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Full-Text Articles in Law
On Considering The Public Interest In Bankruptcy: Looking To The Railroads For Answers, Julie A. Veach
On Considering The Public Interest In Bankruptcy: Looking To The Railroads For Answers, Julie A. Veach
Indiana Law Journal
No abstract provided.
Bankruptcy—Labor Contribution By Juror Interest Satisfies Fair And Equitable Standard For Cram Down, Kimberly Golden
Bankruptcy—Labor Contribution By Juror Interest Satisfies Fair And Equitable Standard For Cram Down, Kimberly Golden
University of Arkansas at Little Rock Law Review
No abstract provided.
The Trustee Versus The Trade Creditor: A Critique Of Section 547(C)(1), (2) & (4) Of The Bankruptcy Code, Michael J. Herbert
The Trustee Versus The Trade Creditor: A Critique Of Section 547(C)(1), (2) & (4) Of The Bankruptcy Code, Michael J. Herbert
University of Richmond Law Review
The Bankruptcy Code, like its predecessor the Bankruptcy Act, permits the trustee to avoid certain preferential transfers made or suffered by the bankrupt just prior to bankruptcy. Generally, any transfer relating to an antecedent debt made to or for a creditor by an insolvent within ninety days before the filing of the bankruptcy petition is avoidable by the trustee. The trustee may sue the creditor to recover the preference. In addition, the preferred creditor will not be entitled to any dividend from the estate until the preference is repaid.
Bankruptcy Reform: Relief For Individuals With Regular Income, Pete Connors
Bankruptcy Reform: Relief For Individuals With Regular Income, Pete Connors
University of Richmond Law Review
The consumer debtor faced with insolvency is given two options under the present Bankruptcy Act: (1) straight bankruptcy, and (2) wage earner proceedings. In contrast to straight bankruptcy, which is a liquidation oriented remedy, the debtor in a wage earner proceeding is not required to surrender any assets to the bankruptcy trustee, nor is he actually adjudicated a bankrupt. On the contrary, under Chapter XIII of the Bankruptcy Act (the wage earner sec- tion), the debtor is given a means of repaying his debts from future earnings under the protection of the court.
A Fresh Start Through Bankruptcy: Fact Or Frustration For The Student Loan Debtor?, Barbara Linde
A Fresh Start Through Bankruptcy: Fact Or Frustration For The Student Loan Debtor?, Barbara Linde
Seattle University Law Review
The rapidly increasing number of student loans maturing under the relatively new guaranteed student loan program have spawned a dramatic increase in the number of educational loans discharged in bankruptcy. This comment will examine former students' ability to obtain college transcripts after discharge of their student loans through bankruptcy. It will discuss the two cases holding that a private college can deny transcripts to bankrupts, but a state college cannot." Furthermore, it will inquire into the purposes of the Bankruptcy Act, the correctness of the restrictive judicial interpretation of the 1970 amendments," and alternative judicial approaches that better reflect the …
Tort Claims Under The Present And Proposed Bankruptcy Acts, Stephen Allen Edwards
Tort Claims Under The Present And Proposed Bankruptcy Acts, Stephen Allen Edwards
University of Michigan Journal of Law Reform
Congress may soon enact the first complete revision of the United States bankruptcy laws in almost four decades. Among the numerous changes proposed by the legislature is a major alteration of the provability and dischargeability of tort claims asserted against the bankrupt's estate. This article will discuss the treatment of tort claims in the present Act and the changes to be made by the proposed Act, and will evaluate alternative approaches to compensating victims of bankrupt tortfeasors.
The Automatic Stay In Bankruptcy, Frank R. Kennedy
The Automatic Stay In Bankruptcy, Frank R. Kennedy
University of Michigan Journal of Law Reform
The filing of a petition under the Bankruptcy Act constitutes an automatic stay of all litigation against the debtor and most acts and actions against the debtor's property. The stay is one of the most notable features of the Rules of Bankruptcy Procedure promulgated by the Supreme Court. The constitutional and statutory basis for the automatic stay has been challenged, and the propriety and the scope of the stay have been contested and ruled on, in many reported opinions. The need and justification for an automatic stay in bankruptcy and debtor relief cases have been widely acknowledged, and an automatic …
The Bankruptcy Reform Process: Maximizing Judicial Control In Wage Earners' Plans, Marjorie Girth
The Bankruptcy Reform Process: Maximizing Judicial Control In Wage Earners' Plans, Marjorie Girth
University of Michigan Journal of Law Reform
This article examines the effort to maximize judicial control over the bankruptcy process and its impact on H.R. 8200's procedural requirements for the nonbusiness bankruptcy option known currently as the wage earners' plan. As background, it describes the present nonbusiness bankruptcy options and the statutory procedures for monitoring confirmed wage earners' plans. Then, using illustrative samples from three years of cases in the Buffalo region of the Western District of New York, it assesses whether present plans are being administered in accordance with the statutory formalities. The economic incentives which affect creditors' behavior in taking advantage of their opportunities to …
Municipal Bankruptcy: The Need For An Expanded Chapter Ix, Daniel J. Goldberg
Municipal Bankruptcy: The Need For An Expanded Chapter Ix, Daniel J. Goldberg
University of Michigan Journal of Law Reform
New York City's default crisis in 1975 presented to Congress and the nation the possibility of a major municipality's entering the federal bankruptcy court. Chapter IX of the Bankruptcy Act, as recently amended by Congress, provides the exclusive remedy by which local governmental units may obtain relief from burdensome indebtedness. Unlike certain other chapters of the Bankruptcy Act, Chapter IX is limited to a voluntary composition or extension of indebtedness. In recent years municipalities have developed complex systems of financing, while experiencing unprecedented expansion in the services which they must provide. Accordingly, a mere composition of municipal indebtedness is no …
Baankruptcy-Usury-Plaintiff's Claim For Compound Interest Ruled Usurious; Simple Interest Disallowed To Give Effect To State's Deterrence Policy, Gerald Bohm
Fordham Urban Law Journal
Usury is the charging of interest for the use of money as a rate in excess of that permitted by statute. The Bankruptcy Act allows the trustee-in-bankruptcy to plead the defense of usury to a creditor's claim. A debtor-in-possession in a Chapter XI proceeding, who has all the rights and powers of the trustee, may also assert the defense of usury. There is, however, no federal usury statute and the Bankruptcy Act defines neither usury nor its effect. To resolve the usury issue the bankruptcy court has to look to the law of the jurisdiction in which the loan arose. …
Renunciation Of A Legacy Or Devise As A Fraudulent Transfer Under The Bankruptcy Act, David E. Leigh
Renunciation Of A Legacy Or Devise As A Fraudulent Transfer Under The Bankruptcy Act, David E. Leigh
Indiana Law Journal
No abstract provided.
Beneficiary's Code Remedy Against Converting Trustee And Bankruptcy Policy, R. Clifford Potter
Beneficiary's Code Remedy Against Converting Trustee And Bankruptcy Policy, R. Clifford Potter
Indiana Law Journal
Recent Developments
Marks V. Brucker: The Bankrupt's Right To Settle Claims With After-Acquired Assets, Thomas J. Brannan
Marks V. Brucker: The Bankrupt's Right To Settle Claims With After-Acquired Assets, Thomas J. Brannan
Indiana Law Journal
No abstract provided.
Bankruptcy - Tax Liens - 1966 Amendment To Section 17a(1) Of The Bankruptcy Act Construed To Prevent Attachment Of Lien To Assets Acquired After The Filing Of A Petition In Bankruptcy, Robert M. Britton
Villanova Law Review
No abstract provided.
Section 70(D) Of The Bankruptcy Act: The Need For Amendment, Douglass Boshkoff
Section 70(D) Of The Bankruptcy Act: The Need For Amendment, Douglass Boshkoff
Indiana Law Journal
No abstract provided.
Security Aspects Of The Abc Transaction, John T. Schmidt
Security Aspects Of The Abc Transaction, John T. Schmidt
Michigan Law Review
In recent years, investments in subterraneous oil and gas have become a common addition to the investment portfolios of national financial institutions. Relying on the assurances of reputable geological studies, traditionally conservative financers have invested amounts ranging up to several hundred million dollars against collateral once accepted only by speculators and a few adventurous oil-country bankers. The increased interest in these investments is in part attributable to the development of the ABC method of financing the purchase of producing oil and gas properties. This method offers unique tax advantages, which have been discussed elsewhere, but also creates problems for the …
Bankruptcy Preferences-Secured Transactions-Security Interest In After-Acquired Property Is Voidable Preference If Received Within Four Months Of Bankruptcy-In Re Portland Newspaper Publishing Co., Michigan Law Review
Michigan Law Review
In an effort to provide employment for several hundred workers who had lost their jobs in an unsuccessful strike against Portland's two largest newspapers, the local printers' unions and several civic leaders organized the Portland Reporter Publishing Co. (Reporter) to publish a rival newspaper. The unions also formed the Rose City Development Co. (Rose City), which leased facilities and equipment to Reporter and subsequently made several emergency operating loans to it. These loans were secured by an agreement designating as collateral all of Reporter's previously unsecured accounts receivable, both present and after-accruing. This type of agreement -securing after-acquired property of …
The Trustee In Bankruptcy As A Secured Creditor Under The Uniform Commercial Code, Frank R. Kennedy
The Trustee In Bankruptcy As A Secured Creditor Under The Uniform Commercial Code, Frank R. Kennedy
Michigan Law Review
The thesis of this article is that a trustee cannot exploit the advantage of the lien or security of any creditor unless he can avoid it and displace a creditor. Moreover, when he can and does avoid a lien and displace a creditor, he can enforce the rights of that creditor as against any lien or interest otherwise indefeasible in bankruptcy only to the extent of the lien or security of the creditor he displaces.
Reclamation Of Goods From A Fradulent Buyer, Robert Braucher
Reclamation Of Goods From A Fradulent Buyer, Robert Braucher
Michigan Law Review
Sections 2-702(2) and (3) of the Uniform Commercial Code (Code), defining the right of a seller to reclaim goods from an insolvent buyer, have for years been the subject of controversy. The sponsors of the Code have stood firm on the basic policy of these sections for more than twenty-five years, but, in its 1966 Official Recommendations for Amendment of the Uniform Commercial Code, the Permanent Editorial Board includes an amendment striking the words "or lien creditor" from section 2-702(3). That change has already been made in six states: California, Illinois, Maine, New Jersey, New Mexico, and New York. In …
Withholding Taxes On Wage Dividends For Pre-Bankruptcy Wages Assigned To Fourth Priority In Distribution Of Bankrupt's Estate-In Re Connecticut Motor Lines, Inc., Michigan Law Review
Withholding Taxes On Wage Dividends For Pre-Bankruptcy Wages Assigned To Fourth Priority In Distribution Of Bankrupt's Estate-In Re Connecticut Motor Lines, Inc., Michigan Law Review
Michigan Law Review
Among claims against a bankrupt estate were those for unpaid wages and vacation pay earned within three months of the bankruptcy of the employer. The referee ordered distribution of the amount of the claims, assigning them second priority, but he refused to authorize deduction of income withholding tax and social security taxes from these payments as requested by the Government. The district court reversed, holding the trustee in bankruptcy liable for the taxes as a first priority administrative expense. On appeal, held, reversed. Taxes based on wage claims accruing prior to bankruptcy but paid during bankruptcy are section 64a(4) …
Federal Priority Statute Gives United States Nontax Priority In Chapter X Corporate Reorganizations-United States V. Anderson, Michigan Law Review
Federal Priority Statute Gives United States Nontax Priority In Chapter X Corporate Reorganizations-United States V. Anderson, Michigan Law Review
Michigan Law Review
In a proceeding under Chapter X of the Bankruptcy Act for the reorganization of an insolvent corporation, the United States claimed first priority for nontax debts under the federal priority statute, Revised Statutes § 3466. The trustee of the corporation contested the claim to priority on the ground that section 199 of Chapter X, which in effect provides the United States in Chapter X proceedings with priority only for tax and customs claims, is exclusive and therefore R.S. § 3466 does not apply. The district court denied the claim to priority. On appeal to the Court of Appeals for the …
Bankruptcy-Prior Discharge Within Six Years As Bar To Wage Earner's Extension Plan, Anthony Lynch
Bankruptcy-Prior Discharge Within Six Years As Bar To Wage Earner's Extension Plan, Anthony Lynch
Michigan Law Review
Appellant, a debtor, sought confirmation of a wage earners' extension plan pursuant to Chapter XIII of the Bankruptcy Act. Section 656 prohibits confirmation of a plan under Chapter XIII if the debtor would have been denied an ordinary discharge in bankruptcy had he been seeking one. A discharge within six years prior to the date of filing constitutes a bar to such discharge. The referee, finding that the debtor had obtained a discharge within six years, dismissed the proceedings. On appeal from the district court's affirmance, held, affirmed. Since a wage earner's extension plan clearly contemplates a discharge of …
Bankruptcy-Proof And Allowance Of Claims-Reopening Of Estate To Allow Creditors To Reach Tenancy By The Entirety, Robert V. Seymour
Bankruptcy-Proof And Allowance Of Claims-Reopening Of Estate To Allow Creditors To Reach Tenancy By The Entirety, Robert V. Seymour
Michigan Law Review
Husband (H) and wife (W) executed joint, unsecured promissory notes to each of two creditors, a realty company, and a bank. H, in default on both notes, filed a voluntary petition in bankruptcy. The petition listed both noteholders as creditors; in addition, the schedule of assets noted that an interest in an estate by the entirety held by the bankrupt was not an asset of the bankrupt estate, since under state law it was not subject to the claims of creditors of only one spouse. After the first meeting of creditors, an order of discharge …
Insurance Law - Recovery - Action For Wrongful Refusal To Settle Claim Precluded By Bankruptcy Of Insured, James A. Mcdermott
Insurance Law - Recovery - Action For Wrongful Refusal To Settle Claim Precluded By Bankruptcy Of Insured, James A. Mcdermott
Michigan Law Review
The plaintiff, as trustee in bankruptcy of the insured, sued the defendant insurer to recover damages resulting from a judgment entered against the insured in a personal injury suit. This judgment subjected the insured to a liability of 89,000 dollars in excess of the 10,000 dollar automobile liability_ coverage carried with the insurer. The insurer, pursuant to its policy, had undertaken the insured's defense and had failed, allegedly in bad faith, to settle the suit for an amount within the limits of its coverage. Before judgment was entered in the personal injury suit the insured was insolvent; six months following …
Bankruptcy - Summary Jurisdiction - Filing Proof Of Claim As Basis For Money Judgment On A Counterclaim In Favor Of The Trustee, Jerome M. Salle S. Ed
Bankruptcy - Summary Jurisdiction - Filing Proof Of Claim As Basis For Money Judgment On A Counterclaim In Favor Of The Trustee, Jerome M. Salle S. Ed
Michigan Law Review
Appellant filed a proof of claim with the trustee in bankruptcy for unliquidated damages for an alleged breach of contract by the bankrupt. In response, the trustee filed a petition with the bankruptcy court for an order disallowing the appellant's claim and for a money judgment against appellant for a breach of the same contract. The district court affirmed the referee's denial of appellant's claim and judgment in favor of the trustee. On appeal, held, affirmed. Filing proof of claim gives the bankruptcy court jurisdiction not only to hear, but to grant the trustee's petition for affirmative relief on …
Bankruptcy - Uniform Trust Receipts Act - Rights Of Entruster To A Lien Interest In The General Assets Of Bankrupt Trustee, Barry I. Fredericks
Bankruptcy - Uniform Trust Receipts Act - Rights Of Entruster To A Lien Interest In The General Assets Of Bankrupt Trustee, Barry I. Fredericks
Michigan Law Review
Plaintiff, a credit corporation, used a trust receipt arrangement to finance a car dealer, who thereafter sold a number of the entrusted cars (out of trust sales) without remitting the proceeds to plaintiff. In order to restore some of these proceeds, which had been dissipated in the course of running his business, the car dealer gave plaintiff a trust receipt on ten unencumbered trucks in its possession, in release of part of plaintiff's security interest under the first trust receipts. Plaintiff later sold these ten trucks. Subsequently, in the course of bankruptcy proceedings filed against the car dealer, plaintiff sought …
Bankruptcy - Tenancy By The Entireties - Creditors's Right Against Entry Property After Discharge Of Husband In Bankruptcy, E. Roger Frisch
Bankruptcy - Tenancy By The Entireties - Creditors's Right Against Entry Property After Discharge Of Husband In Bankruptcy, E. Roger Frisch
Michigan Law Review
The United States as assignee sought a joint judgment on four unsecured promissory notes signed by the defendants, who are husband and wife. The husband had filed in bankruptcy before the assignment of the notes to plaintiff and was discharged from all debts filed in the bankruptcy proceeding schedules (including the instant debt) prior to any action on these notes. His estate by the entireties, however, was not used to satisfy any listed debts. Held, plaintiff is entitled to proceed to judgment. A discharge in bankruptcy limits only the sources available for satisfaction. United States v. Fetter and Fetter …
Bankruptcy - Priorities - Status Of Employer Contributions To Union Welfare Fund, John W. Simpson
Bankruptcy - Priorities - Status Of Employer Contributions To Union Welfare Fund, John W. Simpson
Michigan Law Review
Under a collective bargaining agreement an employer was required to contribute eight dollars monthly to a union welfare fund for each of its employees who were union members. A trust agreement authorized the trustees of this fund to file claims of priority in any proceeding involving the employer's insolvency. In a bankruptcy proceeding the trustees of the fund sought priority as wage claimants for the employer's unpaid contributions to the fund which had accrued during the three months prior to bankruptcy. In the same proceeding the United States sought priority for unpaid taxes. The referee ruled that the unpaid employer …
Bankruptcy - Priorities - Priority Status Of Tax On Wages Earned But Unpaid At Time Of Bankruptcy, John F. Powell
Bankruptcy - Priorities - Priority Status Of Tax On Wages Earned But Unpaid At Time Of Bankruptcy, John F. Powell
Michigan Law Review
The State of California demanded that a trustee in bankruptcy pay the employer's tax due on wages earned by the employees of the bankrupt. The wages were earned within the three-month period prior to the petition in bankruptcy but had not been paid prior to bankruptcy. The trustee did not continue the operation of the bankrupt's business. The United States district court reversed the Referee and ordered the trustee to pay the tax claim. The court of appeals affirm. ed. On rehearing, held, affirmed. Since the tax is not due until the wages are actually paid, the tax accrues …
Bankruptcy Act: Abuse Of Sections 14(C) (3) And 17(A) (2) By Small Loan Companies
Bankruptcy Act: Abuse Of Sections 14(C) (3) And 17(A) (2) By Small Loan Companies
Indiana Law Journal
No abstract provided.