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Full-Text Articles in Law
Corporations-Blue Sky Laws-Liability Of Officers And Directors Of Corporation For Violation, L. W. Larson, Jr.
Corporations-Blue Sky Laws-Liability Of Officers And Directors Of Corporation For Violation, L. W. Larson, Jr.
Michigan Law Review
Plaintiff sued a corporation and its president to recover money paid for purchase of stock sold in violation of the ''blue sky" laws of Michigan. The president, through correspondence, had induced plaintiff to complete the purchase. Plaintiff had judgment below against both defendants. The president alone appealed, contending among other things that he was not an "agent" within the meaning of the statute. Held, affirmed. The word "agent" in the Michigan statute1 includes officers and directors of the corporation whether they are authorized "agents" or are holding themselves out as "agents" of the corporation. Cleland v. Smart, 321 …
Contracts - Agency - Statute Of Frauds - Satisfaction Of The Statute Of Frauds By A Memorandum Signed By An Agent Acting For A Partially Disclosed Principal, Michigan Law Review
Contracts - Agency - Statute Of Frauds - Satisfaction Of The Statute Of Frauds By A Memorandum Signed By An Agent Acting For A Partially Disclosed Principal, Michigan Law Review
Michigan Law Review
Plaintiff engaged a Michigan corporation to negotiate the purchase for him of certain shares of stock. The corporation obtained the promise of defendant to sell the stock to the corporation as agent for an undisclosed principal. The corporation, acting as the agent for an undisclosed vendor (defendant), sent a written confirmation of the sale to the plaintiff and sent a similar memorandum to the defendant which was signed by the corporation as agent for an undisclosed vendee (plaintiff). The next day defendant notified the corporation that he refused to deliver the shares. Plaintiff brought a suit in equity for the …
Corporations - Liability Of Stockholders Of Bank Stock Holding Company For Statutory Assessment On Bank Stock., Edward J. Wendrow
Corporations - Liability Of Stockholders Of Bank Stock Holding Company For Statutory Assessment On Bank Stock., Edward J. Wendrow
Michigan Law Review
The late depression with its attendant bank failures and the consequent assessment of shareholders has resulted in bringing before the courts a question that has never been litigated until comparatively recent times. That is, can the shareholders of a holding company, whose assets consist of stock of the closed bank, be subjected to the statutory assessment when the corporation itself is unable to meet the assessment? The case of Nettles v. Rhett is the latest of this series, and is fairly typical of the issues involved. This case concerned a suit by the receiver of the Peoples State Bank of …
Corporations -Liability Of Broker On Misleading Circulars
Corporations -Liability Of Broker On Misleading Circulars
Michigan Law Review
The possibilities of civil and criminal liability under the recent Securities Act of 1933 and the Securities Exchange Act of 1934 have caused considerable fear to those business groups which take part in the business of issuing and transferring corporate securities. The federal acts do subject the vendor of securities who induces sales by means of false or misleading prospectuses and circulars to a possibility of civil liability which was not present under the common law. In a recent Michigan case, the court reached substantially the objectives sought by these acts by applying the existing rules of common law in …
Banks And Banking - Bank Stock Holding Company As Fraud On Double Liability Statute
Banks And Banking - Bank Stock Holding Company As Fraud On Double Liability Statute
Michigan Law Review
The question as to when, to prevent evasion of a statutory liability, a court will look behind a corporate entity in order to hold individual stockholders liable has been raised in two recent cases. The first, a federal case, involved the Detroit Bankers Company, a Michigan corporation formed for the purpose of holding and investing in bank stocks. Each corporate stock certificate of the holding company contained an "agreement" that the holder of the stock would be liable for his pro rata share of any assessment for which the corporation might become liable as a result of the failure of …
Corporations - Right Of Pledgee Of Stock To Dividends Under The Uniform Stock Transfer Act
Corporations - Right Of Pledgee Of Stock To Dividends Under The Uniform Stock Transfer Act
Michigan Law Review
The plaintiff was the pledgee of stock in the defendant corporation, the record title to the stock still being held in the name of the pledgor. The defendant, without notice of this assignment, voluntarily liquidated, giving the record holder a check both for the normal dividend on the stock, which had not been paid for the current year, and for his supposed interest in the distribution of the capital assets. This action was instituted by the pledgee to make the defendant account for the money paid over to the pledgor. The applicable statute is section 3 of the Uniform Stock …