Banking and Finance Law Commons^™

The Corporate Mortgage Under Article 9 Of The Uniform Commercial Code And The New York Solution, George C. Coggins

Michigan Law Review

A corporate mortgage has been defined as "an indenture intended to convey property, real and personal, tangible and intangible, to a trustee for bondholders, as security for the bonds issued and to be issued thereunder" by a corporation. This financing device, utilized by many large corporate organizations, has grown to be of paramount importance in the field of corporate financing, and the lack of attention given by the Code to the long-term debts of corporations has raised serious questions of filing procedures. Discussion of the novel treatment accorded by New York to the problem of perfecting security interests in corporate …

Uniform Commercial Code Article 9 Filing Procedures For Railroad, Utility, And Other Corporate Debtors: Some Suggestions, Daniel R. Elliott Jr.

Michigan Law Review

After a brief discussion of the provisions of Article 9 peculiarly applicable to the long-term mortgage, a portion of this comment will review the relevant statutes and case authority in force prior to the effective date of the Code in various states and still applicable in others. More specifically, it will examine the special treatment accorded certain types of corporate indentures, particularly those securing the debt of railroads and other public utilities. Second, an attempt will be made to explain the probable solutions to the problems raised by the filing requirements of Article 9 as promulgated in each jurisdiction and …

Effect Of Joint Accounts With Right Of Survivorship In Washington, Virginia B. Lyness

Washington Law Review

The recent passage in Washington of Initiative No. 208 providing for creation of joint tenancies in real and personal property provides the occasion for a reconsideration of the current status of the statutory and case law in Washington relating to the effect given to "joint tenancy" accounts with right of survivorship. Such an account typically takes the form of a deposit opened in the name of the depositor and another, payable to either or to the survivor. Does such an account, by virtue of present statutes, in fact create a joint tenancy with all its incidents as known to the …

Mortgage Theory Of Ohio, James Jay Brown

Cleveland State Law Review

It will be the function of this paper to explore the theory of the real estate mortgage as it is being used in the confused state of Ohio. The theories will be identified and defined. From this academic introduction, practical uses of the theories will be suggested. This will be followed by an analysis of Ohio case decisions since 1929. The conclusion of this analysis will be a determination of whether the state has been consistent in its reasoning and theory.

Mortgage Investments And The Usury Problem, Gordon M. Harrell

Cleveland State Law Review

A continuous and steady expansion of residential dwelling is desirable from both a sociological and economic standpoint. Continuing support is required from risk capital willing to invest throughout the United States. This necessarily means that, if funds are to be drawn from areas of financial plenty to areas experiencing a financial drought, the investor will often not be a party to the original loan transaction, but will be a transferee of a local mortgage lender. We will consider those situations which are most often the foundation for an allegation of usury by the borrower-where there is a substantiated charge of …

Joint Control By The Surety: A Virginia Statute And Its Common Law Ancestry, D. Orville Lahy

University of Richmond Law Review

It happened in Texas, but it could just as well have been Virginia. At the June 1934 term of the County Court of Anderson County, Texas, there was offered for probate the holographic will of Herman Oberweiss. The testator and his several brothers had settled in Texas after emigrating from their native Germany, and without benefit of much education Herman Oberweiss had been able to accumulate considerable wealth during his lifetime.

Ley 245 Ventas A Plazos. Ley 218 Solares Yernos, República De Cuba. Senado

Mario Diaz Cruz Pamphlets

Ley 245 Ventas a Plazos. Gaceta Oficial de abril 16 de 1959.

Ley 218 Solares Yernos. Gaceta Oficial de abril 13 de 1959.

Textos integros.

Bills And Notes - Holder In Due Course - Notice Of Infirmity In Instrument To Finance Company Closely Connected To Dealer, William G. Cloon, Jr. S.Ed.

Michigan Law Review

The defendant purchased a car from a dealer who represented it to be a new demonstrator. In fact, the car was a used one. The defendant executed a negotiable note for the balance of the purchase price and a chattel mortgage on forms which were furnished the dealer by the plaintiff finance company. The dealer handled the paper, but the plaintiff was to finance the sale and the note was payable at the office of the plaintiff. Both the bill of sale and the chattel mortgage described the car as a new demonstrator. The note was indorsed in blank by …

Statutory Redemption: The Enemy Of Home Financing, Ernest M. Murray

Washington Law Review

Although much has been written criticizing the statutory right of redemption from real estate foreclosures, it still exists in Washington and a majority of the United States. The basic reason for its continued existence is the strong trend throughout modern timnes to give greater protection to the "oppressed debtor." The history of the moratoria legislation of the last depression is the strongest evidence of the sympathy for the debtor class, and the statutory right of redemption comprises not only a large part of the trend, but it is the place where the policy of favoring the mortgage debtor has reached …

Gift By Check--Hale V. Hale, James F. Hoge

Kentucky Law Journal

No abstract provided.

Replevin Of The Contents Of Safe Deposit Boxes, Beverly Douglas Jr.

Vanderbilt Law Review

It is often stated that a plaintiff cannot recover in replevin' or detinue unless the defendant is in possession of the disputed goods at the commence- ment of the action. This requirement is fundamentally one of practicality. Since possession of the chattel is the primary object of an action for specific recovery, replevin is inappropriate unless the defendant is in a position to restore this possession to the plaintiff. But one may sometimes be able to put another in possession and have a duty to do so without himself having that combination of physical control and intent which the law …

Secured Obligations, Benjamin M. Quigg, Jr.

Michigan Law Review

The scope of this discussion probably is best defined in the words of the act itself as appear in section 302 (1): "obligations secured by mortgage, trust deed, or other security in the nature of a mortgage · upon real or personal property, owned by a person in military service at the commencement of the period of military service"; and the problems herein discussed are those which arise under the act in connection with the sale, foreclosure, seizure, or repossession of property which is security for such obligations.

Execution - Misdirection Of Process - Validity Of Amendment, Michigan Law Review

Michigan Law Review

A statute provided that where the writ of execution requires the delivery of real or personal property, it "must" be issued to the sheriff of the county where the property is situated. The judgment debtor had some money deposited with the defendant bank in Y county on which plaintiff sought execution. The writ was directed to the sheriff of X county but was delivered to the sheriff of Y county. The writ was served on the defendant bank and the vice president of the bank made a return stating that the bank had no property in its possession, nor under …

Joint Obligations- Effect Of Release Or Covenant Not To Sue, Michigan Law Review

Michigan Law Review

Defendants mortgaged their farm to plaintiff and later conveyed to one Ahart, who assumed the mortgage indebtedness. In a written extension agreement between all three parties it was provided that the defendants and Ahart should be jointly and severally liable for the debt. After foreclosure proceedings were started, Ahart and the plaintiff entered into a written contract by which the plaintiff agreed to release Ahart from all personal liability on the mortgage indebtedness in consideration of a deed to the farm. Thereafter the plaintiff sought a deficiency judgment against the defendants. Held, the defendants were not discharged from their …

Mortgages - Recording - Effect Of A Mortgage Recorded In The Book Of Deeds, Paul M. Oberndorf

Michigan Law Review

An interest in certain land was mortgaged by the owners to the plaintiff in October, 1933. This same interest was subjected to a lien of certain judgment creditors recovered against the owners in July, 1936. The defendant, as assignee of the claim of the judgment creditors, claimed priority over the mortgagee by reason of the fact that the mortgage was delivered to the register for the purpose of being recorded as a deed and was in fact so recorded. The judgment creditors disclaimed all notice of this prior mortgage. The statutes of New Jersey provide that mortgages should be registered …

Principal And Surety - Effect Of Release Of Principal Debtor With Reservation Of Rights Against Surety, Raymond H. Rapaport

Michigan Law Review

Plaintiff leased property to defendant, who in turn assigned his rights under the lease to one Garber, the latter assuming the covenants to pay rent and against commission of waste. Plaintiff did not release defendant from the lease. After the expiration of the lease plaintiff recovered judgment for $2,844.75 against defendant, for breaches of the covenants, and then recovered a similar judgment against Garber. Subsequently Garber paid the plaintiff $2,000, and plaintiff gave him a receipt acknowledging "full satisfaction of the judgment rendered against me in the within action. The receipt of said sum is not a release of any …

Exemptions - Loss Of Homestead Exemption, Felicia I. Hmiel

Michigan Law Review

Due to inability to make a living, the defendant and his family left their homestead in 1932 with the intention of re-occupying it as soon as they secured enough money to buy the necessary equipment to maintain themselves on the farm. In October, 1937, a judgment was recovered by plaintiff against defendant, execution was issued and levy made on the still vacant homestead, and a date of sale set for June, 1939. Defendant claimed homestead exemption. Held, that since it did not appear when, if ever, defendant would return to the homestead, the removal and seven years' absence was …

Banks And Banking -Trusts - Right Of Bank To Sell Participating Trust Certificates In Self-Owned Property, Michigan Law Review

Michigan Law Review

In 1923 the trust company entered into a transaction with the land company by which the land company borrowed $130,000 with which it purchased a city property for slightly less than that amount and gave title to the trust company as security for the loan. Through a series of loans later negotiated the trust company came to have an investment of $150,000 in the property. In 1926 the trust company made an agreement with the land company pursuant to which the trust company declared itself trustee of the property at an appraised value almost fifty per cent above the purchase …

Mortgages - Limitation Of Actions - Deficiency Decree On Basis Of Covenant In Mortgage When Action On Note Barred, Donald M. Swope

Michigan Law Review

Defendant executed and delivered to plaintiff a promissory note and a mortgage securing it. The mortgage contained a covenant to pay $10,000 (the principal amount of the note) "according to the terms of a certain promissory note bearing even date herewith." Upon foreclosure it was held, three judges dissenting, that the mortgagee was entitled to a deficiency decree notwithstanding action on the note was barred by the statute of limitations. Guardian Depositors Corporation of Detroit v. Savage, 287 Mich. 193,283 N. W. 26 (1938).

Deeds - Covenant Of Warranty Limited By Exceptions In Another Covenant, Seward R. Stroud

Michigan Law Review

A mortgaged land to B and thereafter executed a second mortgage on the same land to C. In the second mortgage, A covenanted that "they are seized of good and perfect title . . . in fee simple and that the title so conveyed is clear, free and unincumbered except . . . (the Hixton Bank mortgage) [mortgage to B] and that they will forever warrant and defend the same . . . against all claims whatsoever." The first mortgage to B was foreclosed, and B purchased at the foreclosure sale. B sold the land to A, …

El Crédito Inmobiliario En El Derecho Comparado, Fernando Colomar Lluch

Mario Diaz Cruz Pamphlets

Publicado en la Revista del Colegio de Abogados de La Habana, Números 9 y 10 de Julio, Diciembre de 1939.

Mortgages - Foreclosure Sale - Possibility Of Setting Aside Sale Because Of Probable Higher Bid, James W. Mehaffy

Michigan Law Review

A trust deed secured a loan of $85,000. The mortgage was foreclosed, the trustee authorized to bid at the sale, and an upset price of $12,500 fixed. A stranger made a higher bid than the trustee, and the property was sold to him for $40,100. The trustee now seeks a resale, offering evidence to show that the property could bring $50,000 to $60,000 if the trustee bought it, remodeled the building, and had time to find a suitable purchaser. There was no question of a deficiency decree. Held, that the lower court erred in refusing to confirm the original …

Mortgages - Set-Off In Action Against Assuming Grantee On Third Party Beneficiary Theory, Anthony L. Dividio

Michigan Law Review

Evans and Fulmer entered into an agreement for an exchange of two pieces of property. Fulmer assumed two mortgages on the property conveyed to her. According to the agreement, Evans gave a first mortgage on the property conveyed to him to a third person and a second mortgage to Fulmer. Evans defaulted on the first mortgage assumed by him; Fulmer, who held the second mortgage, foreclosed and as a result suffered a $17,000 loss. Later, Evans regained possession of the promissory notes evidencing the second mortgage on the property conveyed to Fulmer, and assigned them to Goldfarb who sued Fulmer, …

Suretyship-Subrogation-Effect Of Release Of Surety After Partial Satisfaction

Indiana Law Journal

No abstract provided.

Cognovit Notes-Collateral Security

Indiana Law Journal

No abstract provided.

Deficiency Judgments, Phelps F. Darby

Indiana Law Journal

No abstract provided.

Assignments -Validity Of Gratuitous Written Assignment

Michigan Law Review

Deceased took defendant, his son, to a notary and there made and acknowledged written assignments of three mortgages he owned. He handed these assignments to defendant, saying "I give you these. Put them in the safety-deposit box." Defendant went away with the assignments which reappear only after the father's death; they were found in an envelope, marked with defendant's name in deceased's hand, in a safety-deposit box owned jointly by deceased and defendant. Deceased always retained possession and enjoyment of the actual mortgage instruments. Plaintiff, another son, claims these mortgages should be part of deceased's estate. The court held that …

Vendor And Purchaser - Mortgaging Of Land By Vendor - Effect On Vendee's Duty To Continue Installment Payments

Michigan Law Review

Plaintiffs agreed in writing to purchase a tract of land from the defendant, the purchase price to be paid in stated installments or in full at any time at the option of the plaintiffs. Two days after the formation of the contract the defendant mortgaged the land, and about eight months later placed a second mortgage on it. Plaintiffs denied having any knowledge of the mortgages until attempts were made to foreclose them. Previous to this, however, they had defaulted in their payments. In an action in general assumpsit to recover the amount of the installments paid it was held …

Gifts Of Bank Deposits, Joseph D. Webb

Kentucky Law Journal

No abstract provided.

Mortgages -Assignment In Good Faith After Maturity Cuts Off Prior Latent Equities

Michigan Law Review

M executed a negotiable note payable to the order of P, secured by a mortgage. After maturity, P assigned the note and mortgage without his indorsement to X for value. Y procured an assignment of these from X by fraud and in turn assigned them to Z, a purchaser without notice and for value. In Z's suit to foreclose the mortgage, X intervened, demanding the delivery of the same to himself. Held, Z's bona fide purchase cut off X's latent equity. Frank v. Brown, 255 Mich. 415, 238 N. W. 237 (1931).