Law Commons^™

Corporations-Standard Of Valuation Of Dissenters' Stock Under Appraisal Statutes, Richard P. Matsch S.Ed.

Michigan Law Review

It was a well established rule at common law that fundamental changes in the character of a corporate enterprise could be accomplished only with the consent of all of the stockholders. However, the growth and development of modem corporations necessitated abrogation of this rule of unanimity. As a result, state legislatures enacted statutes authorizing consolidations and mergers with the consent of only a prescribed majority of the shareholders. It was recognized that for business convenience, the majority group must have power to determine the future course of the corporation's business and yet the individual stockholder should not be forced to …

Banks And Banking - Right Of National Bank To Sue On Personal Guaranty To State Bank After Consolidation L Of State Bank With National Bank, William C. Whitehead

Michigan Law Review

Defendants guaranteed payment to a state bank of the notes and renewals made by a borrower. Shortly thereafter the state bank was consolidated with a national banking association. The borrower issued a renewal note to the consolidated bank for the indebtedness owing the state bank. This was followed by a consolidation with another state bank, the appointment of a receiver, and the sale of the consolidated bank's assets to plaintiff. In answer to the claim on the guaranty for payment of the renewal note, defendants declared that the obligation was not assignable and that the identity of the obligee was …

The Right Of Privacy, Louis Nizer

Michigan Law Review

It is only during the last half-century that the law has recognized the "right to be let alone"-the right under certain circumstances to protect one's name and physiognomy from becoming public property.

No mention of such a right will be found in the works of the great political philosophers and tract-writers of the seventeenth and eighteenth centuries-Hobbes, Locke, Rousseau, Montesquieu, Spencer, Paine. In discoursing on "natural rights," "the state of nature," "social contract," and "the inalienable rights of man," they were concerned only with the power of the state to abridge the liberties of the people. Society had not yet …

Effect Of A Restriction On Assignment In A Contract, Grover C. Grismore

Michigan Law Review

The early common law took a strictly logical view in regard to the assignability of contract rights and duties. Since a contract is essentially a personal relationship voluntarily entered into by the parties to it, it follows as a logical deduction that one of the parties should not be allowed to destroy that relationship by introducing a third person into it in his place without the consent of the other party. This was the view of the early common law. However, in the course of time, as we know, the commercial spirit gradually made inroads into this doctrine until we …

Recent Important Decisions, Michigan Law Review

Michigan Law Review

Assignments- Assignment of an Expectancy - Joseph and James were two of six children. A contract witnessed "that Joseph Snyder has sold to James Snyder one undivided sixth of the real estate owned by the mother, Susan Snyder; to secure said interest to James after her death, the mother unites in the conveyance of said interest The said Joseph warrants and defends the interest from all claims." The contract was signed by Joseph and by the mother. Held, Joseph had no estate which he could convey, and the contract, though made with the consent of the mother, was unenforceable either …