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Full-Text Articles in Law
Principal And Surety - Right Of Surety To Subrogation To Claim Of Creditor Against Insolvent National Bank, William C. Whitehead
Principal And Surety - Right Of Surety To Subrogation To Claim Of Creditor Against Insolvent National Bank, William C. Whitehead
Michigan Law Review
At the closing of defendant bank the commonwealth of Pennsylvania had on deposit $135,000, which was secured by the bond of defendant with plaintiff as surety, and a pledge of bonds of $12,000 par value. The commonwealth received the first dividend, amounting to forty per cent, and plaintiff paid the balance, subtracting $12,441.44 obtained on the intermediate sale of the bonds. Plaintiff contends that it is entitled to subrogation on the basis of the full amount of the original claim of the commonwealth against defendant; and that dividends subsequent to the first should be paid on that claim, although not …
Bankruptcy- Municipal Reorganization - Fairness Of Plan, Kenneth J. Nordstrom
Bankruptcy- Municipal Reorganization - Fairness Of Plan, Kenneth J. Nordstrom
Michigan Law Review
A local government district, finding itself hopelessly in debt, filed a petition for relief under Chapter IX of the Bankruptcy Act as amended. The municipal debt composition plan provided that bondholders would receive eight cents on the dollar. The evidence showed that a considerable quantity of bonds were bought by local landowners at much more than eight cents on the dollar, evidently for the purpose of being used in getting the approval of some such plan as proposed, in the expectation of an increase in value of their lands by improvements to be made by the debtor through a loan …
Municipal Corporations - Bonds Redeemable At Option Of Municipality- Notice To Bondholders Necessary To Stop Running Of Interest, Michigan Law Review
Municipal Corporations - Bonds Redeemable At Option Of Municipality- Notice To Bondholders Necessary To Stop Running Of Interest, Michigan Law Review
Michigan Law Review
Defendant municipality issued bonds redeemable before maturity at defendant's option. There was no provision for registration, and neither the statute nor the bonds provided for notice of redemption. In May,1938, notice was published in newspapers of general circulation that the bonds were to be redeemed on June 1. Plaintiff, owner of the entire issue, did not know of the redemption until September 27. It sued for interest from June 1 to September 27. Held, notice by publication is sufficient to stop the running of interest, and plaintiff is therefore not entitled to recover. Philadelphia Savings Fund Society v. City …
Election Of Remedies- Contracts Induced By Fraud, Michigan Law Review
Election Of Remedies- Contracts Induced By Fraud, Michigan Law Review
Michigan Law Review
In 1939, plaintiff brought an action alleging in his complaint that defendant became indebted to him on December 17, 1928, for $13,400, for money had and received by defendant to the use of plaintiff. In a bill of particulars plaintiff pointed out that the indebtedness arose from the purchase of certain bonds and the subsequent rescission of the contract of purchase prior to the commencement of this action, basing his right to rescind upon misrepresentations made by, and the fraud of, defendant in inducing the purchase of said bonds. When defendant moved for a summary judgment on the ground that …