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Articles 1 - 19 of 19
Full-Text Articles in Law
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 …
Taxation Of Trust Estates-Reservation Of Life Income
Taxation Of Trust Estates-Reservation Of Life Income
Michigan Law Review
Settlor executed a deed of trust, retaining a life income, but no power of revocation. Held, that the State of Connecticut could tax the transfer as a gift to take effect in possession or enjoyment at or after death without violating the federal constitution. Guaranty Trust Co. of New York v. Blodgett, (U.S. 1933) 53 Sup. Ct. 244.
Trust Receipts- Rights As Between The Parties
Trust Receipts- Rights As Between The Parties
Michigan Law Review
The defendant financed purchases of automobiles by plaintiff, a retail dealer, in the following manner. The manufacturer would send the bill of lading and draft on plaintiff to a bank acting as agent for defendant. The bank would advance the amount of the draft and deliver the bill of lading to plaintiff, taking a trust receipt on the cars. This trust receipt recited that defendant was the owner of the automobiles and might retake possession at any time. On breach of the agreement, defendant retook possession of the cars with plaintiff's consent and thereafter sold them without plaintiff's knowledge. Plaintiff …
Trust Mortgages - Funds Deposited With The Trustee - Right Of Receiver To Appropriate
Trust Mortgages - Funds Deposited With The Trustee - Right Of Receiver To Appropriate
Michigan Law Review
There are several important ways in which a receiver of a corporation may clash with the trustee under a trust mortgage as regards the use of funds deposited with the trustee. The receiver, who is acting for the benefit of the general creditors and the estate generally, often seeks to obtain funds in the hands of the trustee who represents the bondholders. Not infrequently the trust deed from which the trustee derives his authority contains provisions for the setting up by the mortgagor of a sinking fund; or for the retention of money obtained through the release of properties from …
Trusts - For Employees - Definiteness Of Cestui
Trusts - For Employees - Definiteness Of Cestui
Michigan Law Review
The testator by his last will and testament devised a saw mill owned by him to certain trustees, the will reading, "I suggest that my said trustees sell the mill" for a specified price about half the estimated value of the property to a corporation to be organized by "my employees." There was a further provision reading, "I suggest that all the employees who have been in my employment for five years or longer should hold stock in such corporation, should they so desire in such proportions as my trustees shall presence." After the corporation had been organized, the incorporators …
Wills And Administration - Jurisdiction Over The Probate Of Lost Or Destroyed Wills
Wills And Administration - Jurisdiction Over The Probate Of Lost Or Destroyed Wills
Michigan Law Review
Under Mich. Comp. Laws (1929), sec. 15547, a will lost, suppressed or destroyed may be admitted to probate upon its being established in a prescribed manner in the probate court. And under sec. 15543 no will is effectual to pass title to property unless probated as required by law. Plaintiff coal company, apparently under the direction of its manager, King, filed a bill of interpleader for a judicial determination as to whether it should pay rent as lessee of certain property to the administrator of the estate of the deceased lessor, or to King, who claimed as devisee of the …
Future Interests - Rule Against Perpetuities Applibd To A Charitable Trust
Future Interests - Rule Against Perpetuities Applibd To A Charitable Trust
Michigan Law Review
The testator devised property to a trustee to accumulate the income for the period of a life in being and twenty-one years. Then a corporation was to be organized to receive the fund as trustee in order to apply it to a named charitable purpose. Held, that the gift does not contravene the rule against perpetuities on the grounds that the gift takes effect in possession the instant the prior period ends, that beneficially the gift vests in charity at the death of the testator, and that the rule does not apply to charitable gifts. First Camden National Bank …
Bills And Notes - Negotiable Despite Reference To Trust Agreement
Bills And Notes - Negotiable Despite Reference To Trust Agreement
Michigan Law Review
In an action of replevin for the recovery of stolen debenture bonds, the defense relied upon the contention that the bonds were negotiable and that they had been bought by an innocent purchaser. The bonds in terms referred to a trust agreement "for a statement of the terms under which the said debentures are issued, and the rights. and obligations of the company, of the trustee and of the respective holders of the said debentures under the said trust agreement." It was further provided in the bonds that "to the extent provided in the said trust agreement all rights of …
Bills And Notes -- Non-Negotiable Because Of Reference To Trust Agreement
Bills And Notes -- Non-Negotiable Because Of Reference To Trust Agreement
Michigan Law Review
Whether certain purchasers of notes occupied a better position than the ones from whom they purchased depended upon whether the notes in question were negotiable. Each note contained the following clause: "This note is one of a duly authorized issue of notes . . . issued under and all legally entitled to the benefit of a trust indenture. . . . For a description of the rights of the holders of the notes and the terms and conditions upon which the notes are issued, reference is made to said Trust Indenture with like effect as though said Trust Indenture were …
Life Estates - Oil And Gas -Effect Of Lease By Life Tenant
Life Estates - Oil And Gas -Effect Of Lease By Life Tenant
Michigan Law Review
The plaintiff, a remainderman, granted an "oil and gas lease to X, subject to the rights of the tenant by curtesy, Anderson. Anderson, seven years later, granted an "oil and gas lease" in the same premises to Y. Eventually both leases were acquired by the defendant who entered upon the land and drilled for oil. Anderson contended that he was entitled not only to the royalty stipulated in the lease made by him, but also to receive for his lifetime the income from the proceeds of the sale of the royalty for which the remainderman stipulated. The defendant …
Trusts-Apportionment Of Dividends Between Life Beneficiaries And Remaindermen - Depletion Of Oil Reserve
Michigan Law Review
Stock in an oil company was left in trust to pay the income to life beneficiaries with remainder over. For income-tax purposes the company deducted from income a figure for depletion of oil reserve, but at the close of each year it added directly to surplus account the same amount which had been deducted for depletion. Since the books of the company thus indicated that its management did not regard the drawing of oil from its wells as reducing the value of its property the court held that dividends, so far as they are made out of this amount, should …
Future Interests-Rule In Shelley's Case
Future Interests-Rule In Shelley's Case
Michigan Law Review
In a recent North Carolina case a trustee under a deed of trust brought suit for specific performance against defendant who was the highest bidder, subject to approval of title, at a public sale of the property. Defendant contended that the trustee could not convey a title in fee since the deed to his grantor was "to R. W. for life with remainder to his bodily heirs by ------ if any," otherwise to another. Held, that defendant must perform his contract since the deed in question gave R. W. a contingent fee tail under the rule in Shelley's case, …
Banks And Banking - Changing Character Of Deposit To Establish Trust
Banks And Banking - Changing Character Of Deposit To Establish Trust
Michigan Law Review
Respondent had a savings account with a local bank and, having arranged that the bank should purchase certain bonds for him, made an additional deposit therein. Four days later respondent was informed by an officer of the bank that the bonds had been purchased and was given a slip noting that his account had been charged with an amount equal to the purchase price. On its own books the bank charged the respondent's savings account with that amount and entered it as a "deposit" in its "bond account." Upon the insolvency of the bank it was found that no bonds …
Executors And Administrators - Administration Without Probate
Executors And Administrators - Administration Without Probate
Michigan Law Review
The plaintiff is the only heir of the decedent who died intestate. The defendant was in possession of certain assets of the deceased which had formerly been deposited with a bank, now insolvent. Plaintiff brought a bill in her own name to compel the defendant to turn over to her such assets. The Illinois statute providing for administration adds, "Provided, That when the heirs are residents of this State and the estate is solvent and without minor heirs and it is desired by the parties in interest. to settle the estate without administration this law shall not apply." Held, …
Certain Problems Confronting Creditors When A Revocable Trust Accomplishes Testamentary Succession, Ray Leslie Alexander
Certain Problems Confronting Creditors When A Revocable Trust Accomplishes Testamentary Succession, Ray Leslie Alexander
Michigan Law Review
Under the overwhelming weight of authority the reservation by the settlor of the income from trust property, or of other benefits, during his lifetime, and of the power to revoke the trust and so recover all or any part of the principal does not invalidate the trust; nor does the trust fail because the trust instrument is not executed in accordance with the Statute of Wills. Upon the death of the settlor the corpus of such a trust is distributable by the trustee in accordance with the terms of the trust instrument and does not pass to the executor or …
Wills - Predecease Of Residuary Legatee
Wills - Predecease Of Residuary Legatee
Michigan Law Review
A will specified nominal bequests to testator's daughters who were in custody of his divorced spouse, and the residue to the two sons, by name, in custody of the testator. One of the sons predeceased the testator. Held, the share of the predeceased legatee was to go to the surviving residuary legatee. In re Zimmerman's Estate, 122 Neb. 812, 241 N. W. 553 (1932).
Executors And Administrators-Who Is Entitled To Appointment
Executors And Administrators-Who Is Entitled To Appointment
Michigan Law Review
The administration of the decedent's estate was granted to the guardian of her minor child, the issue of a former marriage. The child was the sole heir of his mother, and she had no creditors. The deceased's husband had no interest in her estate. The husband was denied the right to administer his wife's estate under the Wisconsin statute. The statute provides that administration shall be granted in the following order; first, to the widow, surviving husband or next of kin or both if suitable and competent to discharge the trust; second, to one or more of the principal creditors; …
The Meaning Of "Heirs" In Willsa Suggestion In Legal Method, Lewis M. Simes, Lorentz B. Knouff, George E. Leonard Jr.:
The Meaning Of "Heirs" In Willsa Suggestion In Legal Method, Lewis M. Simes, Lorentz B. Knouff, George E. Leonard Jr.:
Michigan Law Review
A major task of the lawyer is the prediction of judicial action. No less than a quarter of a century ago Justice Holmes referred to the law as a body of "systematized prediction." Today legal scholars are not content to base their predictions solely upon the body of rules announced in judicial opinions. By means of elaborate fact studies they have sought to ascertain how rules of law actually function in society. Not only have these studies dealt with problems of procedure and the administration of courts, they have also invaded the fields of commercial and property law. Among such …
Wills - Renunciation By The Beneficiary As Affecting The Rights Of His Creditors
Wills - Renunciation By The Beneficiary As Affecting The Rights Of His Creditors
Michigan Law Review
The testator devised to his son an undivided fourth interest in a certain piece of land. The creditors of the son levied on the land, and it was sold at an execution sale. After the execution sale the son formally renounced all his rights under the will. Held, that a beneficiary under a will has the right to renounce unconditionally all benefits derived from the will, and his creditors have no right to object. Lehr v. Switzer, (Iowa 1931) 239 N. W. 564.