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Full-Text Articles in Law
Non-Assignment Provisions In Land Contracts, Edwin C. Goddard
Non-Assignment Provisions In Land Contracts, Edwin C. Goddard
Michigan Law Review
Many a sale of real estate is made to a purchaser who lacks the ready cash to pay the price. A deed of conveyance may be given with a mortgage back for the unpaid portion of the purchase price. But more and more in recent years the vendor has given a contract to convey conditioned upon the making of periodical payments of stipulated amounts, a deed to be given when the whole or a stated portion of the purchase price has been paid. The initial payment may be very small, and not infrequently the periodic payments are little more than …
Vendor And Purchaser-Right Of Purchaser To Exoneration As To A Prior Vendor's Lien
Vendor And Purchaser-Right Of Purchaser To Exoneration As To A Prior Vendor's Lien
Michigan Law Review
The case of McClure v. Southfield Woods Corporation, decided by the Michigan supreme court last year, raised an interesting question as to whether a contract vendee of land which is included in a tract subject to a pre-existing vendor's lien has a right of exoneration against his vendor as to such incumbrance. The plaintiff in that case had sold land to the Southfield Woods Corporation by a contract which provided for joinder of the vendor and vendee in a subdivision plat and for release of any lots from the vendor's lien upon payment of a stipulated sum, in addition …
Mortgages -Assignment In Good Faith After Maturity Cuts Off Prior Latent Equities
Mortgages -Assignment In Good Faith After Maturity Cuts Off Prior Latent Equities
Michigan Law Review
M executed a negotiable note payable to the order of P, secured by a mortgage. After maturity, P assigned the note and mortgage without his indorsement to X for value. Y procured an assignment of these from X by fraud and in turn assigned them to Z, a purchaser without notice and for value. In Z's suit to foreclose the mortgage, X intervened, demanding the delivery of the same to himself. Held, Z's bona fide purchase cut off X's latent equity. Frank v. Brown, 255 Mich. 415, 238 N. W. 237 (1931).
Railroads-Right To Drill For Oil Or Gas On Right Of Way
Railroads-Right To Drill For Oil Or Gas On Right Of Way
Michigan Law Review
A railroad had acquired a one-hundred-foot strip of land through a farm, the deed describing the land granted by metes and bounds, and "for railroad purposes only." For fifty years the defendant has continuously used the strip for railroad purposes. The plaintiff, who became owner of the farm and successor to whatever rights in the strip remained to his grantor, sought to enjoin the defendant from drilling for oil and gas in the strip. Held, that the railroad had purchased a fee simple absolute in the strip and was therefore entitled to develop its own minerals. Quinn v. Pere …
Mortgages - Foreclosure - Right To Receiver Of Rents And Profits
Mortgages - Foreclosure - Right To Receiver Of Rents And Profits
Michigan Law Review
The plaintiff held a large mortgage on apartment property. Upon default in the payment of principal, interest, and taxes a bill of foreclosure was filed against the mortgagor and her grantees who had taken subject to the mortgage. A clause in the mortgage authorized the appointment of a receiver to collect the rents and profits upon default. After hearing, the mortgagee was appointed receiver on the theory that non-payment of taxes constituted waste. Held, that the appointment was unauthorized. Union Guardian Trust Co. v. Rau, 255 Mich. 324, 238 N. W. 166 (1931).
Bailments - Parking Lots
Michigan Law Review
The defendant operated a parking lot in the business section of the city. There were two entrances and exits, the balance of the lot being enclosed by barriers. B parked his car on the lot, paying twenty-five cents and receiving a ticket which stated: "This ticket must be surrendered when car is taken from lot." Attendants were on duty at all times. It was the custom to leave all cars unlocked and at night to move them near a shack which was occupied by the attendants. The car was stolen, and in a suit against the defendant corporation it was …