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Articles 301 - 330 of 752
Full-Text Articles in Banking and Finance Law
Blocking Payment On A Certified, Cashier's, Or Bank Check, Michigan Law Review
Blocking Payment On A Certified, Cashier's, Or Bank Check, Michigan Law Review
Michigan Law Review
When disputes arise between buyers and sellers over completed commercial transactions and payment has been delivered to the seller in the form of a negotiable instrument, a dissatisfied buyer may seek to suspend the instrument's payment obligation. By blocking payment the buyer strengthens his bargaining position and prevents the seller from dissipating the proceeds of the sale before the buyer can establish the merit of his claim. Blocking payment forces the seller to enforce the commercial agreement through court action or satisfy the buyer's grievances.
What Ever Happened To The "Checkless Society"?, Isaiah Baker
What Ever Happened To The "Checkless Society"?, Isaiah Baker
University of Michigan Journal of Law Reform
In the late 1960's and early 1970's, a proliferation of articles in law reviews and other scholarly journals predicted a fundamental change in the payments systems in the United States. The "checkless society" was hailed as the coming thing-the latest and best innovation to come along in the vast areas of law covered by the Uniform Commercial Code provisions governing commercial paper and bank collections. Despite the claims that present technology is capable of effecting basic alterations in the existing check collection and payment systems, changes have been slow to come and are coming with deliberate speed rather than the …
The Rising Tide Of Reverse Flow: Would A Legislative Breakwater Violate U.S. Treaty Commitments?, Michigan Law Review
The Rising Tide Of Reverse Flow: Would A Legislative Breakwater Violate U.S. Treaty Commitments?, Michigan Law Review
Michigan Law Review
Up to the present the United States has imposed few restrictions on foreign direct investment. It has never enacted any limitations as sweeping as those proposed by the Dent-Gaydos bill. This Note will briefly discuss the need for such restrictions and then examine the extent to which a reversal in policy is permitted by existing U.S. treaty obligations.
An Analysis Of Authorities: Traditional And Multicounty, Michigan Law Review
An Analysis Of Authorities: Traditional And Multicounty, Michigan Law Review
Michigan Law Review
This Comment will briefly define and describe authorities in general, as well as the new multicounty authorities. Their legal status and practical advantages and disadvantages will be explored. Finally, an attempt will be made to isolate the uses to which multicounty authorities can most profitably be put in light of the conflicting goals of maximum governmental efficiency and public accountability.
Implementation Of The Bank Holding Company Act Amendments Of 1970: The Scope Of Banking Activities, Michigan Law Review
Implementation Of The Bank Holding Company Act Amendments Of 1970: The Scope Of Banking Activities, Michigan Law Review
Michigan Law Review
There has been a continuing conflict between those who wish to allow banks to diversify their operations beyond the traditionally limited scope of the banking business and those who see such an expansion as a threat to the stability of the economy and a license for unfair competition. The most recent in a continuing series of attempts to reconcile this conflict is found in the Bank Holding Company Act Amendments of 1970 and the implementation of these Amendments by the Federal Reserve Board. The original Act, adopted in 1956, was the first major attempt to bring bank holding companies, a …
Determining Permissible Municipal Expenditures: The Public Purpose Doctrine Revived, Richard A. Van Wert
Determining Permissible Municipal Expenditures: The Public Purpose Doctrine Revived, Richard A. Van Wert
University of Michigan Journal of Law Reform
This article surveys the criteria presently used by courts, commentators, and city officials in determining whether an expenditure of public funds is legally permissible. Each factor is then reevaluated to ascertain its place in a new attempt to determine more consistently the nature of proposed expenditures.
Consumer Protection In The Credit Card Industry: Federal Legislative Controls, John C. Weistart
Consumer Protection In The Credit Card Industry: Federal Legislative Controls, John C. Weistart
Michigan Law Review
Credit cards have been used as a means of facilitating delayed-payment purchases since early in this century. The first credit card systems were operated by retailers and service organizations in connection with the merchandising of their products. While such programs were used in local markets by department stores, oil companies were the first issuers to recognize the potential of credit card plans in larger geographical areas. In the early 1950's a new phase in credit card development evolved with the emergence of firms engaging solely in the extension of credit. These firms-Diners' Club, American Express, and Hilton Credit Corporation with …
Consumer Credit--The Department Store Revolving Charge Account--Usury Resurrected--State V. J.C. Penney Company, Michigan Law Review
Consumer Credit--The Department Store Revolving Charge Account--Usury Resurrected--State V. J.C. Penney Company, Michigan Law Review
Michigan Law Review
The Attorney General of Wisconsin recently brought an action against the J.C. Penney retailing chain for an injunction against any further charges of 1½% per month on the declining balances of its revolving charge accounts. The state alleged that anything in excess of I% per month was a violation of the $12 per $100 per annum usury ceiling established by its legislature as the maximum chargeable for a loan or forbearance of money. Penney admitted that its monthly charge frequently exceeded the allowable rate but argued that its charge was a "time-price differential," exempt from statutory control under the time-price …
Consumer Sensitivity To Interest Rates: An Empirical Study Of New Car Buyers And Auto Loans, James J. White, Frank W. Munger Jr.
Consumer Sensitivity To Interest Rates: An Empirical Study Of New Car Buyers And Auto Loans, James J. White, Frank W. Munger Jr.
Articles
ALTHOUGH it has never been clear whether the consumer needs to be protected from his own folly or from the rapaciousness of those who feed on him, consumer protection is a topic of intense current interest in the courts, in the legislatures, and in the law schools. A number of recent court decisions have attempted to attack problems confronting the consumer; unfortunately, these judicial efforts have succeeded primarily in disclosing the limitations in the courts' ability to deal with such problems. State and federal legislative bodies have pursued more carefully designed remedies. Congress has passed the Truth-in-Lending Act; the National …
Bank Charge Cards: New Cash Or New Credit, Roland E. Brandel, Carl A. Leonard
Bank Charge Cards: New Cash Or New Credit, Roland E. Brandel, Carl A. Leonard
Michigan Law Review
It is the premise of this Article that the bank charge card systems constitute a new, highly useful, and efficient payment and credit mechanism; that any decision-making body that promulgates a rule on the issue of the assertability of consumer defenses must carefully evaluate the true functions of bank charge cards, particularly their role as part of a sophisticated payment mechanism, and weigh the relative interests of the consuming public, merchants, and members of the banking industry to derive the best solution for society; that courts are ill-equipped to perform this function; and, that, given the national and international usage …
Proposed Sec Rules For Private Offerings: The Impact On Venture Capital Financing, Gregory A. Kearns
Proposed Sec Rules For Private Offerings: The Impact On Venture Capital Financing, Gregory A. Kearns
University of Michigan Journal of Law Reform
In order to facilitate venture capital financing, corporations rely upon the private offering exemption from the registration and prospectus requirements of the Securities Act of 1933. In an attempt to prevent this exemption from serving as a conduit for the flow of securities into the public securities markets, the Securities and Exchange Commission (SEC) has proposed new rules regulating the resale of securities purchased in a private offering. These proposals would alter, among other things, the existing holding period, sales limitation, and financial information requirements. This article will examine the impact of the proposed *rules on venture capital financing of …
Consumer Credit In The Ghetto: Ucc Free Entry Provisions And The Federal Trade Commission Study (Business In The Ghetto), James J. White
Consumer Credit In The Ghetto: Ucc Free Entry Provisions And The Federal Trade Commission Study (Business In The Ghetto), James J. White
Other Publications
Like the former speakers, I will not speak on the topic for which I was scheduled. Instead I am going to talk about two things which are not closely related to one another but which are both related to the profitability of the retail sale of goods and credit in the ghetto. I propose to leave the law on consumer credit to Mr. Dostert and Professor Hogan. First I wish to say a word on the so-called "free entry" aspects of the Uniform Consumer Credit Code; then I will comment on the Federal Trade Commission study.
Regulation Of Finance Charges On Consumer Instalment Credit, Robert W. Johnson
Regulation Of Finance Charges On Consumer Instalment Credit, Robert W. Johnson
Michigan Law Review
The subject of adequate disclosure of finance charges in consumer credit transactions has, in recent years, "become a rallying point for consumers and a battle line for industry." Equal heat is generated by discussions concerning the regulation of finance charges on consumer instalment credit. The aim of this article is to examine briefly the existing pattern of rate regulation and then to explore the purposes of ceilings on consumer finance charges and the problems involved in their design. As is true with the question of disclosure of finance charges, the problems are extremely complex. Men of good will on both …
Bank Statements, Cancelled Checks, And Article Four In The Electronic Age, Norman Penney
Bank Statements, Cancelled Checks, And Article Four In The Electronic Age, Norman Penney
Michigan Law Review
My task was to prepare a short article dealing in some depth with specific problems which have arisen under Article Four of the Uniform Commercial Code (Code). Unfortunately for purposes of criticism, but happily for those affected by Article Four, a canvass of recent reported cases as well as bank operations people and bank counsel has revealed very few problems of any significance to either the general practitioner or even the so-called commercial law specialist. This prompts two comments: (1) Article Four seems to be working so smoothly that to develop a "problem" would be to make a mountain out …
Banks And Banking-Bank's Liability For Breach Of Its Duty To Corporate Depositor-Maley V. East Side Bank Of Chicago, Michigan Law Review
Banks And Banking-Bank's Liability For Breach Of Its Duty To Corporate Depositor-Maley V. East Side Bank Of Chicago, Michigan Law Review
Michigan Law Review
The three stockholders of a close corporation contracted to sell all of the corporate stock to Shulman for $5,000 down and a balance of $17,000 in two notes payable in thirty days. A resolution filed with the defendant depositary bank provided that Paul, the former president, was to act as the interim treasurer for the corporation and was to cosign, with Shulman, all checks drawn on the corporate account until the balance of the purchase price was tendered. Approximately one week after the agreement was made, the bank received an inordinate number of inquiries regarding the credit of the corporation, …
Some Petty Complaints About Article Three, James J. White
Some Petty Complaints About Article Three, James J. White
Articles
IN many ways Article Three of the Uniform Commercial Code (Code) is like a huge machine assembled by a mad inventor and comprised of assorted sprockets, gears, levers, pulleys, and belts. Few thoroughly understand all of the jobs which this machine is to perform; and a search through the reported cases suggests that the machine is either performing so efficiently that it commits no mistakes worth litigating or it is not performing at all. In their study of the intricacies of Article Three, law students resemble persons climbing about on the machine-pulling its levers, testing its belts and pulleys, and …
Actions On Commercial Paper: Holder's Procedural Advantages Under Article Three, Stanley V. Kinyon
Actions On Commercial Paper: Holder's Procedural Advantages Under Article Three, Stanley V. Kinyon
Michigan Law Review
The discussion will also be concerned primarily with the usual action "on the instrument": an action by the holder to enforce payment by a person who has signed it as maker, acceptor, certifier, drawer, indorser, or guarantor and has thus become "liable on" it. These instruments, of course, may be involved in other types of actions, such as: an action for conversion of the instrument (section 3-419); an action to recover damages for breach of the warranties of a collector or transferor (sections 3-417 and 4-207); an action to compel indorsement (section 3-201); an action to enjoin payment (section 5-114(2)(b)); …
Disclosure Of Finance Charges: A Rationale, Robert L. Jordan, William D. Warren
Disclosure Of Finance Charges: A Rationale, Robert L. Jordan, William D. Warren
Michigan Law Review
One wonders whether in all of the talk generated about disclosure in the past few years the purposes of disclosing finance charges to consumers have not been somewhat obscured. This article is an attempt to examine the subject of disclosure from the standpoint of the function it performs in consumer credit transactions. We shall discuss the various methods of computing finance charges in the different segments of the finance industry, the functions of disclosure of finance charges and the feasibility of using different computational methods in each category of consumer transactions. The problems involved in requiring the disclosure of finance …
The Relative Priority Of Small Business Administration Liens: An Unreasonable Extension Of Federal Preference?, Ronald L. Olson
The Relative Priority Of Small Business Administration Liens: An Unreasonable Extension Of Federal Preference?, Ronald L. Olson
Michigan Law Review
During the past three decades, the priority of the federal government as against state and private creditors competing for the assets of debtors has been greatly strengthened. In terms of relative growth, the expansion of federal priority has been comparable to the increased commercial involvement of the United States. In more recent years, Congress and the judiciary have recognized that this increased governmental commercial activity necessitates a restriction in sovereign prerogatives. However, contrary to this general trend toward the contraction of sovereign prerogatives and for reasons appearing unsatisfactory to most commentators, the "sovereign prerogative" of priority to the assets of …
Divergent Views As To Applicability To National Banks Of State Restrictions On Home-City Branching--Walker Bank & Trust Co. V. Saxon; Commercial Security Bank V. Saxon, Michigan Law Review
Divergent Views As To Applicability To National Banks Of State Restrictions On Home-City Branching--Walker Bank & Trust Co. V. Saxon; Commercial Security Bank V. Saxon, Michigan Law Review
Michigan Law Review
Two recent federal court decisions have brought into question for the first time the degree to which the federal law permitting the establishment of branches by national banks' incorporates state law restrictions upon the establishment of branches within a city in which the branching bank is already located. In Walker Bank & Trust Co. v. Saxon, a national bank sought to branch within its home city of Logan, Utah. In addition to the applicant's main office, there were branches of two other banks in the city. The applicant national bank in Commercial Security Bank v. Saxon and the complaining …
The Definition Of "Domestic Building And Loan Association"--Final Tax Regulations, Paul E. Goodspeed
The Definition Of "Domestic Building And Loan Association"--Final Tax Regulations, Paul E. Goodspeed
Michigan Law Review
It will be the purpose of this discussion to examine the newly adopted regulations and to evaluate their effects in the light of congressional intent regarding the statutory definition. Special emphasis will be placed on the quantitative tests established in the regulations, with respect to which two changes will be proposed.
The Corporate Mortgage Under Article 9 Of The Uniform Commercial Code And The New York Solution, George C. Coggins
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 …
The Joint And Survivor Account In Michigan-Progress Through Confusion, Richard V. Wellman
The Joint And Survivor Account In Michigan-Progress Through Confusion, Richard V. Wellman
Michigan Law Review
Legal writers have been intrigued for years by the challenge of classifying and identifying the resulting incidents of the joint and survivor bank deposit when an attempt is made to use it as a mode of effectuating a donor depositor's intention to confer benefits on a donee co-depositor. Much in their discussions is useful to one who is concerned with the concept that has evolved in Michigan, where a 1909 statute states that some co-depositors are presumed to be joint tenants. Michigan judges and practitioners must determine, however, whether comment about national trends is applicable here, for in many respects …
Smigel: The Wall Street Lawyer, Victor H. Kramer
Smigel: The Wall Street Lawyer, Victor H. Kramer
Michigan Law Review
A Review of The Wall Street Lawyer By Erwin 0. Smigel
The Expanding Jurisdiction Of The Securities And Exchange Commission: Variable Annuities And Bank Collective Investment Funds, John W. Erickson
The Expanding Jurisdiction Of The Securities And Exchange Commission: Variable Annuities And Bank Collective Investment Funds, John W. Erickson
Michigan Law Review
The Securities and Exchange Commission is presently attempting to assert jurisdiction over certain aspects of two industries traditionally exempt from federal securities regulation-insurance and banking. The SEC claims that two recently developed investment vehicles-variable annuities in the insurance field and pooled funds of managing agency accounts in the banking field-are virtually the same as mutual funds, which are subject to SEC regulation under the Investment Company Act of 1940. (A mutual fund is essentially a fund (usually in corporate form), the participants' contributions to which are collectively invested in a portfolio of securities, each participation representing a pro rata interest …
Usury-Applicability Of State Usury Laws To Installment Sales, John H. Blish
Usury-Applicability Of State Usury Laws To Installment Sales, John H. Blish
Michigan Law Review
Plaintiff sued a vendor and a finance company to cancel a conditional sales contract and note, for return of payments made, and to obtain an unencumbered certificate of title to a house trailer. The trailer's cash price was 5,000 dollars and plaintiff had paid 1,250 dollars down. Charges of 1,569 dollars were added, making the total time-price 6,569 dollars and leaving a time-balance of 5,319 dollars, payable in sixty monthly installments. The contract and note were immediately assigned to the finance company. Plaintiff based his claim on Nebraska's Installment Loan Act, alleging that the difference between the cash price and …
Taxation-Federal Tax Liens-Section 6321 Of The Internal Revenue Code As Basis For Injunction Binding Assets Of Foreign Branch Of American Bank, Gerald J. Laba
Taxation-Federal Tax Liens-Section 6321 Of The Internal Revenue Code As Basis For Injunction Binding Assets Of Foreign Branch Of American Bank, Gerald J. Laba
Michigan Law Review
The Commissioner of Internal Revenue issued jeopardy assessments against the taxpayer, Omar, S.A., a Uruguayan corporation. To avoid payment, Omar began to liquidate its American-held assets by transferring receipts out of the country. Pursuant to its statutory right, under section 6321 of the Internal Revenue Code of 1954, to impose a lien upon all property of a delinquent taxpayer, the United States brought suit against Omar and various New York banks in the domestic and foreign branches of which Omar's funds were deposited. The district court granted a preliminary injunction restraining certain of the banks from transferring any property whether …
Government Regulation Of Bank Mergers: The Revolving Door OfPhiladelphia Bank, Alexander E. Bennett
Government Regulation Of Bank Mergers: The Revolving Door OfPhiladelphia Bank, Alexander E. Bennett
Michigan Law Review
On November 15, 1960, the second and third largest Philadelphia banks, the Philadelphia National Bank-its assets 1.09 billion dollars, its deposits 603 million dollars-and the Girard Trust Com Exchange Bank-its assets 757 million dollars, its deposits 560 million dollars-applied to the Comptroller of the Currency for approval to merge. The application stated the intention of the Philadelphia National (PNB) to acquire the Girard, including all its assets, deposits, capital, and retained earnings, thereupon to disgorge stock in a resulting bank to Girard shareholders at a ratio of 1.2875 to 1. Both Girard and PNB had a history of merger and …
Uniform Commercial Code Article 9 Filing Procedures For Railroad, Utility, And Other Corporate Debtors: Some Suggestions, Daniel R. Elliott Jr.
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 …
Foreign Investment Protection: A Reasoned Approach, Earl Snyder
Foreign Investment Protection: A Reasoned Approach, Earl Snyder
Michigan Law Review
The main purpose in protecting private foreign investment is to encourage capital to move to newly developing nations in spite of serious, existing non-business risks. These risks are (1) the political risk (outright and "creeping" expropriation), (2) the transfer risk ( currency controls and inconvertibility of funds), and (3) the calamity risk (insurrection, revolution, war, etc.). But why encourage this? Why should an affluent, powerful nation seek, in effect, to transport overseas some of its affluence and power? Why--in the case of the United States-should encouragement be given to that which may, according to some, tend to tip still more …