Open Access. Powered by Scholars. Published by Universities.®
Articles 1 - 2 of 2
Full-Text Articles in Law
Trust Mortgages - Funds Deposited With The Trustee - Right Of Receiver To Appropriate
Trust Mortgages - Funds Deposited With The Trustee - Right Of Receiver To Appropriate
Michigan Law Review
There are several important ways in which a receiver of a corporation may clash with the trustee under a trust mortgage as regards the use of funds deposited with the trustee. The receiver, who is acting for the benefit of the general creditors and the estate generally, often seeks to obtain funds in the hands of the trustee who represents the bondholders. Not infrequently the trust deed from which the trustee derives his authority contains provisions for the setting up by the mortgagor of a sinking fund; or for the retention of money obtained through the release of properties from …
Taxation - Priority Of Realty Taxes In Receivership
Taxation - Priority Of Realty Taxes In Receivership
Michigan Law Review
The question of the priority of realty taxes has seldom arisen in receiverships, for the statutes in practically every jurisdiction have made the tax a lien on the land. The statutes are so worded that the tax lien takes precedence over mortgages, labor liens, and all other forms of encumbrances and claims. In times of greatly depleted land values it may happen that the unpaid taxes amount to more than the market value of the property. In such a case is the State to be treated as a general creditor for the amount of the deficiency or is it to …