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Michigan Law Review

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Articles 9931 - 9960 of 12806

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Corporations-Accommodation Guaranty-Effect Of Charter Provision Jan 1936

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 …

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Fixtures - Effect Of Forfeiture Of Lease On Rights Of Conditional Vendor Who Sold Chattels To Lessee Under Title Retention Agreement Jan 1936

Fixtures - Effect Of Forfeiture Of Lease On Rights Of Conditional Vendor Who Sold Chattels To Lessee Under Title Retention Agreement

Michigan Law Review

L executed a ninety-nine year lease of certain Chicago real estate to T, who agreed to erect thereon, as security for the payment of rent, a building of a certain description and to keep the premises free and clear of all liens arising from the construction of the building. The lease was recorded, and the building was erected with funds procured by the sale of bonds secured by a trust mortgage of the leasehold to E. When completed the building contained, as required by city ordinance, an automatic water sprinkling system, purchased by T from V under a …

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Gifts - Subsequent Declarations By Donor-Voluntary Self Declaration Of Trust Jan 1936

Gifts - Subsequent Declarations By Donor-Voluntary Self Declaration Of Trust

Michigan Law Review

Certain bonds were found in a safe deposit box of the decedent in an envelope marked with the words "Property of X." X sought to introduce evidence of declarations of decedent made to third persons to the effect that he had given the bonds to X before. Held, that such declarations were inadmissible because there was no extraneous evidence of a delivery of the bonds to X to support the theory of a gift. Reynolds v. Kenney, (N. H. 1935) 179 A. 16.

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Statutes-Approval Of Public Works Projects Under Nira Jan 1936

Statutes-Approval Of Public Works Projects Under Nira

Michigan Law Review

Acting under approval and order of the Federal Emergency Public Works Administrator, the United States commenced construction of the Parker Dam across the Colorado River over the objection of the state of Arizona, which was not a party to the Colorado River Compact. Arizona interfered forcibly. A bill was brought by the United States to secure a perpetual injunction against such interference. In response to an argument by Arizona that the dam was not properly authorized, the United States attempted to justify under a recommendation of the chief of engineers as sufficient authorization under section 202 of the National Industrial …

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Taxation-Federal Income Tax-Taxation To Settlor Of Income From Trust Established To Discharge A Legal Obligation Jan 1936

Taxation-Federal Income Tax-Taxation To Settlor Of Income From Trust Established To Discharge A Legal Obligation

Michigan Law Review

Shortly before the entering of a decree of absolute divorce in favor of his wife, a husband agreed to transfer securities in trust for the wife's benefit in lieu of alimony and all other claims. The divorce decree incorporated the trust agreement. On certiorari to the Circuit Court of Appeals for the Eighth Circuit, which had sustained a tax against the settlor on the income of the trust estate on the ground that it discharged a legal obligation, the Supreme Court of the United States affirmed the judgment. After disposing of the argument that the trust was entirely voluntary since …

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Trade Marks-Effect Of Licensing Use Of Trade Mark By Sales Agent On Rights Of Owner Of The Mark Jan 1936

Trade Marks-Effect Of Licensing Use Of Trade Mark By Sales Agent On Rights Of Owner Of The Mark

Michigan Law Review

For twenty-five years plaintiff company was licensed by X manufacturing company to sell furnaces made by X in Kentucky and to use the trade-mark "Monarch" thereon along with plaintiff's name, leaving X's name off the furnace. After the termination of this license plaintiff continued to sell other furnaces with the mark "Monarch" affixed thereto. Four years later X licensed defendant company to sell X's furnaces in Kentucky and to use the mark "Monarch" on the same. Plaintiff brought suit to enjoin defendant's use of said. mark on furnaces sold in Kentucky. Held, licensing use of mark by X to …

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Trusts-Disposition Between Life Tenant And Remainderman Of Proceeds Of Bonds Bought At A Premium Or Discount Jan 1936

Trusts-Disposition Between Life Tenant And Remainderman Of Proceeds Of Bonds Bought At A Premium Or Discount

Michigan Law Review

Trustees under a will purchased two lots of bonds at a premium, one of which had a call date and price; a callable preferred stock at a price above the call price; and bonds at a discount. The trustees amortized the premium bonds to the maturity date in one case and to the call date in the other. The stock was amortized over a period of five years to the call price. The life tenant claimed the right to be paid discount accumulated on the bonds bought at a discount. Held, that the action of the trustees as to …

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Trusts -Termination Of Trusts Where Life Beneficiary Acquires Remainder - Proof Of Impossibility Of Issue Jan 1936

Trusts -Termination Of Trusts Where Life Beneficiary Acquires Remainder - Proof Of Impossibility Of Issue

Michigan Law Review

Plaintiff was named life beneficiary of a trust, the legal remainder being disposed of to her children, or if she died without issue, then to H. H died before the plaintiff; and the plaintiff, establishing that she is childless and no longer capable of having issue, seeks a termination of the trust on the ground that the now intestate remainder has become vested in her, the sole heir at law of the settlor. Held, both an unrestricted life estate and the legal remainder being in the plaintiff, the trust can be terminated. White v. Weed, (N. H. …

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Constitutional Law-Due Process-Fair Trade Acts Jan 1936

Constitutional Law-Due Process-Fair Trade Acts

Michigan Law Review

The recent decision of the New York Court of Appeals in Doubleday, Doran & Co. v. R. H. Macy & Co., holding unconstitutional section two of the New York Fair Trade Act, presents another interesting aspect of the long struggle by manufacturers of widely known trade-marked articles to secure some adequate protection for themselves and the public against the destructive practice of retail price cutting.

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Corporations-Voting Trusts-Public Policy Jan 1936

Corporations-Voting Trusts-Public Policy

Michigan Law Review

Owning practically all the stock in two corporations, the decedent by will divided his holdings equally among his six children. To perpetuate the control of two sons who had been in active management for ten or twelve years, the other children transferred their stock in trust to the two sons to hold during the lives of these two or the life of the survivor, to vote, and to collect and pay over dividends. In an action by beneficiaries representing one-third of the stock to have the trust instruments declared void, the court held that the trust was not against public …

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Evidence - Witnesses - Privilege Of Reporter Not To Testify Concerning Confidential Communications Jan 1936

Evidence - Witnesses - Privilege Of Reporter Not To Testify Concerning Confidential Communications

Michigan Law Review

Defendant, a newspaper reporter, refused to reveal to a grand jury which was investigating gambling and the lottery racket the names and addresses of persons and places mentioned in certain newspaper articles he had written on that subject, on the ground that the information was given to him confidentially and its source was therefore privileged. He was committed for contempt, and sued out a writ of habeas corpus. Held, writ dismissed. Mooney v. Sheriff, 269 N. Y. 291, 199 N. E. 415 (1936).

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Taxation-State Tax On Shares Of National Bank-Preferred Shares Held By Reconstruction Finance Corporation Jan 1936

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 …

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Unfair Trade-Radio Broadcast Of News Items From Papers Published By Members Of News Service Association As "Unfair Competition" Jan 1936

Unfair Trade-Radio Broadcast Of News Items From Papers Published By Members Of News Service Association As "Unfair Competition"

Michigan Law Review

Defendant radio station broadcast daily a "Newspaper of the Air" program on which it read news items from newspapers published by members of plaintiff association. Plaintiff alleges that defendant is using the results of plaintiff's labor and investment, without paying for it, to aid it in competition with plaintiff's members for advertising, and seeks to have such use of its news enjoined as "unfair competition." Held, defendant should be enjoined from "unfair competition," consisting of the appropriation and broadcast of news gathered by plaintiff while such broadcasts might damage the business of plaintiff's members. Associated Press v. KVOS, Inc. …

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Corporations-Amendment Of Corporate Charters-Power Of The Legislature To Authorize Changes In Intracorporate Affairs Jan 1936

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 …

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Corporations-Liability Of Officers Of Corporate Trustee For Breach Of Trust Jan 1936

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 …

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Banks And Banking-National Banks Subject To State Statute Providing Reward For Finders Of Lost Goods Jan 1936

Banks And Banking-National Banks Subject To State Statute Providing Reward For Finders Of Lost Goods

Michigan Law Review

Plaintiff found $105,000 hidden in a roadside junk heap. The money had been stolen from defendant national bank in an early morning hold-up, and cached by the robbers in the rubbish pile, With the police, plaintiff returned the money to the bank. Plaintiff then sued the bank for a ten per cent reward provided by an Iowa statute for the return of "lost goods." The Supreme Court of Iowa reversed a decision that the statute did not apply to stolen money. In a rehearing, defendant put in an amended plea that the statute could not impose any liability on national …

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Bills And Notes--Conditions-Negotiable Despite Reference To Trust Agreement Jan 1936

Bills And Notes--Conditions-Negotiable Despite Reference To Trust Agreement

Michigan Law Review

Bonds, stolen from the owner, were subsequently acquired by a bona fide purchaser who received payment from the obligor. The owner sued the obligor on the ground that the bonds were non-negotiable. The first paragraph in each bond contained an unconditional promise to pay. The second and third paragraphs contained the following clauses: "This bond is one of a series . . . executed and delivered in accordance with and subject to the provisions of the Trust Mortgage hereinafter referred to and in pursuance of resolutions of stockholders. . . . The payment of this bond and of the coupons …

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Future Interests-Implication Of Condition Subsequent In Conveyance In Consideration Of Support-Equitable Aid To Owner Of Right Of Entry Jan 1936

Future Interests-Implication Of Condition Subsequent In Conveyance In Consideration Of Support-Equitable Aid To Owner Of Right Of Entry

Michigan Law Review

Plaintiff, guardian for one Toft, sues to quiet title to land conveyed by Toft to defendant on May 14, 1931, without solicitation or suggestion on defendant's part. Toft at the time was 74 years old. The deed reserved a life estate in Toft, and provided that the grantee was to take care of the grantor during his lifetime. This was all of the grantor's property except about $500. Defendant left after a quarrel on July 5, 1931, but returned a week later and stayed until January 18, 1932, when Toft threatened her life, and she left and has never returned. …

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Taxation-State Taxation Of Capital Stock Of Corporations Owning United States Securities Jan 1936

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 …

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Taxation - Estate Taxation Of Property Of Citizens Located Abroad Jan 1936

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 …

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Subrogation-Rights Of Ward In Security For Debt Of Guardian Discharged By Diverted Fund Jan 1936

Subrogation-Rights Of Ward In Security For Debt Of Guardian Discharged By Diverted Fund

Michigan Law Review

S, guardian for some minor children, used $ 1200 of their money without order of court for the discharge of a mortgage on land belonging equally to himself and the wards. Plaintiff, obtaining a judgment against S, levied on his apparent half-interest in the land and purchased it at the execution sale for the balance due on the judgment. In partition proceedings the wards set up the unauthorized use of their money and claimed a lien for $600 on plaintiff's interest. Held, since the plaintiff gave no consideration except the satisfaction of an antecedent debt, it is …

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Criminal Law-Misconduct Of Attorneys During Trial-Possible Remedies Jan 1936

Criminal Law-Misconduct Of Attorneys During Trial-Possible Remedies

Michigan Law Review

Petitioner was indicted in a federal district court charged with having conspired with others to utter counterfeit Federal Reserve Bank notes. The case against the accused was weak. The prosecuting attorney in his arguments to the jury and in the examination of witnesses persisted over defendant's objections in making improper suggestions, insinuations and unproved assertions of personal knowledge, all highly unfavorable to defendant's case. The district court sustained objections to some of the questions but the case was submitted to the jury and defendant found guilty. Defendant appealed. Held, the misconduct of the prosecuting attorney being prejudicial to defendant …

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Future Interests-Rule Against Perpetuities-Application To Estate Created Under Power Of Appointment By Will Only Jan 1936

Future Interests-Rule Against Perpetuities-Application To Estate Created Under Power Of Appointment By Will Only

Michigan Law Review

The testator died in 1872 leaving to testatrix in trust certain property over which she was given a general power of appointment by will. The testatrix died in 1928 leaving this property in a trust which was found to violate the rule against perpetuities. In discussing this, the question was raised whether in testing the validity of the estate created by the power of appointment, the period of the rule is calculated from the time of the creation of the power of appointment or from the time of its exercise. Held, that the permissible period is to be measured …

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Front Matter, Michigan Law Review Jan 1936

Front Matter, Michigan Law Review

Michigan Law Review

Front Matter for Volume 43, Issue 3 of Michigan Law Review

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The Secured Creditor's Share Of An Insolvent Estate, Fred T. Hanson Jan 1936

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.

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Fees And Expenses In A Corporate Reorganization Under Section 77b, George F. Medill Jan 1936

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 …

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Assignments -Validity Of Gratuitous Written Assignment Jan 1936

Assignments -Validity Of Gratuitous Written Assignment

Michigan Law Review

Deceased took defendant, his son, to a notary and there made and acknowledged written assignments of three mortgages he owned. He handed these assignments to defendant, saying "I give you these. Put them in the safety-deposit box." Defendant went away with the assignments which reappear only after the father's death; they were found in an envelope, marked with defendant's name in deceased's hand, in a safety-deposit box owned jointly by deceased and defendant. Deceased always retained possession and enjoyment of the actual mortgage instruments. Plaintiff, another son, claims these mortgages should be part of deceased's estate. The court held that …

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Bankruptcy - Reorganization Under Section 77 B - Determination Of Amount Of Claims For Purpose Of Voting On Approval Of Reorganization Plan Jan 1936

Bankruptcy - Reorganization Under Section 77 B - Determination Of Amount Of Claims For Purpose Of Voting On Approval Of Reorganization Plan

Michigan Law Review

In proceedings under Section 77 B of the Bankruptcy Act for the reorganization of the Philadelphia Rapid Transit Company, a special master was appointed by the court, to ascertain and classify the creditors. Interested parties petitioned the court to instruct the master to require the "underliers," the class of creditors composed of the former owners of the various car lines taken over by the debtor Transit Company, to produce their books and papers to establish the fair amount of their claims, asserting that their properties were acquired by the debtor at grossly inflated prices; that their real value did not …

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Banks And Banking-Constitutional Validity Of Statutes Allowing Reorganization Of Insolvent Bank Jan 1936

Banks And Banking-Constitutional Validity Of Statutes Allowing Reorganization Of Insolvent Bank

Michigan Law Review

A statute of Mississippi permitted the reopening of a closed bank, for the purpose of paying off creditors, upon terms proposed by three-fourths of the bank's creditors. The statute required that the proposition of the creditors be approved by the state superintendent of banks and confirmed by the court of chancery. Dissenting creditors opposed such a plan on the ground that the statute was unconstitutional because it impaired the obligation of contracts, and was contrary to the due process clause of the Federal Constitution. The court held that the statute was valid, that all it did was to change the …

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Carriers - Limitation Of Liability For Negligence -True Valuation Agreement Jan 1936

Carriers - Limitation Of Liability For Negligence -True Valuation Agreement

Michigan Law Review

Approximately one-seventh of a shipment of cherries in brine was lost owing to improper stowage. Award of damages was resisted on the ground that the bills of lading provided for adjustment of claims "on the basis of the invoice value of the entire shipment adding expenses necessarily incurred," and that because of favorable market conditions existing at destination the entire value of the sound cherries exceeded the invoice value. Held, the quoted clause was not a genuine limitation agreement, which is valid, but a "true valuation" clause, which, since it may wholly exonerate the carrier from liability for negligence, …

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