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Full-Text Articles in Law
Process-Service By Publication In Creditors' Suits
Process-Service By Publication In Creditors' Suits
Michigan Law Review
The plaintiff, a citizen of Missouri, recovered a judgment against the defendant, a citizen of New York, in the federal district court, S. D., New York. Execution was issued and returned unsatisfied, and a creditors' bill was brought to subject the surplus of a trust fund in New York, of which the defendant was the cestui, to the satisfaction of the judgment. In the meantime the defendant bad moved to New Jersey, and service of process was had upon her by publication. On a motion to vacate the order allowing service by publication, the court held that the order allowing …
Corporations--Cumulative Preferred Stock-Effect Of By-Laws
Corporations--Cumulative Preferred Stock-Effect Of By-Laws
Michigan Law Review
An action was brought by preferred stockholders, during voluntary liquidation of a corporation, for payment of dividends, alleged to be cumulative, which had been passed on account of deficits during the two preceding years. The statutory provision giving the power to issue stock required the articles of incorporation to indicate, when any of the stock was preferred, whether or not the dividends should be cumulative. The articles stipulated that the preferred stock should be entitled to a six per cent dividend out of the net yearly income before any dividend should be paid on the common stock. A by-law, adopted …