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Constitutional Law–Due Process–Equal Protection Of The Laws–Anti-"Strike Suit'' Legislation Held Constitutional, Joseph Gricar S.Ed.
Constitutional Law–Due Process–Equal Protection Of The Laws–Anti-"Strike Suit'' Legislation Held Constitutional, Joseph Gricar S.Ed.
Michigan Law Review
Plaintiff brought a derivative suit against the defendant, a Delaware corporation, in a United States district court in New Jersey. While the suit was in process, New Jersey passed a statute permitting a corporation in whose name a suit was brought to demand security for reasonable expenses including attorney fees. The plaintiff stockholder was to be liable for such expenses if the suit was unsuccessful. The statute was not to apply when the complainant's holding represented 5% of the par or stated value of the corporation's outstanding stock or had a value of $50,000. Since the act applied to suits …
Courts--Process--Retroactive Operation Of Statutes Providing For Substituted Service, Robert H. Frick S.Ed.
Courts--Process--Retroactive Operation Of Statutes Providing For Substituted Service, Robert H. Frick S.Ed.
Michigan Law Review
Plaintiff, a stockholder of a South Carolina corporation, commenced a derivative suit against former directors of the corporation by serving a summons and complaint on the Secretary of State of South Carolina. Plaintiff relied on a statute providing that nonresident directors of domestic corporations, by acceptance of election or appointment as directors, should be held to have appointed the Secretary of State their agent for service of process. The statute became effective in May, 1947. Defendants, residents of New Jersey and Maryland, had resigned as directors of the corporation in December, 1946. On appeal from a judgment vacating the service …
Power Of Appointment-Validity Of Exercise Subject To A No-Contest Clause, John J. Gaskell
Power Of Appointment-Validity Of Exercise Subject To A No-Contest Clause, John J. Gaskell
Michigan Law Review
The decedent received under the will of her husband a general testamentary power of appointment over a remainder interest. In her will she exercised the power, providing that any person benefiting under the power who in any manner should institute, encourage, or participate in proceedings for the avoidance of any part of the will should forfeit his right to any benefits from the power or from her estate. Held, exercise of a general testamentary power of appointment subject to a no-contest forfeiture provision is valid. Marx v. Rice, 1 N.J. 584, 65 A. (2d) 48 (1949).