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Full-Text Articles in Law
Private Liability For Reckless Consumer Lending, John A. E. Pottow
Private Liability For Reckless Consumer Lending, John A. E. Pottow
Articles
Congress recently enacted amendments to the Bankruptcy Code that possess the overarching theme of cracking down on debtors due to the increasing rate at which individuals have been filing for bankruptcy. Taking into account the correlation between the overall rise in consumer credit card debt and the rate of individual bankruptcy filings, the author nevertheless hypothesizes that not all credit card debt is troubling. Instead, the author proposes that the catalyst driving individual bankruptcy rates higher than ever is the level of "bad credit"-or credit extended to individuals even though there is a reasonable likelihood that the individual will be …
Corporate Judgement Proofing: A Response To Lynn Lopucki's 'The Death Of Liability', James J. White
Corporate Judgement Proofing: A Response To Lynn Lopucki's 'The Death Of Liability', James J. White
Articles
In "The Death of Liability" Professor Lynn M. LoPucki argues that American businesses are rendering themselves judgment proof.- Using the metaphor of a poker game, Professor LoPucki claims American businesses are increasingly able to participate in the poker game without putting "chips in the pot." He argues that it has become easier for American companies to play the game without having chips in the pot because of the ease with which a modern debtor can grant secured credit, because of the growth of the peculiar form of sale known as asset securitization, because foreign havens for secreting assets are now …
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 …
Corporations - Promotion - Discharge Of Promoter's Liability As Bidder At A Bankruptcy Sale, John Morrow
Corporations - Promotion - Discharge Of Promoter's Liability As Bidder At A Bankruptcy Sale, John Morrow
Michigan Law Review
On October 1, defendant made the high bid at a bankruptcy sale of hotel properties as "Mr. Ash, trustee." Later that same day a certificate of incorporation was executed for a corporation with Ash as treasurer. On October 4 the proper corporate papers were filed with the secretary of state. On October 4 the receivers receipted for the earnest money deposit, the instrument acknowledging, as interpreted by the court, that the receivers would look to the corporation to complete the contract and would not look to Mr. Ash personally. On October 14, the referee confirmed the sale to "Mr. Ash, …
Torts - Negligent Misrepresentations - Information Gratuitously Supplied, Michigan Law Review
Torts - Negligent Misrepresentations - Information Gratuitously Supplied, Michigan Law Review
Michigan Law Review
Plaintiffs, who were liquidating trustees of a building and loan association, alleged that the association requested defendant to send it a copy of a certain will, but that defendant, who was trustee under the will, sent the association a copy of another will. Since the testators bore the same name, the association did not realize the error, but relied on the copy and suffered a loss which it would not have suffered if it had known the true state of facts. Plaintiffs sued to recover the loss. Held, plaintiffs have not stated a cause of action, inasmuch as they …
Corporations - Obligation To Refund Dividends Paid Out Of Capital
Corporations - Obligation To Refund Dividends Paid Out Of Capital
Michigan Law Review
The general rule is fairly well established that, where dividends are paid, in whole or in part, out of the capital stock, corporate creditors, being such when the dividend was declared, or becoming such at any subsequent time, may, to the extent of their claims, if such claims are not otherwise paid, compel the stockholders to whom the dividend has been paid to refund whatever portion of the dividend was taken out of the capital stock. This, however, has been modified in the federal courts to the extent that where the dividend, although paid entirely out of capital, was received …
Bankruptcy - Claims Against Bankrupt Indorsers
Bankruptcy - Claims Against Bankrupt Indorsers
Michigan Law Review
Bankrupts were indorsers of promissory notes payable to claimants. None of these notes was due before the filing of the petition in bankruptcy and some of them did not mature within the year following adjudication during which proof of claims may be made. The court of appeals for the sixth circuit held that claimants could not prove on the indorsements because their claims were contingent. Held, that the claim was one "founded upon a contract express or implied," and provable even though not due until after the year allowed for proof of claims, the requirement of presentment and notice …
Provability In Bankruptcy Of Claims Arising Out Of Alimony Decrees Or Separation Agreements Between Husband And Wife, Ralph W. Aigler
Provability In Bankruptcy Of Claims Arising Out Of Alimony Decrees Or Separation Agreements Between Husband And Wife, Ralph W. Aigler
Articles
It was not until the decisions in Audubon v. Shufeldt, 181 U. S. 575, and Wetmore v. Markoe; 196 U. S. 68, that it was authoritatively determined in this country that alimony, whether in arrears at the time of filing petition, or payable in the future, was not provable in bankruptcy.