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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 …
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 …