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Articles 1 - 5 of 5
Full-Text Articles in Law
Some Legal Aspects Of Guaranteed War Loans, William B. Cudlip
Some Legal Aspects Of Guaranteed War Loans, William B. Cudlip
Michigan Law Review
Of the many innovations in the field of commercial banking since 1933, one of the most important introduced as a result of the war emergency is the "guaranteed" war loan plan which was authorized by the President under Executive Order 9112, dated March 26, 1942. Under the plan any loan made by any financing institution, including specified government agencies, to a borrower engaged in the production of war materials may be guaranteed by the War or Navy Departments or the Maritime Commission of the federal government, in those cases where the borrower is unable to obtain adequate financing without such …
Banks And Banking - Immunity Of National Banks From State Escheat Statute, Spencer E. Irons
Banks And Banking - Immunity Of National Banks From State Escheat Statute, Spencer E. Irons
Michigan Law Review
A Michigan statute provided that bank deposits, in the possession or control of insolvent banks, which have remained inactive for a period of seven years or more shall escheat to the state. In a suit for a declaratory judgment, filed by the Attorney General of Michigan, against the receiver of an insolvent national bank and the Comptroller of the Currency of the United States, the federal district court held that the receiver must turn over deposits coming within the terms of the statute. Held, the statute is invalid if so applied, since it would constitute an unlawful interference with …
Bills And Notes - Effect Of Unreasonable Delay In Presentment For Payment Of Demand Notes And Bills Of Exchange, Lloyd M. Forster
Bills And Notes - Effect Of Unreasonable Delay In Presentment For Payment Of Demand Notes And Bills Of Exchange, Lloyd M. Forster
Michigan Law Review
The Negotiable Instruments Law, section 71, provides: "Where [the instrument] is payable on demand, presentment must be made within a reasonable time after its issue, except that in the case of a bill of exchange, presentment for payment will be sufficient if made within a reasonable time after the last negotiation thereof." This section raises some extremely complex problems: (1) Can the discharge of the contractual liability of the drawer and all indorsers of a demand bill of exchange be indefinitely postponed by successive negotiations, each within a reasonable time after the last? (2) Can the liability of the drawer …
Execution - Misdirection Of Process - Validity Of Amendment, Michigan Law Review
Execution - Misdirection Of Process - Validity Of Amendment, Michigan Law Review
Michigan Law Review
A statute provided that where the writ of execution requires the delivery of real or personal property, it "must" be issued to the sheriff of the county where the property is situated. The judgment debtor had some money deposited with the defendant bank in Y county on which plaintiff sought execution. The writ was directed to the sheriff of X county but was delivered to the sheriff of Y county. The writ was served on the defendant bank and the vice president of the bank made a return stating that the bank had no property in its possession, nor under …
Joint Obligations- Effect Of Release Or Covenant Not To Sue, Michigan Law Review
Joint Obligations- Effect Of Release Or Covenant Not To Sue, Michigan Law Review
Michigan Law Review
Defendants mortgaged their farm to plaintiff and later conveyed to one Ahart, who assumed the mortgage indebtedness. In a written extension agreement between all three parties it was provided that the defendants and Ahart should be jointly and severally liable for the debt. After foreclosure proceedings were started, Ahart and the plaintiff entered into a written contract by which the plaintiff agreed to release Ahart from all personal liability on the mortgage indebtedness in consideration of a deed to the farm. Thereafter the plaintiff sought a deficiency judgment against the defendants. Held, the defendants were not discharged from their …