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Articles 1 - 16 of 16
Full-Text Articles in Law
Bills And Notes - False Impersonation - Effect Of Absence Of Prior Negotiations With Impostor, Edward D. Ransom
Bills And Notes - False Impersonation - Effect Of Absence Of Prior Negotiations With Impostor, Edward D. Ransom
Michigan Law Review
The plaintiff obtained a draft drawn on defendant bank with the plaintiff as payee, and indorsed by her in blank. The draft was for payment of a condemnation award to be sold at a discount through a broker. The plaintiff's husband, acting as her agent, went to the broker's office with his attorney. A man came in and was introduced, by one acting as his attorney, as Harry Wolter, the owner of the award. Thereupon plaintiff's husband handed the draft to his attorney, who wrote over the blank indorsements "pay to the order of Harry Wolter." There were no further …
Trusts Banks And Banking - Liability Of Depository For Trustee's Misappropriation Of Trust Funds - Uniform Fiduciary Act, Michigan Law Review
Trusts Banks And Banking - Liability Of Depository For Trustee's Misappropriation Of Trust Funds - Uniform Fiduciary Act, Michigan Law Review
Michigan Law Review
Defendant bank was the depository of trust funds specially earmarked for payment of an outstanding issue of trust notes. The trustee's individual account in defendant was overdrawn; and the trustee was also indebted to defendant on a promissory note. The trustee drew a fiduciary check in favor of himself for the entire amount of the trust account, indorsed it, and deposited it in his individual account. This wiped out the overdraft and left a credit balance. Then the trustee paid his note to defendant with a check drawn on his individual account in favor of defendant. Held, under the …
Vendor And Purchaser - Priorities As Between Vendee's Lien And Intervening Judgment Creditor, Arthur A. Greene
Vendor And Purchaser - Priorities As Between Vendee's Lien And Intervening Judgment Creditor, Arthur A. Greene
Michigan Law Review
In 1903 one Bekkedal purchased certain real property, and used it for a summer home. In 1924 he and his sons organized a corporation with himself as president, and took over the assets of their copartnership. In 1926 the corporation made advances for improvements on the real property of Bekkedal to the extent of nearly $9,000. A year later auditors found that the president had overdrawn his personal account with the corporation by about $33,000, and at their suggestion his account was credited with the value of the property, $20,000, less the amount advanced for improvements, and the assets were …
Mortgages - Foreclosure Sale - Possibility Of Setting Aside Sale Because Of Probable Higher Bid, James W. Mehaffy
Mortgages - Foreclosure Sale - Possibility Of Setting Aside Sale Because Of Probable Higher Bid, James W. Mehaffy
Michigan Law Review
A trust deed secured a loan of $85,000. The mortgage was foreclosed, the trustee authorized to bid at the sale, and an upset price of $12,500 fixed. A stranger made a higher bid than the trustee, and the property was sold to him for $40,100. The trustee now seeks a resale, offering evidence to show that the property could bring $50,000 to $60,000 if the trustee bought it, remodeled the building, and had time to find a suitable purchaser. There was no question of a deficiency decree. Held, that the lower court erred in refusing to confirm the original …
Corporations - Liability Of Stockholders Of Bank Stock Holding Company For Statutory Assessment On Bank Stock., Edward J. Wendrow
Corporations - Liability Of Stockholders Of Bank Stock Holding Company For Statutory Assessment On Bank Stock., Edward J. Wendrow
Michigan Law Review
The late depression with its attendant bank failures and the consequent assessment of shareholders has resulted in bringing before the courts a question that has never been litigated until comparatively recent times. That is, can the shareholders of a holding company, whose assets consist of stock of the closed bank, be subjected to the statutory assessment when the corporation itself is unable to meet the assessment? The case of Nettles v. Rhett is the latest of this series, and is fairly typical of the issues involved. This case concerned a suit by the receiver of the Peoples State Bank of …
Contracts - Effect Of Fail Ure Of Performance In An Aleatory Contract, Michigan Law Review
Contracts - Effect Of Fail Ure Of Performance In An Aleatory Contract, Michigan Law Review
Michigan Law Review
Plaintiff held a note of defendant's husband, long overdue. Defendant promised to guarantee payment of her husband's note, in consideration of plaintiff's promise to lend her money. Thereafter plaintiff, in breach of its promise, refused defendant a loan. Defendant immediately repudiated the contract. Plaintiff sued on the contract to recover the amount of the note with interest. Held, the promises were dependent; plaintiff's refusal to make the loan was a material breach of its promise, and excused defendant from further performance under the contract. People's Trust & Savings Bank v. Wassersteen, (Wis. 1937) 276 N. W. 330.
Banks And Banking - Taxation Of National Bank - Safe Deposit Vault As Integral Function Of National Bank, Marcus L. Plant
Banks And Banking - Taxation Of National Bank - Safe Deposit Vault As Integral Function Of National Bank, Marcus L. Plant
Michigan Law Review
The council of the city of Portland passed an ordinance declaring it unlawful to carry on certain businesses without securing an appropriate license from the city. Among the business activities specified was "Safe Deposit Vault" for which an annual license fee of forty dollars was imposed. The plaintiff, a national bank, and other national banks, all of which operated safe deposit vaults, brought an action to restrain the city and its officers from collecting the fee. It was held that the safe deposit business is a necessary and integral function of a national bank, and therefore the city was without …
Contracts - Assignments - Sufficiency Of Notice To A Bank Of The Assignment Of An Account, Michigan Law Review
Contracts - Assignments - Sufficiency Of Notice To A Bank Of The Assignment Of An Account, Michigan Law Review
Michigan Law Review
On March 25, 1933 an account in D Bank was assigned to P. A week later the bank received from P a formal statement of the assignment, which the bank totally ignored for nine months. In the meantime the bank debited the account for the price of thirty shares of its stock which the depositor-assignor bought in October. On January 2, 1934, D Bank acknowledged receipt of the letter of notice, but denied any liability to P thereunder. In a suit brought by P for the account, the only question was the right of D Bank to take the …
Principal And Surety - Duty Of Obligee To Disclose To Surety - Surety's Right Of Subrogation, Julian Caplan
Principal And Surety - Duty Of Obligee To Disclose To Surety - Surety's Right Of Subrogation, Julian Caplan
Michigan Law Review
Surety defended an action on the bond of the town treasurer on the ground that at the time the bond was entered into the treasurer, in violation of statute, had deposited in a local bank an amount exceeding thirty per cent of the total deposits of the bank and that the town selectmen, although well aware of the situation, failed to disclose the facts to the surety. Plaintiff contended that there was no duty to disclose these facts to the surety, especially since the treasurer's annual report showed that the amount of the deposits exceeded the legal limit. As an …
Trusts - Effect Of Exculpatory Clauses On The Liability Of Corporate Trustees, Milton A. Kramer
Trusts - Effect Of Exculpatory Clauses On The Liability Of Corporate Trustees, Milton A. Kramer
Michigan Law Review
The average investor doubtlessly relies upon the fact that some banking institution is a trustee for the bond issue in which he places his savings, and expects a degree of care commensurate with the confidence he has in that institution. The fact is, however, because of innumerable exculpatory clauses found in the corporate mortgage, the trustee's duties in regard to the protection of the bondholders' interests are practically negligible. But before proceeding further with the subject, it is necessary to distinguish two situations: first, a case where the trustee has no duty whatsoever to act; and secondly, where a duty …
Banks And Banking - Relationship To Customers - Principal Or Creditor, Charles E. Nadeau
Banks And Banking - Relationship To Customers - Principal Or Creditor, Charles E. Nadeau
Michigan Law Review
A collection agreement permitted plaintiff to clear items through defendant bank in return for maintaining a balance of $10,000 which was not subject to check. All items received immediate credit, and twice weekly defendant bank remitted, in New York exchange, all amounts in excess of $10,000. On insolvency of defendant bank, plaintiff sought a preferred claim on the basis that the bank was its agent for collection. Held, where, as here, the bank may use the funds before remittance, or where the depositor may withdraw any part of the funds, the relationship is that of debtor-creditor and not of …
Mortgages - Set-Off In Action Against Assuming Grantee On Third Party Beneficiary Theory, Anthony L. Dividio
Mortgages - Set-Off In Action Against Assuming Grantee On Third Party Beneficiary Theory, Anthony L. Dividio
Michigan Law Review
Evans and Fulmer entered into an agreement for an exchange of two pieces of property. Fulmer assumed two mortgages on the property conveyed to her. According to the agreement, Evans gave a first mortgage on the property conveyed to him to a third person and a second mortgage to Fulmer. Evans defaulted on the first mortgage assumed by him; Fulmer, who held the second mortgage, foreclosed and as a result suffered a $17,000 loss. Later, Evans regained possession of the promissory notes evidencing the second mortgage on the property conveyed to Fulmer, and assigned them to Goldfarb who sued Fulmer, …
Bills And Notes - Signing In Representative Capacity - Personal Liability, Erwin B. Ellmann
Bills And Notes - Signing In Representative Capacity - Personal Liability, Erwin B. Ellmann
Michigan Law Review
Defendant, while acting as trustee of the Catholic Diocese of Cleveland, an unincorporated religious association, executed to the plaintiff negotiable promissory notes in the following forms: (1) "Ninety days after date, for value received for The Calvary Cemetery . . . we promise to pay . . . [Signed] Joseph Schrembs, Bishop of Cleveland. Calvary Cemetery Association, By: J. T. B., Treas." (2) "Six months after date, for value received for Sacred Heart of Mary Church . . . we promise to pay . . . [Signed] Councilmen: A. S.; L. F.; V. J. H.; H. S. Z.; Joseph Schrembs, …
Bills And Notes - Qualified Indorsement - By Assignment Of "Right, Title And Interest'', Michigan Law Review
Bills And Notes - Qualified Indorsement - By Assignment Of "Right, Title And Interest'', Michigan Law Review
Michigan Law Review
Defendant, payee of a promissory note, transferred it by writing on the back, "For value received, I hereby assign all my rights, title and interest to the within note .... " Held, defendant's indorsement was qualified, and she was not liable for its payment. Fecko v. Tarczynski,. 281 Mich. 590,275 N. W. 502 (1937).
Bills And Notes - Indorsement Of Renewal Note As Waiver Of Notice Of Dishonor By The Indorser, Michigan Law Review
Bills And Notes - Indorsement Of Renewal Note As Waiver Of Notice Of Dishonor By The Indorser, Michigan Law Review
Michigan Law Review
In 1926, a promissory note representing money loaned was made, payable to the order of plaintiff. After various renewals, defendant, in 1929, became an additional accommodation indorser of the renewal notes and continued as such until February 4, 1932, when a renewal note, likewise indorsed by him, payable March 4, 1932, was accepted by plaintiff. On its due date, the maker presented another renewal note, again indorsed by defendant, but this plaintiff refused to accept until the maker paid the interest due on the debt. Plaintiff did, however, retain both notes but failed to give defendant notice of dishonor of …
Bills And Notes - Liability Of "Irregular Lndorser" Of Chose In Action, Gerald L. Stoetzer
Bills And Notes - Liability Of "Irregular Lndorser" Of Chose In Action, Gerald L. Stoetzer
Michigan Law Review
Trustee bank, for the purpose of refinancing a mortgage on trust property, executed a trust deed and instrument, designated as the "principal note," which disclaimed personal liability of trustee and beneficiaries, expressly providing that the sole remedy upon default of payment of "note" or interest installment should be by foreclosure of the trust deed. Before delivery, the beneficiaries of the trust indorsed the "note" though not parties thereto. Upon default the holder brought this action against one of the beneficiaries on his anomalous indorsement. Held, (1) that the "note" was a mere chose in action; (2) that an irregular …