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Full-Text Articles in Law
Constitutional Law - Bank Reorganization Legislation - Composition With Depositors And Other Creditors, Maurice S. Culp
Constitutional Law - Bank Reorganization Legislation - Composition With Depositors And Other Creditors, Maurice S. Culp
Michigan Law Review
Twenty States and the federal government now have laws permitting the reorganization and reopening of insolvent or failing banks. The usual statute provides for the reorganization of a bank upon some plan approved by a large majority of the general creditors of the institution; the plan must also have the approval of state banking officials and of a court of general jurisdiction, although the last is by no means a universal requirement. The reorganization, when approved, becomes binding upon all depositors and general creditors of the bank regardless of consent. By the terms of a few statutes, non-assenting creditors are …
Receivers - Consent Receivership Not Allowed In Michigan
Receivers - Consent Receivership Not Allowed In Michigan
Michigan Law Review
A general creditor filed a bill alleging that the defendant corporation's assets as shown by its books have a value in excess of its indebtedness but that it cannot meet its current obligations although its assets, when converted into money would be sufficient to meet them and continue its business; that several suits have been instituted by defendant's creditors and that if executions are issued and levies made, defendant will be compelled to cease operations and losses will be suffered by all of defendant's creditors, whereas, if a receiver is appointed to operate its business their claims may be paid …
Quasi-Contracts-Waiver Of Tort-Suit Against Governmental Agency
Quasi-Contracts-Waiver Of Tort-Suit Against Governmental Agency
Michigan Law Review
County officials forcibly ejected plaintiff from five acres of his land, harvested and used plaintiff's oat crop thereon, and converted the land into a road. Held, that although a county, being an agency of the State, is not liable in tort in the absence of statute, the tort may be waived and recovery allowed on the implied promise to pay for the taking of private property for public use without just compensation. Kerns v. Couch, (Or. 1932) 12 Pac. (2d) 1011.
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 …
Contracts -Anticipatory Breach - Recovery Of The Present Worth Of Unmatured Installments Of A Debt
Contracts -Anticipatory Breach - Recovery Of The Present Worth Of Unmatured Installments Of A Debt
Michigan Law Review
It is generally agreed that recovery may be had in one suit not only of the damages suffered up to the date of the writ but also of prospective damages for the non-performance of that which is not yet due, whenever a defendant has committed a partial material breach of an executory bilateral contract or of a unilateral contract to do something other than to pay a sum of money. The same conclusion is reached whenever a defendant has repudiated his promise after the time for beginning performance has arrived. These propositions are accepted even in those jurisdictions which do …