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Full-Text Articles in Law
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 …
Bankruptcy--Bank Paying Depositor's Check After His Adjudication In Bankruptcy Is Liable To Trustee For Amount Of Check--Bank Of Marin V. England, Michigan Law Review
Bankruptcy--Bank Paying Depositor's Check After His Adjudication In Bankruptcy Is Liable To Trustee For Amount Of Check--Bank Of Marin V. England, Michigan Law Review
Michigan Law Review
Prior to filing a voluntary petition in bankruptcy, which is an automatic adjudication of bankruptcy, depositor delivered five checks to Eureka Fisheries drawn upon depositor's account in appellant Bank of Marin. Six days after the filing, Eureka Fisheries presented the checks to appellant and received payment. Appellee, depositor's trustee in bankruptcy, did not notify appellant of the bankruptcy proceedings until after appellant had honored the checks. An order was sought by appellee from the referee in bankruptcy requiring appellant, or in the alternative Eureka Fisheries, to return the amount of the honored checks to the bankrupt's estate. The referee issued …
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 …
Realization Of Income Through Cancellations, Modifications, And Bargain Purchases Of Indebtedness: I, L. Hart Wright
Realization Of Income Through Cancellations, Modifications, And Bargain Purchases Of Indebtedness: I, L. Hart Wright
Michigan Law Review
Treasury regulations bearing on the tax consequence of a cancellation, modification, or bargain purchase of one's outstanding indebtedness date back to those issued in connection with the Revenue Act of 1918. Thirteen years elapsed after their issuance before the Supreme Court in 1931 finally approved, at least with respect to the bargain purchase with which it was concerned, the principal which the regulations incorporated, namely, that the savings effected by such debtors could, as a constitutional as well as a statutory matter, involve the realization of taxable income. Competing interpretations of that decision, the government insisting on a sweeping application …
Bankruptcy-Corporate Reorganization-Power Of Court To Order Interim Payments While Petition Is Pending Under Chapter X Of Bankruptcy Act, William F. Snyder S.Ed.
Bankruptcy-Corporate Reorganization-Power Of Court To Order Interim Payments While Petition Is Pending Under Chapter X Of Bankruptcy Act, William F. Snyder S.Ed.
Michigan Law Review
A petition for reorganization was filed, pursuant to Chapter X of the Chandler Act, October 3, 1947, which was adjudged on the same day to be in good faith and within the terms of the act. The corporation was clearly solvent, in the sense that its assets exceeded its liabilities, but needed financial adjustment to meet the principal on outstanding income notes due the following June. Thereafter, and before a plan was approved, the court entered an order directing the trustee of the debtor to pay 6% to the holders of the first mortgage bonds as an interim distribution to …
Bankruptcy-Bankrupt's Petition To Reopen Estate, Joseph N. Morency, Jr. S.Ed.
Bankruptcy-Bankrupt's Petition To Reopen Estate, Joseph N. Morency, Jr. S.Ed.
Michigan Law Review
Petitioner's no-asset estate in bankruptcy was closed and a discharge was granted in 1942. In 1945 a judgment creditor of the bankrupt sued in a Connecticut court on a judgment which antedated the bankruptcy proceeding and the existence of which was unknown to the bankrupt at the time he filed his schedules. It appeared that the bankruptcy proceeding was likewise unknown to the judgment creditor. Petitioner sought an order reopening the estate for the purpose of amending schedules to include the judgment inadvertently omitted; and the district court entered such an order over the objection of the judgment creditor. On …
Glenn On Fraudulent Conveyances And Preferences, Fred T. Hanson
Glenn On Fraudulent Conveyances And Preferences, Fred T. Hanson
Michigan Law Review
Professor Glenn's new two volume work on Fraudulent Conveyances and Preferences is much more than a revised edition of his previous book. The treatment of preferences is new and the material in the old book is revised and expanded. This expansion is particularly evident in his dealing with commercial financing devices--consignments, trust receipts, after-acquired property clauses, and freehanded mortgages of goods and accounts--which he now views also from the standpoint of preference.
Bankruptcy - Collection Of Assets - Satisfaction Of Conversion Claim From Non-Estate Assets, Jerry P. Belknap
Bankruptcy - Collection Of Assets - Satisfaction Of Conversion Claim From Non-Estate Assets, Jerry P. Belknap
Michigan Law Review
It is well-settled that a trustee in bankruptcy must use due diligence in collecting the assets of the bankrupt estate, and that he will be charged with the value of assets lost by a failure to discharge this duty. A difficult problem arises, however, where the bankrupt has converted and wasted estate assets, and subsequently acquires sufficient non-estate assets to equal the value of the assets converted. If there is a method whereby the trustee can obtain restitution for the loss to the estate, he must use due diligence to collect the claim for the benefit of creditors, or be …
Corporations - Reorganization- Fair And Equitable Plan, G. Randall Price
Corporations - Reorganization- Fair And Equitable Plan, G. Randall Price
Michigan Law Review
Both section 77 B of the federal Bankruptcy Act and chapter X of the Chandler Act provide that the judge shall find the plan of reorganization to be "fair and equitable" before he approves it. This and similar expressions had acquired a well-recognized content in equity reorganization before the statutes were enacted. Congress probably intended to enact the Boyd case rule. Several lower court decisions have expressed doubt as to just what the phrase "fair and equitable" means under the federal Bankruptcy Act. To find the meaning of the phrase "fair and equitable," it is necessary to look back to …
Bankruptcy - Corporate Reorganization - Validity Of Process Outside Territorial Confines Of Federal District Court, Edmund O'Hare
Bankruptcy - Corporate Reorganization - Validity Of Process Outside Territorial Confines Of Federal District Court, Edmund O'Hare
Michigan Law Review
Debtor corporation had contracted with defendant, operator of a retail store, whereby defendant agreed to sell debtor's products exclusively and to buy all of his supplies from debtor. While debtor was in the course of section 77 B reorganization proceedings, defendant refused to continue to comply with the contract, Defendant resided and did business in the same state and federal judicial circuit in which the reorganization court was located, but not within the territorial confines of the court, nor was process served upon defendant within the court's territorial jurisdiction. Debtor moved for specific performance of the contract. Held, debtor's …
Bankruptcy - Corporate Reorganization - "Good Faith" In Presenting Petitions For Reorganization Proceedings, Arthur P. Boynton
Bankruptcy - Corporate Reorganization - "Good Faith" In Presenting Petitions For Reorganization Proceedings, Arthur P. Boynton
Michigan Law Review
Reorganization proceedings for corporations are now provided for in chapter ten of the recently enacted Chandler Act, which supersedes the provisions of 77B. This legislation, designed to aid corporations which are insolvent or unable to meet their debts as they mature, is available to all commercial corporations except municipal, insurance, and banking corporations and railroad corporations authorized to file a petition under section 77 upon the proper showing. Sections 130 and 131 enumerate the necessary requirements of any petition filed for the purpose of obtaining reorganization. However, the most important prerequisite to this relief, from the standpoint of difficulty in …