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Full-Text Articles in Law
Limitation Of Actions-Effect Of Fraudulent Concealment
Limitation Of Actions-Effect Of Fraudulent Concealment
Michigan Law Review
Plaintiff sued in equity for a money judgment on defendant's promissory notes. Defendant had fraudulently represented that her husband's estate was liable on these notes, inducing plaintiff to sue the estate and thus delay for more than six years in starting suit against defendant. Plaintiff had sued defendant at law on the notes, defendant had pleaded the statute of limitations, and plaintiff had discontinued. Held, that plaintiff could recover a money judgment in equity, since the remedy at law was barred by the statute of limitations. Dodds v. McColgan (N. Y. App. Div., 1930) 241 N. Y. S. 584.
Trusts-Apportionment Of Extraordinary Dividend From Sale Of Property By Realty Company Between Life Tenant And Remainderman
Michigan Law Review
After death of the testator, leaving his wife shares in a realty company as part of the residue of his estate in trust to receive the rents, profits, and income of the same for her natural life, the company sold the greater portion of its property and declared a cash dividend of 100 per cent. Held, that it belonged to the remainderman and not the life beneficiary. In re Jackson's Will, 239 N. Y. S. 362.
Trusts-Degree Of Duty To Which A Trust Is Bound
Trusts-Degree Of Duty To Which A Trust Is Bound
Michigan Law Review
In an accounting proceeding certain objectors sought to surcharge the Fulton Trust Company of New York, as testamentary trustee, for loss in the trust fund due to the retention of securities taken over from the executors at the time the trust was set up, seven years previous to the accounting. The securities, consisting of stocks in sugar companies, had greatly decreased in value. The trustee was not charged with having acted in bad faith, but with negligence in having retained the securities, although authorized to do so by the will. Held, that much more was expected from a trust …
Corporations-Basis For Preemptive Rights
Corporations-Basis For Preemptive Rights
Michigan Law Review
Defendant corporation's authorized capital stock consisted of 800 shares of common stock, 76 shares of which remained unissued. Over the objection of the plaintiff, the directors of the corporation authorized the issue of 50 shares of the 76 to a salesman in satisfaction of a debt due him from the corporation, the remaining 26 shares to one of the directors for cash with which to meet corporate indebtedness. No contest for corporate control was afoot. No opportunity was given to the shareholders generally to purchase such shares. Later the faction of the individual defendants to whom said 26 shares had …
Garnishment-Foreign-Double Liability
Garnishment-Foreign-Double Liability
Michigan Law Review
Plaintiff, a resident of New York, obtained a judgment in Connecticut against El Saieh, a resident of Haiti, the court in that action obtaining jurisdiction by garnishment of a debt owed El Saieh by defendant, a Connecticut corporation, which was served with garnishment process, and admitted an obligation to El Saieh based on a policy of fire insurance issued through its agency in Haiti on a stock of goods located there. Plaintiff then sought to enforce the judgment against the defendant garnishee, which set up a defense of double liability, contending that under the laws of Haiti it was absolutely …