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Full-Text Articles in Law
Suretyship-Effect Of Death Of Surety On Rights Of Creditor, Jacob L. Keidan
Suretyship-Effect Of Death Of Surety On Rights Of Creditor, Jacob L. Keidan
Michigan Law Review
In a suit on a bond filed in accordance with statutory requirements by a depository designated by a court of bankruptcy, it was pleaded in defense that the surety died before any deposits were received by the designated bank. The circuit court of appeals held for the defendant, ruling that the bond was only a multiple offer and lapsed with the death of the surety. The Supreme Court reversed this decision on the ground that the bond was a single offer, and the designation of the bank as an official depository constituted an acceptance thereof. United States for the use …
Declaratory Judgments - Justiciable Controversy, Herman J. Bloom
Declaratory Judgments - Justiciable Controversy, Herman J. Bloom
Michigan Law Review
The governor of Wisconsin instituted a declaratory proceeding against the secretary of state. The governor wanted to determine his power to make ad interim appointments to allegedly vacant statutory offices and to positions incumbents were holding over. Prior to this action he had made no appointments to these offices, for the secretary of state had advised him that he would not honor the commissions, or audit and pay the expense account of such appointees. The governor claimed that the alleged conduct of the secretary of state prevented him from securing suitable persons to fill these offices. The court held that …
Collateral Liabilities Under Section 77b, Homer Kripke
Collateral Liabilities Under Section 77b, Homer Kripke
Michigan Law Review
The passage of section 77B of the Bankruptcy Act in 1934 suggested to some lawyers the possibility of using the section as a means of modifying or eliminating the responsibility of persons collaterally liable on obligations for which the corporation to be reorganized or its property was also responsible. The question arose in two common types of situations: (1) guaranties of payment of dividends on capital stock; (2) liability for payment of the bonds or other indebtedness of corporations. In either of these situations, can the liability of persons other than the corporaticm be discharged or modified by reorganization of …