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Full-Text Articles in Law
Bank Statements, Cancelled Checks, And Article Four In The Electronic Age, Norman Penney
Bank Statements, Cancelled Checks, And Article Four In The Electronic Age, Norman Penney
Michigan Law Review
My task was to prepare a short article dealing in some depth with specific problems which have arisen under Article Four of the Uniform Commercial Code (Code). Unfortunately for purposes of criticism, but happily for those affected by Article Four, a canvass of recent reported cases as well as bank operations people and bank counsel has revealed very few problems of any significance to either the general practitioner or even the so-called commercial law specialist. This prompts two comments: (1) Article Four seems to be working so smoothly that to develop a "problem" would be to make a mountain out …
Bills And Notes-Negligence Of The Depositor-Right Of The Drawee To Charge The Account, Thomas Hartwell
Bills And Notes-Negligence Of The Depositor-Right Of The Drawee To Charge The Account, Thomas Hartwell
Michigan Law Review
A depositor in the defendant bank was a large firm with a payroll clerk who prepared the employees' checks for signing by the proper officer. The clerk prepared checks for employees not then on the payroll, which the officer signed without investigation. The clerk then indorsed as the named payee, signed in her own name as final indorser, and cashed the checks at various banks. Such conduct did not seem unusual to the banks, as she would frequently cash properly indorsed checks as a favor to other employees. The returned vouchers were not examined by the depositor to detect errors. …
Real Property-Adverse Possession-Adverseness Of Possession When Possessor Has Not Claimed A Fee, Hugh B. Muir
Real Property-Adverse Possession-Adverseness Of Possession When Possessor Has Not Claimed A Fee, Hugh B. Muir
Michigan Law Review
From 1924 until 1948 plaintiff and her family were in apparent, open and continuous possession of a portion of defendant's lot, without permission, and with the intent to exclude the defendant and all others from possession. Although plaintiff and her family constructed a lawn, gardens, steps and parking space on the premises, the court found that such use was "an incident to her occupancy of the house" on the adjoining lot, and was without any separate claim of title. In 1948, defendant entered and began excavating for the foundation of a house. Plaintiff sought an injunction and damages, resting her …
Taxation-Income Tax-Income From Discharge Of Indebtedness, R. V. Ehrick
Taxation-Income Tax-Income From Discharge Of Indebtedness, R. V. Ehrick
Michigan Law Review
In 1925 taxpayer obtained a loan of $90,000 from a bank, executing in return 200 bonds secured by a mortgage on certain of his property. The bank sold the bonds to the public. Until 1932 taxpayer was able to pay the interest and retire the bonds according to schedule, but in that year, compelled by a "straitened" (but solvent) financial condition, he obtained an extension of interest and principal payments. During 1938, 1939 and 1940 (prior to maturity) taxpayer repurchased a portion of the bonds at considerably less than face value, some of the purchases being made through a bondholders' …
Trusts - Tort Liability Of Trustee In His Representative Capacity, Reid J. Hatfield
Trusts - Tort Liability Of Trustee In His Representative Capacity, Reid J. Hatfield
Michigan Law Review
Plaintiff brought suit to recover damages for injuries allegedly sustained because of the unsafe condition of a hotel building owned and operated by the defendant trustee. The trustee was an insolvent bank and trust company in the hands of the state superintendent of banks, who was also joined as defendant. The prayer was for a "judgment against the defendants in their fiduciary capacity toward the trust." On appeal of the lower court's judgment sustaining defendants' demurrer, held, that the trustee could be sued in his representative capacity. Carey v. Squire, 63 Ohio App. 476, 27 N. E. (2d) …
International Law - Effect Of Recognition - Statute Of Limitations, John N. Seaman
International Law - Effect Of Recognition - Statute Of Limitations, John N. Seaman
Michigan Law Review
In 1917, the Provisional Government of Russia, which was recognized by the United States, had on deposit with defendant bank a large sum of money. During that year the Provisional Government was overthrown by the Soviet Government, and the bank decided to repudiate the debt, because deposits which the bank held in Russia had been confiscated to an amount exceeding that of the debt. The United States continued to recognize the Provisional Government as the de jure government of Russia until 1933. Before 1922, the bank communicated notice of the repudiation several times to Ambassador Bakhmeteff, representing the Provisional Government, …