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Full-Text Articles in Law
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 …
Criminal Law And Procedure - Interpretation Of Statute, Michigan Law Review
Criminal Law And Procedure - Interpretation Of Statute, Michigan Law Review
Michigan Law Review
Convicted of the statutory crime of falsely uttering a bank check, defendant appealed on the ground that the instrument in question was a promissory note. It was in appearance and form a check except for the substitution of "will pay" for "pay" and the addition of the words "payable at" before the name of the bank. Held, affirmed, the court construing the instrument as a check. State v. Doudna, (Iowa, 1939) 284 N. W. 113.
Banks And Banking-National Banks Subject To State Statute Providing Reward For Finders Of Lost Goods
Banks And Banking-National Banks Subject To State Statute Providing Reward For Finders Of Lost Goods
Michigan Law Review
Plaintiff found $105,000 hidden in a roadside junk heap. The money had been stolen from defendant national bank in an early morning hold-up, and cached by the robbers in the rubbish pile, With the police, plaintiff returned the money to the bank. Plaintiff then sued the bank for a ten per cent reward provided by an Iowa statute for the return of "lost goods." The Supreme Court of Iowa reversed a decision that the statute did not apply to stolen money. In a rehearing, defendant put in an amended plea that the statute could not impose any liability on national …
Bills And Notes - Holder's Right On Contract To Pay Checks
Bills And Notes - Holder's Right On Contract To Pay Checks
Michigan Law Review
Defendant bank agreed to honor checks drawn by a cattle buyer and carry them as cash items until funds were deposited from sales of stock. During an illness of the buyer the bank authorized buyer's agent to continue the practice, without informing said agent of large overdrafts on the account. The agent ordered the bank to draw a sight draft on a Chicago commission house and credit it to the account for the purpose of covering, among others, a check given to plaintiff, who apparently knew nothing of the arrangement between the drawer and drawee. The bank, however, applied the …
Bills And Notes-Warranty Of Qualified Indorser -When Instrument "Valueless"
Bills And Notes-Warranty Of Qualified Indorser -When Instrument "Valueless"
Michigan Law Review
In an action based upon the vendor's warranty in the sale of a note as set forth in the N.I.L., sec. 65 (4), it being alleged that the maker was insolvent and the mortgaged property worth much less than the debt at the time of the transfer of the note and that both such facts were known to the transferor, held, a ruling sustaining a demurrer should be affirmed. Leekley v. Short, (Iowa 1933) 249 N. W. 363.
Banks And Banking - Liability Of Stockholders For Debts In Insolvencies Occurring After Transfer Of Stock, Warren W. Kennerly
Banks And Banking - Liability Of Stockholders For Debts In Insolvencies Occurring After Transfer Of Stock, Warren W. Kennerly
Michigan Law Review
The effect of the holding of the Sanders case is of special interest at the present time because of the large number of recent bank failures. This decision may possibly result in former stockholders of Illinois state banks and the heirs of former stockholders being subjected to an assessment on stock that was disposed of several decades ago. The holding is applicable only to state banks, since national banks are not subject to state regulation. It would not be surprising if this Illinois holding should be followed in Nebraska, since the latter state has already based some of its rulings …
Banks And Banking - Joint Deposits
Banks And Banking - Joint Deposits
Michigan Law Review
Funds originally belonging to the wife were deposited in a joint account for the husband and wife, it being stipulated that the money was to be withdrawn upon the order of both, and that, upon the death of either, the survivor should have an absolute right to the balance. The husband died and his administrator brought an action to recover one-half of the funds. Held, the money belonged to the wife on any theory of the case which might be developed. Hollingsworth v. Hollingsworth (Iowa 1931) 235 N.W. 726.
Bills And Notes-Trade Acceptance-Reference To The Purchase Agreement
Bills And Notes-Trade Acceptance-Reference To The Purchase Agreement
Michigan Law Review
The defendant drew a trade acceptance in favor of the Turner Manufacturing Co. containing the following provision: "The obligation of the acceptor hereof arises out of the purchase of goods from the drawer, maturity being in conformity with the original terms of the purchase." The drawer indorsed the instrument to the plaintiff bank, a purchaser in due course. Held, that the trade acceptance was rendered non-negotiable by the clause "maturity being in conformity with the original terms of the purchase." First Nat. Bank, Statesville, N. C. v. Power-Equipment Co. (Iowa, 1930) 233 N.W. 103.