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Articles 1 - 10 of 10
Full-Text Articles in Law
Contracts-Bills And Notes-Precedent Debt As Consideration In The Law Of Contracts And Negotiable Instruments, Shubrick T. Kothe S.Ed.
Contracts-Bills And Notes-Precedent Debt As Consideration In The Law Of Contracts And Negotiable Instruments, Shubrick T. Kothe S.Ed.
Michigan Law Review
Today, there is little left of the sixteenth century rule that a precedent debt is consideration sufficient to ground an action of assumpsit. Modern cases, such as those where a debt is barred by the Statute of Limitations or discharged in bankruptcy, where it is historically applicable, generally do not rest upon that theory. As a practical matter, it makes little difference. These cases achieve a just result, and have been confined to standard fact situations. The doctrine seems clearly at variance with the rule that consideration cannot be past, and serves no useful purpose today. Cases where this problem …
Chattel Mortgage--Validity Of Recorded Chattel Mortgage As Against Ordinary Purchaser--Possession Entrusted To Mortgagor-Dealer Regularly Engaged In Sale Of Similar Articles, Edwin F. Uhl S.Ed.
Chattel Mortgage--Validity Of Recorded Chattel Mortgage As Against Ordinary Purchaser--Possession Entrusted To Mortgagor-Dealer Regularly Engaged In Sale Of Similar Articles, Edwin F. Uhl S.Ed.
Michigan Law Review
Plaintiffs purchased from a retail dealer, in the ordinary course of trade, automobiles which were subject to properly recorded mortgages given by the dealer to defendant finance company. The certificates of title which the mortgage-dealer had been permitted to retain indicated that the vehicles were free from lien. Claiming default in payments by the dealer, the defendant seized the automobiles. Plaintiffs brought actions seeking repossession and damages. As the evidence clearly disclosed, defendant anticipated that the dealer would make no disclosure of the encumbrance at the time of sale, but rather expected that the lien would subsequently be discharged with …
Bills And Notes-Reacquisition And Reissue By A Prior Party-Liability Of Intermediate Indorser To Subsequent Holder In Due Course, James R. Bliss S.Ed.
Bills And Notes-Reacquisition And Reissue By A Prior Party-Liability Of Intermediate Indorser To Subsequent Holder In Due Course, James R. Bliss S.Ed.
Michigan Law Review
The payee of a negotiable note indorsed to X, who later indorsed back to the payee, who before maturity indorsed to a holder in due course. All indorsements were special. On default, the holder brought suit to enforce the secondary liability of the payee and X, the intermediate indorser. Both defendants appealed from a judgment for the holder. Held, reversed as to X. The reacquisition of a note by a payee terminates the contractual liability of an intermediate indorser as to a holder subsequent to the payee. Denniston's Admr. v. Jackson, 304 Ky. 261, 200 …
Bills And Notes-Indorsement In Blank Followed By Special Indorsement, J. R. Swenson
Bills And Notes-Indorsement In Blank Followed By Special Indorsement, J. R. Swenson
Michigan Law Review
Plaintiff purchased a cashier's check from X Bank payable to himself. He indorsed the check in blank and immediately below stamped it, "Pay to the order of Bank of America, National Savings and Trust Association, S. & R. Produce Co." Plaintiff then gave the check to one R with whom he had agreed to enter into business under the name of the S. & R. Produce Company. R took the check to Y Bank which at his request blocked out the special indorsement without the knowledge or consent of plaintiff. R then indorsed the check and deposited it to his …
Gifts--Banking--Gift Of Joint Savings Bank Deposits, Ira M. Price, Ii
Gifts--Banking--Gift Of Joint Savings Bank Deposits, Ira M. Price, Ii
Michigan Law Review
A, the mother of B, transferred three savings bank deposits from her sole account to the account of "A or B-either or survivor." Two of the depositors' signature cards contained this language: ''We hereby certify that this account and all moneys to be credited to it belong to us as joint tenants, and will be the absolute property of the survivor of us." There was evidence that one of the reasons for A's transferring her deposits to the joint account was to enable B to draw money therefrom for A while A was in the …
Bills And Notes-Assent By Indorser To Release Of Maker As Undertaking By Former To Continue Liable-Section 120, N.I.L., Bruce L. Moore
Bills And Notes-Assent By Indorser To Release Of Maker As Undertaking By Former To Continue Liable-Section 120, N.I.L., Bruce L. Moore
Michigan Law Review
The indorser on the note in suit gave his assent to the holder's release of the insolvent maker in return for a deed to certain real estate given by the maker. In reply to demands of the holder for the balance remaining due after sale of the real estate, the indorser stated he would pay the note, but asked for time. On failure of the indorser to pay, this suit was brought. Held, for the plaintiff. Consent of the indorser to release of the maker is not equivalent to an express reservation of rights as required by section 120(5) …
Banks And Banking-Night Depository-Relation Created Between Bank And Depositor, Irving Slifkin
Banks And Banking-Night Depository-Relation Created Between Bank And Depositor, Irving Slifkin
Michigan Law Review
By payment of a nominal charge, the plaintiff became entitled to use the night depository service offered to its customers by the defendant bank. On Christmas day, 1942, plaintiff made use of this service by depositing some currency, coins, and a check which were placed in a canvas bag supplied by the defendant bank for this purpose. Plaintiff never received credit for this deposit. Defendant bank was unable to find the bag which the plaintiff had deposited, and plaintiff sued to recover the value of its contents, obtaining a judgment in the trial court. Defendant bank appealed. Held, judgment …
Contracts-Tender-Check As Tender, George A. Rinker
Contracts-Tender-Check As Tender, George A. Rinker
Michigan Law Review
Plaintiff had paid $300 as down payment on a restaurant under contract of purchase from defendant. On the day specified in the contract for payment of the balance, plaintiff tendered to defendant a check drawn on the local bank and bearing the notation "OK G. R. P ." Defendant refused the check, saying he did not have to accept a check in payment, and that he did not know what the notation meant, even though plaintiff had told him it was placed there by the president of the local: bank, and meant that the check was good. Plaintiff recovered damages …
Agency-Implied Agency-Effect Of Principal's Acquiescence In Agent's Collection Where Such Authority Is Denied, Shubrick T. Kothe S.Ed.
Agency-Implied Agency-Effect Of Principal's Acquiescence In Agent's Collection Where Such Authority Is Denied, Shubrick T. Kothe S.Ed.
Michigan Law Review
Defendant's predecessor gave a promissory note in payment for goods delivered to him by a local merchant, who advertised himself as plaintiff's dealer. The note was payable at plaintiff's home office, and the conditional sale contract also provided that the payments were to be made at that office. The first two payments were made to the dealer, and subsequently accepted by the plaintiff. The third and final payment was also made to the dealer but not received by the company. Suit was instituted for the amount of the final payment. Judgment rendered on demurrer for the plaintiff. Held, the …
Bills And Notes--Holder In Due Course-Purchasing Installment After Maturity, John E. Grosboll
Bills And Notes--Holder In Due Course-Purchasing Installment After Maturity, John E. Grosboll
Michigan Law Review
Three installment notes were pledged to the plaintiffs by the payee as security. At the time plaintiffs took the notes, the first installment of each was overdue and unpaid. In an action by plaintiffs against the makers, the latter pleaded in defense failure of consideration and fraud on the part of the payee. Held, plaintiffs were not holders in due course and consequently took the notes subject to the defense of the makers. Bliss v. California Co-op. Producers, (Cal. 1946) 172 P. (2d) 62.