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Full-Text Articles in Law

Capacity Under The Negotiable Instruments Laws Of The Americas: A Comparative Study, Luis M. Ramirez B. Dec 1944

Capacity Under The Negotiable Instruments Laws Of The Americas: A Comparative Study, Luis M. Ramirez B.

Michigan Law Review

Closely related to the legal rules that regulate the different aspects and effects of endorsement is the question of capacity to endorse bills of exchange. This forms part of negotiatory capacity in general, which, in a broad sense, may be defined as the faculty of a person to acquire rights and to assume obligations on negotiable instruments.


Sales-Automobile Dealer Financing And The Bona Fide Purchaser, Robert M. Barton S. Ed. Dec 1944

Sales-Automobile Dealer Financing And The Bona Fide Purchaser, Robert M. Barton S. Ed.

Michigan Law Review

With the prospect of increased manufacture of automobiles for civilian use, the problem of financing the dealer and his customers will again loom large. In the past the burden has largely been assumed not by banks, whose credit practices and collection machinery are better adapted to short term, single payment credits, but by the finance or acceptance companies. These organizations mushroomed into prominence after World War I as retail installment selling became more and more prevalent, and with the "easy payment plan" offered by the dealer to the retail buyer, there was produced a corresponding need by the dealer himself …


Auditing Standards And Procedures In The Light Of Court Decisions, Frederick K. Rabel Jun 1944

Auditing Standards And Procedures In The Light Of Court Decisions, Frederick K. Rabel

Michigan Law Review

Ever since the Securities and Exchange Commission announced its amended rule 2-02 and required the accountant's certificate to include a statement as to compliance with generally accepted auditing standards, the accounting profession has been confronted with the problem of how to state those heretofore undefined standards. In the meantime, the committee on auditing procedure of the American Institute of Accountants requested the assistance of all practicing certified public accountants and all state accounting societies in taking prompt action toward defining auditing standards, and two members of the profession have since gone on record by courageously submitting tentative lists of proposed …


Attorneys-Practice Of Law-Preparation Of Tax Returns By Laymen, Benjamin M. Quigg, Jr. S.Ed. Jun 1944

Attorneys-Practice Of Law-Preparation Of Tax Returns By Laymen, Benjamin M. Quigg, Jr. S.Ed.

Michigan Law Review

The members of Lowell Bar Association brought a suit in equity to restrain respondents, who are not members of the bar, from holding themselves out as qualified to practice law, and from giving legal advice in respect to liability to pay income taxes and to enjoin the preparation and execution of income tax returns. The facts showed that respondents had advertised, by newspaper and placards, an income tax-service for individuals, including preparation of tax return and "counsel in handling income tax matters should any develop after the official audit by the U.S. Tax Department." The lower court enjoined respondents from …


Banks And Banking - Guaranty Of Indorsements - Recovery By Payer Jun 1944

Banks And Banking - Guaranty Of Indorsements - Recovery By Payer

Michigan Law Review

Relying on fraudulently prepared documents purporting to authorize the president to borrow money, P Bank loaned $100,000, taking the promissory note of the state university executed by such president. The amount of the loan was advanced by means of a cashier's check payable to the order of the university. This check, indorsed by the president without authority, was taken by D Bank , and the amount thereof added to the credit balance of the university in a checking account carried in that bank. Through the clearing house P Bank paid D Bank the amount of the check, which bore the …


Constltutional Law - Labor Unions - Injunction Feb 1944

Constltutional Law - Labor Unions - Injunction

Michigan Law Review

Complainants owned and operated a small cafeteria conducting the business without the aid of any employees. Defendants, a labor union and its president, picketed the cafeteria in an attempt "to organize it." The picketing was carried on by parade of one person at a time in front of the premises, at all times in an "orderly and peaceful" manner. Signs were carried which tended to give the impression that the complainants were "unfair" to organized labor and that the pickets "had been previously employed in the cafeteria." These representations were knowingly false in that there had been no employees in …


Trusts-Participation By Banks In Diversion Of Trust Funds Feb 1944

Trusts-Participation By Banks In Diversion Of Trust Funds

Michigan Law Review

That fiduciaries who misappropriate or divert trust funds from their proper purpose are bound to make good is familiar doctrine. It is equally clear that those who guiltily participate in such. diversions by faithless fiduciaries are also liable. The point of chief difficulty is the determination of what participations are properly classified as guilty, for innocent participators clearly are not bound to make good. For example, a fiduciary with power to sell things held in trust may wish to turn the subject matter into cash preliminary to a misappropriation. A bona fide purchaser who provides the cash no doubt stands …


Banks And Banking-Bank Deposits And The N.I.L. Feb 1944

Banks And Banking-Bank Deposits And The N.I.L.

Michigan Law Review

Plaintiff sued H and W and a writ of garnishment was issued against B who filed a disclosure of an indebtedness owing to H and W as joint creditors. W was later dropped from the case by a voluntary non-suit. Shortly after such dismissal, W applied to B for payment of the debt, but payment was refused because of the outstanding garnishment. B, however, expressed to W an intention, perhaps even an assurance, to honor such application when freed of the garnishment. That garnishment was dismissed several days later, but in the meantime another writ of garnishment in the …