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Full-Text Articles in Law
Partnership-Dissolution By Death Of Partner
Partnership-Dissolution By Death Of Partner
Michigan Law Review
Suit was brought by holders of certificates of deposit against the defendants as partners in an insolvent private bank. At the trial plaintiffs amended their petition by alleging that though defendants called themselves a partnership, they were in law and fact a joint stock company. But they failed to strike out the first allegation. The articles of agreement provided for a manager and a financing committee and for transferable stock, but transferable only to those whom the committee might admit. Several of the shareholders were deceased previous to the time the liability was incurred by the manager, and the status …
Receivers-Penalties On Taxes
Michigan Law Review
The recent case of McCormick v. Puritan Coal Mining Co. presents the question whether penalties and interest continue to accrue on delinquent taxes after the date of the appointment of a receiver. The court determined the question in the negative, supporting its decision by authorities which hold that interest does not ordinarily accrue on the debts of an insolvent after the date of the appointment of a receiver. The decision is directly contrary to the established rule that tax penalties and interest continue to accrue, notwithstanding the property has passed into the hands of a receiver.
Corporations-Dissolution-Distribution Of Assets Between Preferred And Common Stockholders
Corporations-Dissolution-Distribution Of Assets Between Preferred And Common Stockholders
Michigan Law Review
The Commonwealth Hotel Construction Co. became insolvent, and, after the creditors had been paid in full, the preferred and common stockholders disagreed to the distribution of the remaining assets. The articles of incorporation provided that the holders of preferred stock should be entitled to dividends at the rate of seven per centum per annum which should be cumulative "so that, if dividends for any past dividend period at the rate of seven per centum per annum shall not have been paid thereon or set apart therefor, the deficiency shall be fully paid or set apart, but without interest, before any …
Corporations-Dissolution-Distributi0n Of Assets Between Holders Of Fully And Partially Paid Stock
Corporations-Dissolution-Distributi0n Of Assets Between Holders Of Fully And Partially Paid Stock
Michigan Law Review
On the insolvency of the Commonwealth Hotel Construction Co. and after, the creditors had been paid in full, there were assets on hand for distribution among the stockholders. The holders of partially paid stock requested that the assets be distributed in proportion to the amounts which the various stockholders had paid in. This in effect meant that the losses were to be proportional to the amounts paid in, instead of being proportional to the amounts which the stockholders had contracted to pay, and was resisted by the holders of fully paid stock as being inequitable. The chancellor (after holding in …
Banks And Banking--Preferred Claim Against Assets Of Insolvent Drawee Band For Collections Made By Charging The Drawer's Account, Melville Stewart
Banks And Banking--Preferred Claim Against Assets Of Insolvent Drawee Band For Collections Made By Charging The Drawer's Account, Melville Stewart
West Virginia Law Review
No abstract provided.