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Full-Text Articles in Law
Nondeposit Deposits And The Future Of Bank Regulation, Jonathan R. Macey, Geoffrey P. Miller
Nondeposit Deposits And The Future Of Bank Regulation, Jonathan R. Macey, Geoffrey P. Miller
Michigan Law Review
We argue in this paper that the nation has already entered with a vengeance into the era of nondeposit deposit banking. The traditional bank deposit against which reserves must be held and deposit insurance paid is suffering encroachment from a wide variety of competitive instruments and arrangements, all of which, to one degree or another - often to a substantial degree - serve a function economically similar to that of the checking account at a depository institution.
The legal system may respond to these developments by attempting to bring nondeposit deposits under regulation, as it has done with other banking …
Banks And Banking - Immunity Of National Banks From State Escheat Statute, Spencer E. Irons
Banks And Banking - Immunity Of National Banks From State Escheat Statute, Spencer E. Irons
Michigan Law Review
A Michigan statute provided that bank deposits, in the possession or control of insolvent banks, which have remained inactive for a period of seven years or more shall escheat to the state. In a suit for a declaratory judgment, filed by the Attorney General of Michigan, against the receiver of an insolvent national bank and the Comptroller of the Currency of the United States, the federal district court held that the receiver must turn over deposits coming within the terms of the statute. Held, the statute is invalid if so applied, since it would constitute an unlawful interference with …
Principal And Surety - Duty Of Obligee To Disclose To Surety - Surety's Right Of Subrogation, Julian Caplan
Principal And Surety - Duty Of Obligee To Disclose To Surety - Surety's Right Of Subrogation, Julian Caplan
Michigan Law Review
Surety defended an action on the bond of the town treasurer on the ground that at the time the bond was entered into the treasurer, in violation of statute, had deposited in a local bank an amount exceeding thirty per cent of the total deposits of the bank and that the town selectmen, although well aware of the situation, failed to disclose the facts to the surety. Plaintiff contended that there was no duty to disclose these facts to the surety, especially since the treasurer's annual report showed that the amount of the deposits exceeded the legal limit. As an …