-Statute Of Frauds-Estoppel
Contracts-Statute Of Frauds-Estoppel
Michigan Law Review
Plaintiff, the lessee of a building, with the consent of the owner, sub-let it for an increased rental. On the oral representation of the plaintiff that he would assign the sub-lease, which had one year and six months to run, defendant purchased the property. Plaintiff then refused to assign and claimed the rental under the sub-lease. The lower court excluded evidence of the oral promise on the ground that it was unenforceable under the Statute of Frauds. On appeal, it was held, one justice dissenting, that the proof of the oral promise to assign the lease should have been …
Deeds-Delivery In Escrow-Effect On Income Tax
Deeds-Delivery In Escrow-Effect On Income Tax
Michigan Law Review
A taxpayer, by written contract, had agreed to sell a 99-year leasehold for $195,000. $50,000 was to be paid in 1920, and the balance in 1921. The first payment was made in October, 1920, and a deed put in escrow, to be handed to the grantee on payment of the balance. The transaction was fully carried out as per contract, and the taxpayer was assessed income tax on the entire $195,000 as of 1920. Held, the deed having been delivered in escrow, the title relates back to the original delivery on performance of the condition, showing a completed transaction …
Front Matter, Michigan Law Review
Front Matter, Michigan Law Review
Michigan Law Review
Front Matter for Volume 29, Issue 7 of Michigan Law Review
Administrative Finality, A. Martin Tollefson
Administrative Finality, A. Martin Tollefson
Michigan Law Review
The purpose of this article is two-fold. In the first place it is intended to set forth certain determining factors (a) as to whether or not administrative decisions are subject to review in cases where their finality is challenged before the courts and (b) if subject to review, to what extent. The second purpose is to call attention to the need for improvement in this country along the lines of executive or administrative justice from the standpoint of better agencies and better- facilities for disposing of litigated questions within the administrative tribunals. It should be said at the outset, however, …
Limits Of Trade Association Activity Under The Antitrust Act
Limits Of Trade Association Activity Under The Antitrust Act
Michigan Law Review
Two recent decisions of the United States Supreme Court serve to focus attention on the legal limits of concerted action under the Sherman Anti-Trust Act by members of trade associations.
Appeal And Error-Negligence Or Incompetence Of Counsel
Appeal And Error-Negligence Or Incompetence Of Counsel
Michigan Law Review
Defendant appealed from conviction of murder because of the incompetence and negligence of his attorney in the conduct of the trial. Held, the fact that the defendant was not properly represented by the counsel of his own choice was no ground for the court to go beyond the record and grant a new trial. People v. Hartwell (Ill. 1930) 173 N.E. 112.
Bills And Notes-Acceleration Provisions In Negotiable Paper
Bills And Notes-Acceleration Provisions In Negotiable Paper
Michigan Law Review
The defendant, acceptor, claimed that the trade acceptance sued upon was non-negotiable. This trade acceptance was payable at a specified date, but provided for accelerated maturity in case the acceptor should suspend payment, give a chattel mortgage, suffer fire loss, dispose of his business, or fail to meet at maturity any prior trade acceptance. The defendant claimed that in order to preserve negotiability the contingencies specified in the acceleration clause must be such that their happening will be brought about by some act or omission on the part of the acceptor, and that they must relate to some …
Conflict Of Laws-Corporations-Effect Of Soviet Dissolution On Status Of Russian Corporations Abroad
Conflict Of Laws-Corporations-Effect Of Soviet Dissolution On Status Of Russian Corporations Abroad
Michigan Law Review
A Russian insurance company, driven from its domicil by the revolution and subsequent nationalization decrees of the Soviet government, was attempting to gather assets located without Russia through the surviving directors, who constituted less than a quorum of the last board. For the purpose of suit in New York the directors authorized an assignment to the plaintiff, an American corporation, of a claim against the defendant, a British corporation, arising out of a contract made in England. In the subsequent suit it was held that the directors' authority was limited to that of conservators, and did not include the power …
Carriers-Freight Payable In Cash
Carriers-Freight Payable In Cash
Michigan Law Review
The railroad company sought to recover freight charges on coal shipped to defendant. On delivery, the carrier had accepted defendant's check on a local bank for the amount of the charges, as usual. Before presentment the bank failed and defendant contended it was relieved from liability because of the carrier's unjustifiable delay in presenting the check. The Supreme Court held that a payment by check on demand drawn on a going bank in which the drawer has an ample deposit comes within the requirement of the Interstate Commerce Act that payment must be made in money, so defendant was entitled …
Constitutional Law-Municipal Corporations-Police Power
Constitutional Law-Municipal Corporations-Police Power
Michigan Law Review
The defendants circulated, on the streets of Milwaukee, hand bills which set forth the political and economic views of their group. An ordinance made it unlawful for any person "to circulate or distribute any circular, hand bills, cards, posters, dodgers, or other printed or advertising matter, * * * in or upon any sidewalk, street, * * * or other public place, park or ground within the City of Milwaukee." The defendants were arrested and convicted of violating this ordinance. There was no charge that the ordinance was enforced in any unreasonable or discriminatory manner, or that its purpose was …
Contracts-Breach Of Independent Promise As Ground For Recscission
Contracts-Breach Of Independent Promise As Ground For Recscission
Michigan Law Review
Having interested plaintiff in certain debentures, defendant, in return for a promise of one-fourth of any profit which plaintiff might receive, agreed to indemnify him against loss. By profit was meant any bonuses paid, and the difference between purchase and redemption price. When the call date was extended beyond the original period plaintiff gave notice that he would sell and hold defendant on his guaranty, to which defendant protested that no liability arose before the redemption date and that he would no longer consider himself bound. Plaintiff sold, but subsequently repurchased. The corporation having been wound up, plaintiff sued on …
Gifts-Necessity Of Acceptance
Michigan Law Review
The deceased was president of a water company and held stock in it. After his death the widow claimed part of this stock as a gift from her husband. A written assignment of the stock claimed, signed by the deceased, was introduced in the evidence to substantiate her claim. There was also evidence that the deceased had informed others that he had transferred most of his stock to his wife. But there was no proof that the wife knew of the transfer until after the death of her husband. Held, that an unconditional acceptance on the part of the …
Courts-Venue-Waiver Of Objection In Federal Courts
Courts-Venue-Waiver Of Objection In Federal Courts
Michigan Law Review
The plaintiff, an employee of the defendant railroad, brought an action based on the Federal Employers' Liability Act, 45 U. S. C. A. secs. 51-59, for injuries sustained from a defective locomotive boiler. Neither the plaintiff nor the defendant was an inhabitant of the federal. district in which the action was brought. The court below directed a verdict for the defendant, as the plaintiff's proof did not tend to show negligence as required by the act, 45 U. S. C. A. sec. 51. On appeal, it was held that as the plaintiff's petition went far towards establishing a good cause …
Landlord And Tenant-Liability Of Landlord For Injury To Tenant At Sufferance
Landlord And Tenant-Liability Of Landlord For Injury To Tenant At Sufferance
Michigan Law Review
X rented a house and lot from the defendant with the understanding that possession and the lease would begin February 8, defendant meanwhile to repair a frozen water pipe on the premises. X moved in on the sixth while an employee of the defendant was making the repairs. Although aware of the premature occupancy, the defendant made no signs of objection or approval. The employee of the defendant negligently left an unguarded opening in the flooring, through which the plaintiff, a member of X's household, fell and injured himself. Held, that the defendant was liable. X enjoyed the rights …
Treaties-State Successsion-Effect On Commercial Treaties And Reciprocity Statutes
Treaties-State Successsion-Effect On Commercial Treaties And Reciprocity Statutes
Michigan Law Review
In a suit to recover alleged excessive tonnage duties the court held that the commercial treaties made by the United States with the Hanseatic Republics in 1827 (1 Malloy 901), and with Prussia in 1828 (2 Malloy 1496), were still valid and effective to exempt a vessel from duties that were imposed in 1921; but that U. S. Rev. Stat. sec. 4229-30 and 4 Stat. 2, exempting Prussian vessels from these taxes, were no longer operative. For facts, see note supra. The Sophie Rickmers, 45 F.(2d) 413.
Torts-Proximate Cause-Intervening Criminal Act
Torts-Proximate Cause-Intervening Criminal Act
Michigan Law Review
Defendant, in entering plaintiff's house to repossess certain furniture sold under a contract granting the vendor the right to repossess, opened, and left open, a window which plaintiff had nailed shut. Subsequently a burglar entered plaintiff's house and stole other goods belonging to plaintiff. Alleging negligence on defendant's part, plaintiff sued and recovered for the value of the goods stolen, but, on appeal, it was held that there was not sufficient evidence of negligence to warrant the verdict, and that, admitting negligence, the alleged negligence was not, as a matter of law, the cause of plaintiff's loss. Strong v. Granite …
Trusts-Right Of Trustee To Purchase Trust Property
Trusts-Right Of Trustee To Purchase Trust Property
Michigan Law Review
The trustees under a will filed a petition in the district court asking for an order of court authorizing them to sell and convey to two of the trustees a portion of the real estate held by them in trust, and for authority to sell and convey the remainder of the real estate to the husband of one of the trustees. Three of the beneficiaries were not sui juris, and the remaining beneficiaries refused to give their consent. Held, that a trustee can not purchase trust property from himself when the beneficiary is not sui juris or when …
Review: Watkins On Shippers And Carriers, Chas. E. Cullen
Review: Watkins On Shippers And Carriers, Chas. E. Cullen
Michigan Law Review
A Book Review on WATKINS ON SHIPPERS AND CARRIERS Fourth edition by Edgar Watkins assisted by J. Halden Alldredge.
Review: A Textbook On Law And Business, J. Wayne Ley
Review: A Textbook On Law And Business, J. Wayne Ley
Michigan Law Review
A Book Review on A TEXTBOOK ON LAW AND BUSINESS By William H. Spencer