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Full-Text Articles in Law
Rejection Versus Termination: A Sublessee's Rights In A Lease Rejected In A Bankruptcy Proceeding Under 11 U.S.C. § 365(D)(4), Vivek Sankaran
Rejection Versus Termination: A Sublessee's Rights In A Lease Rejected In A Bankruptcy Proceeding Under 11 U.S.C. § 365(D)(4), Vivek Sankaran
Michigan Law Review
When a party files for bankruptcy under chapter 11 of the United States Code, the court typically appoints a trustee to handle all of the party's financial obligations. The trustee's responsibilities include investigating the financial condition of the debtor, the operation of the business, the desirability of continuing the business, and any other matter relevant to the disposition of the bankrupt estate. If a bankrupt party holds a commercial lease, the trustee possesses two options for dealing with the lease. One option is to reject the lease, which ends the bankrupt party's obligation to adhere to the provisions of the …
Income Tax-Deductions-Lessor's Amortization Of The Amount By Which The Purchase Price Of Improved Realty Exceeds The Appraised Value Of Land-Bender V.United States, Michigan Law Review
Income Tax-Deductions-Lessor's Amortization Of The Amount By Which The Purchase Price Of Improved Realty Exceeds The Appraised Value Of Land-Bender V.United States, Michigan Law Review
Michigan Law Review
Taxpayer, upon being informed that his tenant would not renew his lease unless he could be assured of additional parking facilities, purchased three lots adjacent to the leasehold and immediately demolished the houses thereon in order to provide the necessary space. Since the owners of these residential properties knew of taxpayer's special need, taxpayer was forced to pay substantially more than the total appraised value of the land. In computing his income tax, taxpayer sought to amortize over the life of the lease the cost of razing the buildings and the amount of the purchase price in excess of the …
Compulsory Oil And Gas Unitization: Effect On Overriding Royalty Obligations- A Hypothetical Judgement Of The High Court Of Juristic Review In Peter Fox Brewing Co. V. Sohio Petroleum Co., Maurice H. Merrill
Michigan Law Review
Jus, Chief Justice. As should be well known, our practice is to sit in review of decisions presenting elements of difficulty, and concerning the propriety of which there seems reason for doubt. We have no jurisdiction to reverse, to modify, or to affirm. Our judgment must be confined to approval or to disapprobation, or to some position between these two extremes.
Real Property - Mortgages - Liability Of Mortgagee Of Lessee's Term For Rent, Michael B. Lewiston S.Ed.
Real Property - Mortgages - Liability Of Mortgagee Of Lessee's Term For Rent, Michael B. Lewiston S.Ed.
Michigan Law Review
Respondent leased a building to South Texas Kitchens, Inc., for a term of five years. The lessee became indebted to petitioner and, being unable to meet this obligation, transferred its business assets and lease to petitioner as security. Petitioner was authorized to manage the business and to apply all proceeds to discharge the indebtedness, the transfer to terminate when the debt was fully paid. Petitioner went into possession of the premises and operated the business for about six months, paying the rent during that period. It then vacated the property and ceased making rental payments. Respondent sued petitioner and the …
Future Interests - Rule Against Perpetuities - Legislation Exempting Options To Purchase In Leases, Edward A. Manuel S.Ed.
Future Interests - Rule Against Perpetuities - Legislation Exempting Options To Purchase In Leases, Edward A. Manuel S.Ed.
Michigan Law Review
A recent West Virginia statute provides that in all leases subsequently executed, an option to purchase the whole or any part of the leased premises-exercisable during or at the end of the term is not subject to the rule against perpetuities. The statute also provides that the rule against perpetuities shall not constitute a defense to a suit to enforce such an option against the lessor. W. Va. Code (Michie, Cum. Supp. 1957) §3541(3).
Real Property - Landlord And Tenant - Lessor's Arbitrary Withholding Of Consent To Sublease, William G. Mateer S.Ed.
Real Property - Landlord And Tenant - Lessor's Arbitrary Withholding Of Consent To Sublease, William G. Mateer S.Ed.
Michigan Law Review
Defendant leased a portion of plaintiff's building for a seven-year period. Contained in the lease was a covenant whereby the lessee agreed not to assign or sublet without the lessor's consent. One year prior to the expiration date of the lease, the defendant gave notice of his intention to vacate and submitted to the plaintiff a proposed sublease under which the premises would be rented to the Postmaster General of the United States. The plaintiff stipulated that the proposed sublessee was ready, able, and willing to assume the obligations of the original lease and was a proper sublessee in every …
Real Property - Landlord And Tenant - Need For Lessee Who Transfers Whole Term To Base Right Of Re-Entry On Condition Of "Substantial Advantage" To Him, John A. Beach S.Ed.
Real Property - Landlord And Tenant - Need For Lessee Who Transfers Whole Term To Base Right Of Re-Entry On Condition Of "Substantial Advantage" To Him, John A. Beach S.Ed.
Michigan Law Review
Plaintiff lessee transferred his interest in the first floor and basement of certain commercial premises for the full remaining period of his own lease, retaining his interest in the second floor, where he lived. This transfer was in form a sublease, under which plaintiff as sublessor reserved power to cancel the sublease and take possession without notice if the premises were used for any purpose other than an off-sale liquor store. Plaintiff's transferee later assigned all his interest to defendant corporation, which immediately began converting the premises into an ice cream store. After defendant had spent over $10,000 in remodeling, …
The Rule Against Perpetuities And Typical Oil And Gas Leases, David R. Macdonald S.Ed.
The Rule Against Perpetuities And Typical Oil And Gas Leases, David R. Macdonald S.Ed.
Michigan Law Review
This comment is concerned with the examination of various methods of creating future interests in gas and oil and the effect of the rule against perpetuities on these interests.
Equity-Specific Performance-Decrease In Money Value Subsequent To The Inception Of An Option Contract Is Not Hardship, Harry T. Baumann S. Ed.
Equity-Specific Performance-Decrease In Money Value Subsequent To The Inception Of An Option Contract Is Not Hardship, Harry T. Baumann S. Ed.
Michigan Law Review
ln 1940 defendant leased his property to the plaintiff for ten years with an option to purchase for $25,000 at any time within the term of the lease. One month before the lease expired, the plaintiff gave defendant notice of his election to exercise the option. Defendant claimed that, subsequent to exercise of the option, a fair bid of $35,000 had been made by a third party and, therefore, he was not required to convey. In an action for specific performance, the trial court held that the subsequent bid was of no effect under the contract, and the plaintiff was …
Constitutionality Of Marketable Title Acts, Ralph W. Aigler
Constitutionality Of Marketable Title Acts, Ralph W. Aigler
Michigan Law Review
In recent years several states in that part of the United States commonly identified as the "Middle West" have enacted comprehensive legislation that is hoped will simplify land title transactions. These statutes, though varying in detail, have a common objective-the extinguishment in favor of certain persons of claims against, and interests in, land, which claims and interests arose out of events and transactions that occurred many years ago, unless such claims or interests have been preserved by the recording of a preserving notice within that period of time. A comparatively short period is prescribed for such recording as to old …
Landlord And Tenant-Interpretation Of Clause In A Lease Providing For Termination In Event Of Destruction Of Premises, Alan C. Boyd
Landlord And Tenant-Interpretation Of Clause In A Lease Providing For Termination In Event Of Destruction Of Premises, Alan C. Boyd
Michigan Law Review
The plaintiff leased property from the defendant for a term of years. The lease provided that the lessor should repair damage from fire and that "the tenancy shall not be terminated unless such repairs shall require more than ninety days." A fire occurred which damaged the property so badly that it could not be repaired within ninety days. The lessor took the position that the tenancy had automatically terminated with the occurrence of the fire. The lessee filed a bill for a declaratory judgment, claiming that under the terms of the lease he had the option either to terminate or …
Some Greek Legal Papyri From The Michigan Collection, A Er Boak
Some Greek Legal Papyri From The Michigan Collection, A Er Boak
Michigan Law Review
The documents which form the subject of this paper are part of the Michigan Collection of Papyri recently acquired by Professor F. W. Kelsey in Egypt and secured for the University by the generosity of the Regents and certain friends and alumni, among the latter Mr. J. W. Anderson, of the Law Class of 189o. A large proportion of these documents are of a legal nature, and from these I have selected for translation four, which may be regarded as typical specimens of their respective classes.
Recent Important Decisions, Michigan Law Review
Recent Important Decisions, Michigan Law Review
Michigan Law Review
Carriers of Passengers - Duty to Stop at Station to Permit Passenger to Alight-Contributory Negligence of Passenger Plaintiff's intestate was riding in the front end of a crowded vestibule car in the coach next to the tender of the eengine. When the train stopped at his station he tried to leave by the front end, but found the door from the vestibule closed. As he did not know how to open it, or was unwilling to be carried by his station, he stepped from his platform to the bumper of the tender and tried to follow it to the side …