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Articles 1 - 4 of 4
Full-Text Articles in Law
Bankruptcy-Set-Off-Bank Deposits, A. E. Anderson S.Ed.
Bankruptcy-Set-Off-Bank Deposits, A. E. Anderson S.Ed.
Michigan Law Review
Endorsers of a corporation's notes caused the corporation to make deposits in the payee bank in the regular course of business, knowing the corporation to be insolvent, and the bank took over the deposits within four months of adjudication in bankruptcy. It was contended that under the amended definition of "transfer" as set out in section 1 (30) of the Bankruptcy Act of 1938, this transaction resulted in a voidable preference to the endorsers under section 60. The trial court rejected this contention. On appeal, held, affirmed. Although the 1938 amendment gave a broader significance to the term "transfer" …
Bankruptcy-Contempt--Presumptions-Finality Of Turnover Orders In Contempt Actions And The Presumption Of Continued Possession, T. L. Tolan, Jr. S.Ed.
Bankruptcy-Contempt--Presumptions-Finality Of Turnover Orders In Contempt Actions And The Presumption Of Continued Possession, T. L. Tolan, Jr. S.Ed.
Michigan Law Review
Problems of jurisprudence and bankruptcy are raised by Maggio v. Zeitz, a recent decision of the United States Supreme Court. The facts were these: In April, I942, the Luma Camera Service was adjudged a bankrupt. Defendant was its principal officer. The bankrupt's books showed a large and unusual merchandise shortage for November and December, 1941. Despite defendant's denial, the referee and district judge were satisfied that defendant had extracted the property from the estate before bankruptcy. But there was no evidence that defendant retained the goods or their proceeds. Relying on a presumption of continued possession, the referee ordered …
Taxation-Deductions For Partial Worthlessness Of A Debt, John M. Veale S.Ed.
Taxation-Deductions For Partial Worthlessness Of A Debt, John M. Veale S.Ed.
Michigan Law Review
Taxpayer was accustomed to loan money to a related corporation on open accounts. The debtor consistently lost money and became bankrupt in 1938. Thereupon taxpayer wrote off the whole debt using it as a deduction from 1938 income. The commissioner assessed a deficiency on the theory that the taxpayer, by a subordination agreement made with another creditor in 1931, had recognized the then balance to be worthless. Hence, he argued, advances made after that date were a separate debt; therefore taxpayer had lost the right to deduct the debt due in 1931 for failure to take it in the year …
Corporations-Insolvency-Corporate Officers As Preferred Wage Claimants, E. C.V. Greenwood
Corporations-Insolvency-Corporate Officers As Preferred Wage Claimants, E. C.V. Greenwood
Michigan Law Review
A closed corporation, soon after its formation, executed an assignment for the benefit of creditors. One of the large creditors objected to a preferred wage claim allowed by the assignee to a vice-president and director of the assignor, the officer who had in fact been instrumental in executing the assignment. The claim was for wages amounting to two hundred fifty dollars for alleged manual work for the assignor prior to the assignment and was granted by the assignee on the theory that preferential treatment was authorized by the New York debtor and creditor statutes. The applicable statute reads as follows: …