Law Commons^™

Some Problems Arising Out Of Deposits To Pay Principal And Interest On Bonds, Paul P. Lipton

Michigan Law Review

Since Lawrence v. Fox contracts students have been puzzled by the numerous and varying relations that may arise when A, the debtor, delivers money to B to pay C, his creditor. Equally puzzling and much more complicated are the rights and relations of the obligor, trustee and bondholders with respect to sums deposited with the trustee to pay principal and interest on bonds.

The insolvency during recent years of many large trust companies that had been named as trustees in indentures securing corporate bonds, having on hand at the time of their failure large sums of money which …

Schools And School Districts - School Elections - Tax Limitations - Bond Issues - Qualifications Of Electors Under Michigan Constitution, John S. Pennell

Michigan Law Review

The plaintiff submitted to the school district electors two propositions: (1) that of increasing the tax limitation from 1.5 per cent to 1.802 per cent of the assessed valuation, and (2) that of bonding the school district in the amount of $182,600 for improvements. Both at the registration of voters, and at the election, the qualifications of the electors were tested by the school code. On the tax limitation question, all registered school electors were permitted to vote. On the question of the bond issue, only those registered electors who owned property assessed for school taxes in the district were …