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Full-Text Articles in Law
Banks And Banking - Collections -"Cash Or Solvent Credits"
Banks And Banking - Collections -"Cash Or Solvent Credits"
Michigan Law Review
The plaintiff drew an out of town draft and deposited it with the A bank for collection. The A bank sent the draft to its correspondent, B bank, to collect and make return when actually paid. The B bank collected the amount of the draft and, according to a custom between the two institutions, credited the account of the A bank and sent them a notice of collection. On the very day this notice was received the B bank closed its doors. A statute provided that items deposited for collection should be credited subject to final payment in cash or …
Attorney And Client - Duty Of Attorney To Follow Client's Instructions
Attorney And Client - Duty Of Attorney To Follow Client's Instructions
Michigan Law Review
An attorney's duty, where he is specially instructed, is to follow the instructions of his client, except as to matters of detail connected with the conduct of the suit, and he is liable for all losses resulting from his failure to follow such instructions with reasonable promptness and care.
Corporations - Fiduciary Relation Of Directors - Purchase Of Stock For Company
Corporations - Fiduciary Relation Of Directors - Purchase Of Stock For Company
Michigan Law Review
A company needed a block of stock offered to it in order to acquire certain patent rights. The finances of the company were insufficient to effect the purchase. The board of directors accepted the offer for the company with the understanding that the directors would acquire the stock individually and turn over to the company the needed patent rights. After bankruptcy, the trustee of the company sued to recover profits realized by the directors from a sale of the stock. Held, the inability of the company to purchase the stock itself does not relieve the directors from liability for …
Rights In Land - Lateral Support - Statute Increasing Common Law Rights And Duties - Constitutionality
Michigan Law Review
Plaintiff sued for damages to his building which collapsed during excavating operations on defendant's adjoining land. A Michigan statute makes it the duty of land owners excavating to a depth of 12 feet or more below grade level to furnish sufficient lateral support to protect adjacent land and structures thereon from injury "due to the removed material in its natural state, or due to the disturbance of other existing conditions caused by such excavation," and imposes liability for injuries due to failure to comply with the act. The excavation on defendant's land, reaching a depth of 14 feet below grade …
Wills - Statute Of Nonclaim As Bar To Contingent Claim
Wills - Statute Of Nonclaim As Bar To Contingent Claim
Michigan Law Review
Plaintiff, the receiver of an insolvent state bank, filed a claim against the estate of deceased who had been a stockholder in the bank. The estate had been closed for twelve years when the claim was filed, the bank not having become insolvent until eight years after the decedent's death. The state constitution provided double liability for the stockholders of the bank to its creditors. Defendant urged that the claim was barred by the statute of nonclaim. Held, the claim is not barred, for the constitutional liability was not a "claim or demand, contingent or absolute," against the stockholder's …