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Articles 1 - 10 of 10
Full-Text Articles in Law
Bank Reorganization And Recapitalization In Michigan, Ellis B. Merry
Bank Reorganization And Recapitalization In Michigan, Ellis B. Merry
Michigan Law Review
On January 2, 1933, 420 state and 68 national banks were operating in Michigan. On February 13, the Governor of Michigan proclaimed a banking holiday for eight days which was extended in effect on February 22. On March 4, the President proclaimed a national banking holiday until March 9. Under the provisions of the President's proclamation lifting the national banking holiday, 198 state and approximately 30 national banks were reopened by the appropriate authorities as "sound" banks. State bank conservators assumed the management and custody of 215 state banks which did not open, on appointment by the Commissioner of the …
Constitutional Law - Bank Reorganization Legislation - Composition With Depositors And Other Creditors, Maurice S. Culp
Constitutional Law - Bank Reorganization Legislation - Composition With Depositors And Other Creditors, Maurice S. Culp
Michigan Law Review
Twenty States and the federal government now have laws permitting the reorganization and reopening of insolvent or failing banks. The usual statute provides for the reorganization of a bank upon some plan approved by a large majority of the general creditors of the institution; the plan must also have the approval of state banking officials and of a court of general jurisdiction, although the last is by no means a universal requirement. The reorganization, when approved, becomes binding upon all depositors and general creditors of the bank regardless of consent. By the terms of a few statutes, non-assenting creditors are …
Bills And Notes-Bonds Payable At Office Of Trustee Which Becomes Insolvent After Due Date But Before Bonds Presented, Ralph W. Aigler
Bills And Notes-Bonds Payable At Office Of Trustee Which Becomes Insolvent After Due Date But Before Bonds Presented, Ralph W. Aigler
Michigan Law Review
In Morley v. University of Detroit, decided May 16, 1933, the Supreme Court of Michigan reaches a conclusion not only of intense interest as a matter of legal doctrine, but also tremendously important, if followed, in determining the location of losses that may run into large sums. The defendant had floated a large bond issue secured by trust mortgage to a Trust Company. Among the obligor's undertakings in the mortgage was one to the effect that it would punctually pay the principal and interest of every bond according to the terms of the bond and coupons and would "deposit …
Bankruptcy - Suspension Of State Statutes Regulating General Assignments
Bankruptcy - Suspension Of State Statutes Regulating General Assignments
Michigan Law Review
An insolvent debtor made a voluntary assignment of. all his property to the defendants for the benefit of his creditors. The plaintiff, a nonassenting creditor, brought garnishment proceedings against the defendants, contending that the state statute governing general assignments had been suspended by the National Bankruptcy Act. The Wisconsin Supreme Court was of the opinion that only that portion of the Act which provides for a discharge of the assignor from his debts was suspended. On appeal to the United-States Supreme Court the decision was affirmed. Pobreslo v. Joseph M. Boyd Co., 287 U. S. 518, 53 Sup. …
Banks And Banking -Trust Funds - Deposits For A Special Purpose
Banks And Banking -Trust Funds - Deposits For A Special Purpose
Michigan Law Review
Plaintiff had an arrangement with defendant bank whereby receipts of certain of plaintiff's branch stores were to be deposited daily with defendant, and the latter was to transmit each day by draft to a bank in Pittsburgh for plaintiff's credit all sums in excess of a dormant balance of $2,000. Drafts covering two days' deposits were in process of transmission to the Pittsburgh bank when defendant bank was taken over by the Comptroller of the Currency. The deposits represented by these drafts were made at a time when defendant's officers and directors knew the bank to be insolvent, though negotiations …
Receivers-Provability Of Debts Owed By Insolvent Subsidiary To Parent Corporation
Receivers-Provability Of Debts Owed By Insolvent Subsidiary To Parent Corporation
Michigan Law Review
The defendant, a Massachusetts corporation, was organized by the plaintiff corporation in order to enable the latter to extend its line of railroad into Massachusetts. The plaintiff corporation owned the entire stock of the defendant company; all the money used by the defendant was advanced by the plaintiff; the management structures of the two corporations were practically the same, a majority of the directors and the principal officers of the one company occupying a like position with the other; the books of account of both companies were kept in the office of the plaintiff by its accountants - in short, …
Bankruptcy--Act Of Bankruptcy By Transfer With Intent To Defraud A Creditor With A Non-Provable Claim
Michigan Law Review
Petitioner as surety executed a bond to secure the payment of any judgment that might be entered against the principal. The defendant agreed to indemnify the petitioner against any claim or liability arising on the bond. After a verdict was obtained against the principal, but before judgment was entered, the defendant transferred all her estate without consideration and with specific intent on her part to hinder, delay, and defraud petitioner, her only creditor. The petitioner was forced to pay the judgment. Within four months after the fraudulent transfer he filed a bill seeking to have defendant ad judged a bankrupt. …
Bankruptcy -- Fraudulent Conveyances -- Dealings Between One-Man Corporations Owned By One Person
Bankruptcy -- Fraudulent Conveyances -- Dealings Between One-Man Corporations Owned By One Person
Michigan Law Review
H was president of corporations A, B, and C. Through his control of B and C he secured personal advances approximating $600,000. This money he loaned as personal funds to A which through its directors and officers, in their official capacities, was aware of the source of the funds though not of the exact amounts nor of the fact of unlawful diversion. F bank held certain matured promissory notes of B upon which H had become obligated as guarantor. B and H were in financial difficulties and F bank threatened to throw H into bankruptcy.A thereupon, and …
Bankruptcy-Who May Become Bankrupts - Cooperative Marketing Asociations
Bankruptcy-Who May Become Bankrupts - Cooperative Marketing Asociations
Michigan Law Review
A cooperative marketing association was held to be such a "moneyed, business or commercial" corporation as may be ad judged an involuntary bankrupt under section 4 of the Bankruptcy Act. Schuster v. Ohio Farmers' Coop. Milk Ass'n, (C. C. A. 6th, 1932) 61 F. (2tl) 337.
Receivers - Consent Receivership Not Allowed In Michigan
Receivers - Consent Receivership Not Allowed In Michigan
Michigan Law Review
A general creditor filed a bill alleging that the defendant corporation's assets as shown by its books have a value in excess of its indebtedness but that it cannot meet its current obligations although its assets, when converted into money would be sufficient to meet them and continue its business; that several suits have been instituted by defendant's creditors and that if executions are issued and levies made, defendant will be compelled to cease operations and losses will be suffered by all of defendant's creditors, whereas, if a receiver is appointed to operate its business their claims may be paid …