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Fraudulent Conveyances - Contingent Creditors - Bank Stockholders' Double Liability, Charles V. Beck Jr.
Fraudulent Conveyances - Contingent Creditors - Bank Stockholders' Double Liability, Charles V. Beck Jr.
Michigan Law Review
A holder of bank stock conveyed real estate to her daughter in consideration of love and affection, leaving the grantor with no other assets than the bank stock. At the time, the bank stock had a market value of eleven dollars a share, and the bank was advertising for depositors; there was nothing in the record to indicate insolvency. About two years later the bank closed, and the superintendent of banks assessed the stockholders the amount of their statutory double liability. When the transfer was discovered the superintendent brought action to set aside the conveyance as fraudulent to the creditors …
Bills And Notes - Accommodation Paper - Defenses Which Can Be Asserted Dy Maker Against One Not A Holder In Due Course, Robert A. Solomon
Bills And Notes - Accommodation Paper - Defenses Which Can Be Asserted Dy Maker Against One Not A Holder In Due Course, Robert A. Solomon
Michigan Law Review
The defendant, at the request of her husband, signed a blank promissory note. After making the note payable to himself, the husband discounted the note before maturity at the plaintiff bank. In an action by the bank against the wife, the accommodation maker claimed that the bank took in bad faith and that the negotiation to the bank was a diversion from the intended purpose of the accommodation. The plaintiff bank sought to recover upon the ground that the defendant was liable to it as a holder for value irrespective of whether it was a holder in due course. Held …
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 …