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Banks And Banking - Changing Character Of Deposit To Establish Trust
Banks And Banking - Changing Character Of Deposit To Establish Trust
Michigan Law Review
Respondent had a savings account with a local bank and, having arranged that the bank should purchase certain bonds for him, made an additional deposit therein. Four days later respondent was informed by an officer of the bank that the bonds had been purchased and was given a slip noting that his account had been charged with an amount equal to the purchase price. On its own books the bank charged the respondent's savings account with that amount and entered it as a "deposit" in its "bond account." Upon the insolvency of the bank it was found that no bonds …
Publicly Owned Utilities And The Problem Of Municipal Debt Limits, Lawrence L. Durisch
Publicly Owned Utilities And The Problem Of Municipal Debt Limits, Lawrence L. Durisch
Michigan Law Review
The far-reaching contest being waged between the advocates of municipal ownership of public utilities and the private ownership group, between those who "want the government to get out of business" and those who desire to see an increase in its proprietary functions, has produced a number of sharp legal controversies. One of the most interesting of these, recently litigated in a number of state courts, is whether an obligation incurred for the purchase or repair of a municipally-owned utility is a "municipal debt" within the meaning of constitutional or statutory debt limits. Because of the wide-spread interest in, and the …