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Full-Text Articles in Law
Banks And Banking-Liability Of Drawee Bank For Payment On Forged Indorsement
Banks And Banking-Liability Of Drawee Bank For Payment On Forged Indorsement
Michigan Law Review
Plaintiff's depositor gave to A a check, payable to A and B, in return for a chattel mortgage and a note, both signed by A and B. The check was indorsed and presented to the defendant bank for collection. The plaintiff paid the check, debiting the drawer's account. Two years later, when the note came due, it was found that B's name had been forged to the note, the mortgage, and the check. Plaintiff then credited its depositor's account with the amount of the check, and now seeks to recover from the defendant. The court held that …
Equity - Election Of Remedies - Deceit After Rescission
Equity - Election Of Remedies - Deceit After Rescission
Michigan Law Review
Plaintiff purchaser rescinded a contract of sale on the ground of fraud and sued defendants in a deceit action, alleging as damages a payment made on the purchase price and special expense incurred by reason of making the purchase. Held, recovery for both items of damage will be allowed. Copeland v. Reynolds, (N. H. 1933) 164 Atl. 215.
Corporations - Dissenting Stockholder's Suit -Conditional Decree
Corporations - Dissenting Stockholder's Suit -Conditional Decree
Michigan Law Review
The directors and majority stockholders of a Minnesota mining corporation which. needed financing were also the directors and majority stockholders of another Minnesota mining corporation which had a large surplus. They decided to consolidate the two in order to finance the one, offering the stockholders of each corporation a share for share exchange, which would result in the stockholders of the unsuccessful corporation having a 9/16 control of the consolidated corporation. Dissenting stockholders, holding 18/100 of 1% of the total stock in the successful corporation, brought a bill to restrain the consolidation and to have a receiver appointed to take …
The New Federal Securities Act, John E. Tracy
The New Federal Securities Act, John E. Tracy
Michigan Law Review
A proper understanding of the purposes of this new Act and the reasons for its enactment can probably best be obtained by a short discussion of the manner in which the sale of securities has been regulated prior to this time.
Quasi-Contracts -- Sufficiency Of Technical Benefit
Quasi-Contracts -- Sufficiency Of Technical Benefit
Michigan Law Review
A brokerage house, the R. Co., having purchased stock on margin for the plaintiff, requested a payment of $1100 in order to protect themselves in carrying the account. Doubting the financial stability of R. Co. the plaintiff decided to transfer the account to another firm, the defendant, and accordingly delivered to R. Co. a personal check naming the defendant as payee, at the same time orally directing R. Co. to transfer the stock and check to the defendant and from them receive payment in full. R. Co., however, falsely represented that the check was really theirs and that the plaintiff …
Wills And Administration - Jurisdiction Over The Probate Of Lost Or Destroyed Wills
Wills And Administration - Jurisdiction Over The Probate Of Lost Or Destroyed Wills
Michigan Law Review
Under Mich. Comp. Laws (1929), sec. 15547, a will lost, suppressed or destroyed may be admitted to probate upon its being established in a prescribed manner in the probate court. And under sec. 15543 no will is effectual to pass title to property unless probated as required by law. Plaintiff coal company, apparently under the direction of its manager, King, filed a bill of interpleader for a judicial determination as to whether it should pay rent as lessee of certain property to the administrator of the estate of the deceased lessor, or to King, who claimed as devisee of the …
Contracts - Offer And Acceptance - Silence As Acceptance
Contracts - Offer And Acceptance - Silence As Acceptance
Michigan Law Review
D had engaged P, an attorney, to sue X for $144,000 gotten by fraud, P agreeing to try the case on a 25 per cent contingent fee. While the suit was pending, D began negotiations through local attorneys for a settlement out of court, and asked P on March 4 what his fees would be in the event D accepted a compromise offer. P replied that his fee would be $12,500. On June 16 a settlement was reached, after which P was instructed to discontinue the suit. When D refused to pay the fee P sued. Held, that …
Equity - Contempt - Enforcement Of Decree To Pay Money
Equity - Contempt - Enforcement Of Decree To Pay Money
Michigan Law Review
The defendant became the beneficiary in a life insurance policy by undue influence. The court decree ordered her to pay the proceeds, most of which she had spent, to the plaintiff, the original beneficiary. Upon commitment for contempt in disobedience of the decree the defendant brought habeas corpus. Held, that attachment for contempt for non-compliance with an order to pay money lies only when payment is unenforceable by execution. Since defendant had available his remedy of execution, contempt proceedings were unjustifiable. Klimek v. Borkowski, 259 Mich. 383,243 N. W. 313 (1932).
Certain Problems Confronting Creditors When A Revocable Trust Accomplishes Testamentary Succession, Ray Leslie Alexander
Certain Problems Confronting Creditors When A Revocable Trust Accomplishes Testamentary Succession, Ray Leslie Alexander
Michigan Law Review
Under the overwhelming weight of authority the reservation by the settlor of the income from trust property, or of other benefits, during his lifetime, and of the power to revoke the trust and so recover all or any part of the principal does not invalidate the trust; nor does the trust fail because the trust instrument is not executed in accordance with the Statute of Wills. Upon the death of the settlor the corpus of such a trust is distributable by the trustee in accordance with the terms of the trust instrument and does not pass to the executor or …
Criminal Law And Procedure - Indictment And Information - Sufficiency Of Allegation
Criminal Law And Procedure - Indictment And Information - Sufficiency Of Allegation
Michigan Law Review
An indictment under section 215 of the Criminal Code of the United States charged the appellant with devising a scheme to defraud and to obtain money under false pretences from certain named persons ( the scheme is fully set out and certain representations alleged) and with causing, for the purpose of executing said scheme, "a certain letter" to a named individual to be delivered by United States mail. The defendant promptly filed a motion to quash the indictment on the ground that it was not sufficiently informative of the offense. Held, without discussion, that the indictment was sufficient. Johnson …
Carriers - Misdelivery
Michigan Law Review
An impostor represented himself to P, a dealer in live stock, as Will Buntrock, a substantial South Dakota farmer. P, after being satisfied as to the identity of the person with whom he was dealing face to face, took from him a property statement which proved to be correct according to the South Dakota records. A contract for the sale of certain cattle was made between P and the impostor. The impostor gave P a promissory note for the contract price plus the freight charges, and a chattel mortgage on the stock purchased. P delivered the cattle to …
Contracts - Mutual Assent - Misrepresentation Of Contents Of Written Offer
Contracts - Mutual Assent - Misrepresentation Of Contents Of Written Offer
Michigan Law Review
The defendant orally agreed to buy a year's supply of gasoline of the plaintiff, it being understood that the agreement was to be put in writing. Plaintiff's agent presented two documents to the defendant, telling him that they embodied the oral agreement, and the defendant signed without reading them. One of the documents was in form a lease of defendant's filling station to plaintiff at a nominal rent. Plaintiff brought suit, based on the lease, for possession of the premises. Held, the lease is invalid. The defendant's negligence in signing without reading is immaterial. Phillips Petroleum Company v. Roth …
Receivers - Individual Incorporating His Assets To Secure Consent Receivership
Receivers - Individual Incorporating His Assets To Secure Consent Receivership
Michigan Law Review
One Robinson, a lumber dealer in Philadelphia, was unable to pay his debts as they matured, but believed that he could satisfy his creditors and leave a surplus if he was not pressed. Neither in federal nor in Pennsylvania practice will a receiver be appointed for an individual. Robinson transferred his property to a Delaware corporation organized by him, receiving in return substantially all of the company's stock. The corporation agreed to assume his debts. A few days later Robinson and a simple contract creditor petitioned a federal district court for Pennsylvania for the appointment of receivers for the corporation, …