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Full-Text Articles in Law
International Law - Recognition Of Soviet Russia - Extraterritorial Effect Of Decrees Of Confiscation And Nationalization
Michigan Law Review
The Moscow Fire Insurance Company, the Northern Insurance Company of Moscow, and the First Russian Insurance Company were incorporated in Russia under the Czarist regime, and given authority to do business in New York. Deposits were made in New York for the benefit of policy holders and creditors in this country. Subsequent to the revolution in Russia and the Soviet decrees nationalizing all Russian corporations and confiscating without compensation such corporations' assets in Russia and abroad, these deposits were turned over to the New York State Insurance Commissioner for liquidation. Large sums remained after domestic claims were satisfied and the …
Banks And Banking-Constitutional Validity Of Statutes Allowing Reorganization Of Insolvent Bank
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 …