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Bankruptcy Law

University of Michigan Law School

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Full-Text Articles in Law

Death And Resurrection Of Secured Credit, James J. White Jan 2004

Death And Resurrection Of Secured Credit, James J. White

Articles

The Bankruptcy Reform Act of 1978 (the Code) posed palpable threats to secured creditors. It was drafted by a commission that was at least as concerned with the rights of debtors as with the rights of creditors. It was modified and adopted by a Congress that might have been the most liberal since World War II and signed into law by President Carter at the apogee of the left's power, two years before the Reagan election that marked the rise of the right and the beginning of the left's decline. The power of the left was exerted most forcefully on …


The Recent Erosion Of The Secured Creditor's Rights Through Cases, Rules And Statutory Changes In Bankruptcy Law, James J. White Jan 1983

The Recent Erosion Of The Secured Creditor's Rights Through Cases, Rules And Statutory Changes In Bankruptcy Law, James J. White

Articles

One can view the law of creditors' rights as a series of cyclesin which alternatively the rights of the creditor and then those of the debtor are in ascendancy. Looking back through Americanlegislative history, one sees both the state legislatures and the Congress intervening on behalf of debtors in a variety of ways onmany occasions. An early example of such intervention was the enactment, particularly in the Midwest and West, of generous exemption laws that removed a variety of property beyond the reach of general creditors. A second example is the enactment of usury laws, which continue to be a …


Taxation - Income Tax - Whether Purchase And Retirement By Corporation Of Own Bonds At Less Than Amount Of Issue Constitutes A Taxable Gain Where Corporation Is Insolvent, S. R. Stroud Jun 1939

Taxation - Income Tax - Whether Purchase And Retirement By Corporation Of Own Bonds At Less Than Amount Of Issue Constitutes A Taxable Gain Where Corporation Is Insolvent, S. R. Stroud

Michigan Law Review

Petitioner, a railway corporation, in 1906 leased all its property to an operating company for a term of fifty years. At the same time petitioner issued $434,000 in first mortgage bonds which were used to refund a prior issue of $350,000 and to provide for certain improvements on the road. Interest on the bonds was to be met by lessee's payment of the greater part of the rental directly to the trustee of the mortgage bonds, but no provision for a sinking fund was made. In October, 1932, petitioner purchased $19,000 par value of aforesaid mortgage bonds for $4,750, and …