Law Commons^™

Corporations - Statutes Declaring Watered Stock Void - Effect Upon The Stockholder's Liability To Creditors

Michigan Law Review

Prior to the present era of "blue sky" laws providing for the careful scrutiny by the state of the issuance of stock, the evil of watered stock was sought to be curbed by constitutional and statutory provisions of a prohibitory and often penal nature. These statutes and constitutional provisions very generally take one of two forms.

The Colorado and the Arizona provisions are typical. In practical effect the two types of provisions are indistinguishable. The phrase "bona fide subscribers" in the Arizona form is construed to mean one who actually turns something of value over to the corporation in lieu …

State "Blue-Sky" Laws And The Federal Securities Acts, Russell A. Smith

Michigan Law Review

With the current revival of business has come increased activity in the securities markets. Corporations are taking advantage of low money rates to refund outstanding issues and, to some extent, to obtain new money for corporate purposes. If the upturn in business proves to be substantial, rather than merely a temporary, government-induced short-time swing, the issuance of securities for the purpose of financing capital improvements will doubtless accelerate. Questions arising under the various laws, federal and state, for the regulation of the sale of securities will become increasingly important. Persons interested in the issuance and disposal of securities desire, of …

Attack On Decrees Of Divorce, Albert C. Jacobs

Michigan Law Review

This paper deals with attacks on decrees of divorce. The attack may arise in the state of the divorce or elsewhere. F-1 is used to designate the state in which the divorce was granted; F-2 a state other than that in which the decree in' question was rendered. The attack in F-1 may be on purely local or non-jurisdictional grounds, such as fraud, collusion, duress or perjury, or upon the ground that the proper jurisdictional requirements were lacking. The attack in F-2 will generally be on jurisdictional grounds, though in certain situations a decree has been impeached for non-jurisdictional factors. …