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Articles 1 - 9 of 9
Full-Text Articles in Law
Bankruptcy - Voidable Preferences - Transfer Perfected Within Four Months Of Bankruptcy, Elizabeth Durfee
Bankruptcy - Voidable Preferences - Transfer Perfected Within Four Months Of Bankruptcy, Elizabeth Durfee
Michigan Law Review
Two recent cases, Adams v. City Bank & Trust Co., and In re Quaker City Sheet Metal Co., both involving section 60 of the Chandler Act, bring to the fore a question of interpretation of that section which has bothered Congress and courts and lawyers for some forty years. The bankrupt executes a mortgage to secure repayment of a present loan, but the recording of the mortgage is withheld until a later date, and finally takes place within four months of bankruptcy. Or, as in the Quaker City case, he assigns a chose in action to the creditor …
Recent Decisions, Michigan Law Review
Recent Decisions, Michigan Law Review
Michigan Law Review
The recent decisions consist merely of summaries of the facts and holdings of recent cases and are distinguished from the notes by the absence of discussion.
Powers - Rights Of Donees' Creditors Against Property Subject Thereto When The Power Is General And Is Exercised By Will, Charles Wright, Ill
Powers - Rights Of Donees' Creditors Against Property Subject Thereto When The Power Is General And Is Exercised By Will, Charles Wright, Ill
Michigan Law Review
In general it is said that the majority of jurisdictions in the United States allow creditors of the donee of a general power of appointment, exercisable by deed or will, or by will only, to reach the appointive property when the power is exercised by will, if the donee's personal estate is insolvent and if the appointment is to a volunteer. It would appear from a survey of the authorities dealing with the question that only twenty states have spoken on the subject at all. Of that number only sixteen have decisions which can, by any stretch of the imagination, …
Powers - Excluding Creditors Of The Donee Of A General Power By Express Provisions By The Donor, S. W. Boyce, Jr.
Powers - Excluding Creditors Of The Donee Of A General Power By Express Provisions By The Donor, S. W. Boyce, Jr.
Michigan Law Review
There is very little authority upon this subject; lawyers seemingly assume that the picture is complicated enough without venturing into new fields. In only two jurisdictions are there actual reported cases where the donor has tried by specific provisions to restrain creditors of the donee.
Bankruptcy - Reorganization - Nature Of Farmer-Debtor's Right To Adjudication Under Section 75 (S), Louis C. Andrews, Jr.
Bankruptcy - Reorganization - Nature Of Farmer-Debtor's Right To Adjudication Under Section 75 (S), Louis C. Andrews, Jr.
Michigan Law Review
Plaintiff, a farmer, filed his original petition May 3, 1934, under section 74 of the Bankruptcy Act. Eleven months later he amended his petition, seeking relief under section 75 (a)-(r). Until March 2, 1940, no progress was made, and at that time the plaintiff sought adjudication under subsection (s). The district court entered an order that the petition be denied and the mortgagee's title recognized. The circuit court of appeals affirmed, stating that the petitioner had an affirmative duty to proceed diligently in obtaining a composition and extension agreement under subsections (a)-( r). Held, reversed. The benefits of section …
Judicial Sales - Right To Set Aside A Successful Bid, Michigan Law Review
Judicial Sales - Right To Set Aside A Successful Bid, Michigan Law Review
Michigan Law Review
At a public sale, the trustee in bankruptcy struck off to the plaintiff a bankrupt's assets for $16,850, a reasonable price. A referee vacated the sale when a private bidder offered $150 more and insured reopening of the bankrupt's mines and employment of its former employees. The sale was finally confirmed to the private bidder at a price only $50 in excess of the final offer made by the highest bidder at the public auction. Plaintiff appealed to the court to review the referee's order. Held, although the courts do not generally approve of vacating a fair public sale …
Corporations - Rights Of Action By The Representative Of Corporate Creditors - Effect Of Corporate Assent, Edward W. Adams
Corporations - Rights Of Action By The Representative Of Corporate Creditors - Effect Of Corporate Assent, Edward W. Adams
Michigan Law Review
By various acts the directors and officers of a corporation--its agents for the conduct of corporate business--may wrong the corporation or make possible a wrong to the corporation or to the body of corporate stockholders. When the corporation becomes involved in insolvency proceedings, in order to make available to creditors as many assets as possible, the receiver or trustee in bankruptcy determines whether some cause of action will lie to recover damages or property, or whether he may successfully defend to preserve assets. If the corporation itself could have been successful in the litigation, the solution would be easy because …
Bankruptcy-Effect Of Rule Of Erie Railroad V. Tompkins On Priorities In Federal Bankruptcy Proceedings, Michigan Law Review
Bankruptcy-Effect Of Rule Of Erie Railroad V. Tompkins On Priorities In Federal Bankruptcy Proceedings, Michigan Law Review
Michigan Law Review
A company engaged in the mortgage-guaranty business became bankrupt, the respondent being the successor company resulting from reorganization proceedings under section 77B of the Bankruptcy Act. The original company had loaned money secured by a bond and mortgage and then sold certificates to the public representing undivided shares in the mortgage, the certificates being guaranteed by the same company. The mortgagor having defaulted, the controversy in the principal case arose because the now bankrupt company had before bankruptcy repurchased two of the certificates, acquired title to a third, and held the balance of the loan for which no certificates had …
Banks And Banking - Immunity Of National Banks From State Escheat Statute, Spencer E. Irons
Banks And Banking - Immunity Of National Banks From State Escheat Statute, Spencer E. Irons
Michigan Law Review
A Michigan statute provided that bank deposits, in the possession or control of insolvent banks, which have remained inactive for a period of seven years or more shall escheat to the state. In a suit for a declaratory judgment, filed by the Attorney General of Michigan, against the receiver of an insolvent national bank and the Comptroller of the Currency of the United States, the federal district court held that the receiver must turn over deposits coming within the terms of the statute. Held, the statute is invalid if so applied, since it would constitute an unlawful interference with …