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Full-Text Articles in Law
The Corporate Mortgage Under Article 9 Of The Uniform Commercial Code And The New York Solution, George C. Coggins
The Corporate Mortgage Under Article 9 Of The Uniform Commercial Code And The New York Solution, George C. Coggins
Michigan Law Review
A corporate mortgage has been defined as "an indenture intended to convey property, real and personal, tangible and intangible, to a trustee for bondholders, as security for the bonds issued and to be issued thereunder" by a corporation. This financing device, utilized by many large corporate organizations, has grown to be of paramount importance in the field of corporate financing, and the lack of attention given by the Code to the long-term debts of corporations has raised serious questions of filing procedures. Discussion of the novel treatment accorded by New York to the problem of perfecting security interests in corporate …
Banks And Banking-National Banks-Amenability To State Statute Restricting Use Of Word "Savings", Donald M. Wilkinson, Jr. S.Ed.
Banks And Banking-National Banks-Amenability To State Statute Restricting Use Of Word "Savings", Donald M. Wilkinson, Jr. S.Ed.
Michigan Law Review
Defendant, a bank organized under the National Bank Act and transacting business in the State of New York, used the words "saving" and "savings" in various ways in the advertising and conduct of its banking business. The state brought suit, seeking an injunction restraining the use of these words, alleging that in- so using them defendant had violated subdivision 1 of section 258 of the New York Banking Law. In defense, the bank contended that this provision, as it applied to national banks, was unconstitutional as a contravention of federal statutory provisions. The trial court dismissed the complaint on its …
Instalment Payment Of Judgments, Frederick Woodbridge
Instalment Payment Of Judgments, Frederick Woodbridge
Michigan Law Review
This article is concerned primarily with a discussion of satisfaction of judgments by instalment payments where the judgment debtor is the typical American wage earner. It is based upon an analysis of the applicable statutes, the experience recorded in decided cases, interviews with numerous judges administering the statutes, and observations in certain of the courts where that method is used.
Bills And Notes - Domiciled Note As A Check - Incidence Of Loss From The Failure Of The Bank Of Domicile After Maturity, Charles H. Haines Jr.
Bills And Notes - Domiciled Note As A Check - Incidence Of Loss From The Failure Of The Bank Of Domicile After Maturity, Charles H. Haines Jr.
Michigan Law Review
Bonds of D County gave the holder the option of demanding payment at the office of the county treasurer or at a designated New York bank. At maturity, funds were available at the bank for payment, but the holder, P, made no presentment until eighteen days later, five days after the bank had failed, when demand was made on the county treasurer and payment refused. P sued. Held, the holder should recover the face of the bond regardless of the loss through the failure of the bank of domicile. Employers Mutual Insurance Co. v. Board of County Commissioners …
Bills And Notes - Indorsement Of Renewal Note As Waiver Of Notice Of Dishonor By The Indorser, Michigan Law Review
Bills And Notes - Indorsement Of Renewal Note As Waiver Of Notice Of Dishonor By The Indorser, Michigan Law Review
Michigan Law Review
In 1926, a promissory note representing money loaned was made, payable to the order of plaintiff. After various renewals, defendant, in 1929, became an additional accommodation indorser of the renewal notes and continued as such until February 4, 1932, when a renewal note, likewise indorsed by him, payable March 4, 1932, was accepted by plaintiff. On its due date, the maker presented another renewal note, again indorsed by defendant, but this plaintiff refused to accept until the maker paid the interest due on the debt. Plaintiff did, however, retain both notes but failed to give defendant notice of dishonor of …
Constitutional Law-Application Of Joint Resolution Of Congress To Gold Clause In Bonds Of Corporations Of Other Countries
Michigan Law Review
Plaintiff, a South American corporation, brought suit to recover on bearer bonds of a Finland corporation sold to plaintiff in New York. The bonds contained the stipulation that they were to be paid "in gold coin of the United States of America of the standard of weight and fineness as it existed on July 1, 1924." Both the principal and interest on these bonds were payable in New York. Held, the Congressional Joint Resolution declaring gold clauses in obligations to be against public policy and providing for discharging such obligations on payment, dollar for dollar, of legal tender coin, …
Bills And Notes-Alteration By Collateral Written Agreement
Bills And Notes-Alteration By Collateral Written Agreement
Michigan Law Review
Defendant was accommodation indorser on two of four notes executed at the same time with different maturity dates. As part of the same transaction, but unknown to the defendant, the maker, two other indorsers, and the payee, plaintiff in the cause, entered into an agreement in writing whereby the maturity of the unpaid notes would be accelerated on default as to any due. Held, in, an action on the notes, that instruments simultaneously executed and referring to the same subject matter are to be construed together, and the effect of such integration here was to bring about an alteration …
Banks And Banking--Holder Of Draft Paid For By Check On Issuing Bank As Preferred Claim Upon Drawer's Insolvency
Michigan Law Review
A depositor presented his own check to his bank and received in exchange a New York draft drawn by the bank payable to a third person. The drawer bank was closed and the draft was dishonored. The depositor redeemed the draft and sought to establish a preferred claim against the bank's assets. In Fulton v. Baker-Toledo Co. the court held that a trust existed in favor of the depositor, under an Ohio statute which declares that when a check drawn by a depositor is presented to his bank for "collection and payment," and such check is charged against the depositor's …
Banks And Banking - Holder Of Draft Paid For By Check On Issuing Bank As Preferred Upon Drawer's Insolvency
Michigan Law Review
A depositor received from his bank in exchange for his check a New York draft drawn by the bank payable to a third person. The draft was dishonored because of the insolvency and closing of drawer. After redemption of the draft the depositor sought to establish a preferred claim therefor against the bank's assets. An Ohio statute declared that when there remains unpaid at the time the bank is closed a check drawn by a depositor which has been presented to the drawee bank "for collection and payment," charged to the depositor's account, and a draft issued in payment thereof, …
Banks And Banking - Deposit Of Trust Funds In Individual Account Of Trustee - Liability Of Depositary
Michigan Law Review
Committee for an incompetent was directed, by the court order appointing him, to deposit in X bank all funds which might come into his possession. In violation of this order he deposited checks payable to himself as committee in his individual account in the defendant bank. Plaintiff, as substituted committee, sued the depositary for alleged diversions by the original committee, on the theory that the defendant aided the diversions by accepting the deposit of trust funds in the individual account of the committee. Held, under the rule of Bischoff v. Yorkville Bank defendant bank is not liable for the …
Public Officers - When Do They Owe A Duty To A Particular Individual Rather Than A Class?
Public Officers - When Do They Owe A Duty To A Particular Individual Rather Than A Class?
Michigan Law Review
The plaintiff, a stockholder in the Bank of the United States, sued the defendant, superintendent of banks for New York State, for losses sustained when the bank failed as a result of the defendant's failure to perform certain acts required by statute. Held, the defendant, being charged by statute with a duty to all the people of the state, owed no duty to the stockholders as individuals, and was not liable to the plaintiff. Walker v. Broderick, 252 N. Y. S. 559 (1931).
Bills And Notes - Estoppel As Against Bona Fide Purchaser Of Non-Negotiable Chose
Bills And Notes - Estoppel As Against Bona Fide Purchaser Of Non-Negotiable Chose
Michigan Law Review
Plaintiffs bought some interim certificates (at that time non-negotiable in New York), and delivery was made to them. Because of inability to make payment that day, they asked the vendor to send a runner for the certificates, and when a person appeared asking for the amount due the vendor, plaintiffs' cashier gave him the certificates. Shortly thereafter the proper runner arrived, and plaintiff's at once gave notice of the theft in newspapers and otherwise. Some of the stolen certificates were pledged with defendant who acted in good faith in taking them. The defense to this suit for recovery of the …
Bills And Notes - Negotiation - Implied Warranties
Bills And Notes - Negotiation - Implied Warranties
Michigan Law Review
In a suit by the payee against the maker of a note, the defense was a failure of the consideration, i.e., several assigned drafts had been paid at the time of the assignment. It did not appear whether these unendorsed drafts were order or bearer instruments. Held, under the Negotiable Instruments Law this is not a failure of consideration because the assignor warrants only facts within his knowledge, and evidence of knowledge of these facts by the assignee is admissible to rebut the implied warranty. Queensboro Nat. Bank. v. Kelly, 48 F.(2d)574 (1931).
Conflict Of Laws-Bills And Notes-Law Governing Vailidity Of Transfer Of Check By Indorsement
Conflict Of Laws-Bills And Notes-Law Governing Vailidity Of Transfer Of Check By Indorsement
Michigan Law Review
The president of a New York corporation indorsed in blank in the corporate name a check payable to the corporation. He then indorsed the check personally and mailed it to the Banque De Bruxelles, a foreign corporation located in Belgium. The bank in Belgium received it for collection and forwarded it for collection to its correspondent in Washington, D. C. The proceeds were received by the bank in Belgium and credited to the personal account of the president of the New York corporation as directed by him. Later, he withdrew the amount from the bank for his own use. Assignees …
Mortgages-Foreclosure-Default In Interest
Mortgages-Foreclosure-Default In Interest
Michigan Law Review
Plaintiff was a mortgagee of certain real property. A clause in the mortgage provided that the whole amount should become due after default for twenty days in the payment of any installment of interest. Through an arithmetical error of its clerk, the defendant corporation, owner of the equity of redemption, paid $401.87 less than the amount of interest due on one installment. The total interest due was $4621.56. The clerk discovered the error and notified the mortgagee that it would be corrected as soon as the president of the corporation, who alone was authorized to sign checks, returned from Europe. …
Garnishment-Foreign-Double Liability
Garnishment-Foreign-Double Liability
Michigan Law Review
Plaintiff, a resident of New York, obtained a judgment in Connecticut against El Saieh, a resident of Haiti, the court in that action obtaining jurisdiction by garnishment of a debt owed El Saieh by defendant, a Connecticut corporation, which was served with garnishment process, and admitted an obligation to El Saieh based on a policy of fire insurance issued through its agency in Haiti on a stock of goods located there. Plaintiff then sought to enforce the judgment against the defendant garnishee, which set up a defense of double liability, contending that under the laws of Haiti it was absolutely …