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Taxation - Federal Estate Tax - Effect Of Presidential Freezing Orders On The Creation Of Excludable Bank Deposits For Nonresident Aliens, William Y. Webb
Taxation - Federal Estate Tax - Effect Of Presidential Freezing Orders On The Creation Of Excludable Bank Deposits For Nonresident Aliens, William Y. Webb
Michigan Law Review
Decedent, a citizen and resident of France, was the sole income beneficiary of a trust fund held in New York by the plaintiff as trustee. An executive order, issued pursuant to the Trading with the Enemy Act, prohibited remittance of trust income to the decedent from 1940 to the time of her death in 1946. As this income accrued, the plaintiff's trust department transferred it to the plaintiff's general banking department in its own name as trustee and subject to its order out of current banking funds. In an action by the executor of the decedent-beneficiary's estate to recover an …
Bank Deposits And Collections, Ralph J. Baker
Bank Deposits And Collections, Ralph J. Baker
Michigan Law Review
Insolvency, no less than natural death, is a tragedy which comes into the midst of business transactions, fixing the claims of parties, and calling for the application of legal principles to determine the nature and extent of their rights. Perhaps no business relationship is more frequent than that of banker and customer or depositor. And while insolvency of banking institutions is happily less frequent than in the ordinary business, it is not so uncommon that questions therein are not often in the courts for adjudication. It would, therefore, be a natural deduction that the legal principles applicable should be comparatively …