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Bills And Notes -Acceleration Provision As Affecting Negotiability
Bills And Notes -Acceleration Provision As Affecting Negotiability
Michigan Law Review
In an action against the maker of a promissory note by an indorsee thereof, claiming to be a holder in due course, the question was the negotiability of the note. It contained a provision that "If the maker or anyone of the makers hereof shall fail to furnish additional security upon the demand of said company, said company is authorized to declare all indebtedness owed to it by the maker or makers hereof immediately due and payable without giving notice of said declaration." Held, the quoted language rendered the note nonnegotiable. American Finance Corp. v. Bourne, 190 Okla. …
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.
Mortgages - Limitation Of Actions - Deficiency Decree On Basis Of Covenant In Mortgage When Action On Note Barred, Donald M. Swope
Mortgages - Limitation Of Actions - Deficiency Decree On Basis Of Covenant In Mortgage When Action On Note Barred, Donald M. Swope
Michigan Law Review
Defendant executed and delivered to plaintiff a promissory note and a mortgage securing it. The mortgage contained a covenant to pay $10,000 (the principal amount of the note) "according to the terms of a certain promissory note bearing even date herewith." Upon foreclosure it was held, three judges dissenting, that the mortgagee was entitled to a deficiency decree notwithstanding action on the note was barred by the statute of limitations. Guardian Depositors Corporation of Detroit v. Savage, 287 Mich. 193,283 N. W. 26 (1938).
Bills And Notes - Effect Of Statute Of Limitations On Demand Certificates Of Deposit And Certified Checks, Michigan Law Review
Bills And Notes - Effect Of Statute Of Limitations On Demand Certificates Of Deposit And Certified Checks, Michigan Law Review
Michigan Law Review
Plaintiff sued on a certificate of deposit and a certified check, the former being issued by the defendant bank in 1905 and the latter being certified in 1919. Both were negotiated in 1937 and presented for payment the next day. Defendant pleaded the ten year statute of limitations as a bar. Held, at common law the statute of limitations did not operate on demand certificates of deposit until demand had been made, and section 70 of the Negotiable Instrument Law does not alter this common-law requirement. This applies also to certified checks, for they are substantially the same as …
Mortgages - Set-Off In Action Against Assuming Grantee On Third Party Beneficiary Theory, Anthony L. Dividio
Mortgages - Set-Off In Action Against Assuming Grantee On Third Party Beneficiary Theory, Anthony L. Dividio
Michigan Law Review
Evans and Fulmer entered into an agreement for an exchange of two pieces of property. Fulmer assumed two mortgages on the property conveyed to her. According to the agreement, Evans gave a first mortgage on the property conveyed to him to a third person and a second mortgage to Fulmer. Evans defaulted on the first mortgage assumed by him; Fulmer, who held the second mortgage, foreclosed and as a result suffered a $17,000 loss. Later, Evans regained possession of the promissory notes evidencing the second mortgage on the property conveyed to Fulmer, and assigned them to Goldfarb who sued Fulmer, …
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 …
Mortgages - Deed In Lieu Of Foreclosure - Validity, Elbridge D. Phelps
Mortgages - Deed In Lieu Of Foreclosure - Validity, Elbridge D. Phelps
Michigan Law Review
Depression years have brought to the fore a question much controverted in the early law, but now said to have become settled. That question regards the effect and efficacy of a conveyance of the mortgaged land, or a transfer of the equity of redemption, by the mortgagor to his mortgagee. It seems to have been cheerfully assumed by some lawyers, and by laymen in general, that in the absence of liens subsequent to the mortgage, the procedure is perfectly safe and proper in every case. It is the purpose of this discussion, however, to point out certain dangers inherent in …
Bills And Notes-Holders In Due Course-Effect Of Knowledge Of Executory Character Of Consideration
Bills And Notes-Holders In Due Course-Effect Of Knowledge Of Executory Character Of Consideration
Michigan Law Review
In an action on a promissory note the plaintiff claimed, as a holder in due course, to be free from the defense of failure of consideration. When the plaintiff acquired the note it was physically attached to a conditional sales contract by the terms of which the payee was to furnish the maker with an oil burner which in truth was never furnished, this being the claimed failure of consideration. Breach of the sales contract apparently took place after the plaintiff acquired the note. Held, plaintiff, having knowledge of the terms of the contract, was not a holder in …
Bills And Notes-Waiver Of Demand And Notice In Printed Form
Bills And Notes-Waiver Of Demand And Notice In Printed Form
Michigan Law Review
The defendant, Addison, who was payee of a promissory note, indorsed it "Pay to F. Main, Wm. Addison & Son." The indorsement was directly below a printed waiver in the usual form. Apparently the only defense was failure of demand and notice. Held, the indorser must be presumed to have waived these defenses. Krenerick v. Horton, 254 Mich. 12, 235 N. W. 810 (1931).
Bills And Notes - Restrictive Indorsement
Bills And Notes - Restrictive Indorsement
Michigan Law Review
Plaintiff sued defendant to enforce the collection of two promissory notes which defendant indorsed in blank to X Bank. X Bank indorsed the notes to "Y Bank, as trustee." Y indorsed the notes to plaintiff. All the indorsements were before maturity and for value. Held, on the pleadings, that the order overruling the demurrer to the declaration be sustained. In a concurring opinion, Brown, J., stated that an indorsement to a corporation or person with the words, "as trustee," after the name is not a restrictive indorsement within the meaning of the Uniform Negotiable Instruments Law, sec. 6796, 7, …
Bills And Notes-Payee As Holder In Due Course
Bills And Notes-Payee As Holder In Due Course
Michigan Law Review
In an action by the payee against the insane accommodation maker of a promissory note, the court held that the payee is presumed to be a holder in due course. F. S. Royster Guano Co. v. Sherman (N. J. 1930) 151 Atl. 382.
Conditions In Bills And Notes, Ralph W. Aigler
Conditions In Bills And Notes, Ralph W. Aigler
Michigan Law Review
Remembering that at least the early use of negotiable instruments was very largely as a substitute for money in making payments and exchanges of credit generally, it is not surprising that it should have been deemed a prime requirement of such documents that they should be unconditional in their orders and promises. Uncertainties as to the responsibility of parties are no doubt inevitable, but the element of chance may be eliminated at least as to the content of the instrument. The usefulness of commercial paper would be seriously impaired if business men and others proposing to take such instruments in …