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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 …
Corporations - Dissenting Stockholder's Suit -Conditional Decree
Corporations - Dissenting Stockholder's Suit -Conditional Decree
Michigan Law Review
The directors and majority stockholders of a Minnesota mining corporation which. needed financing were also the directors and majority stockholders of another Minnesota mining corporation which had a large surplus. They decided to consolidate the two in order to finance the one, offering the stockholders of each corporation a share for share exchange, which would result in the stockholders of the unsuccessful corporation having a 9/16 control of the consolidated corporation. Dissenting stockholders, holding 18/100 of 1% of the total stock in the successful corporation, brought a bill to restrain the consolidation and to have a receiver appointed to take …