Banking and Finance Law Commons^™

Bills And Notes-Discharge-What Is "Renunciation."

Michigan Law Review

The recent and interesting Minnesota case of McGlynn v. Granstrom again raises the question of the construction of certain sections of the Uniform Negotiable Instruments Law. It is there held, that Sec. 122 of the N. I. L., requiring a "renunciation" to be in writing, does not apply to a discharge by accord and satisfaction.

Recent Important Decisions

Michigan Law Review

A collection of recent important court decisions.

Issuance Of Negotiable Instruments As Giving Of Value

Michigan Law Review

Authorities are unanimous that the issuance of negotiable instruments as consideration in the purchase of notes constitutes sufficient value to enable the purchaser to sue as a holder in due course, when the instruments issued have found their way into the hands of a due course holder, or have been paid, before the purchaser acquires knowledge of any defenses. But when, at the time the purchaser is notified of defenses, his notes are still in the possession of the payee, the decisions are not in accord as to his standing. The Wyoming court, in a recent opinion, held a bank …

Book Reviews

Michigan Law Review

A collection of book reviews by multiple authors.

Imprisonment For Debt, Richard Ford

Michigan Law Review

Imprisonment for debt is usually thought of as a barbarous custom which declined continuously as civilization and Christianity advanced and which was totally done away with long ago. The facts, however, are otherwise. It seems doubtful if history warrants any generalization to the effect that the imprisonment of debtors has been a steadily declining practice. Certain it is, that in a greater or less degree it exists today in many parts of the United States, in England, and in some other countries. Moreover, creditors are making use of it on a comparatively large scale. It is the purpose of this …

Book Reviews

Michigan Law Review

A collection of book reviews by multiple authors.

The Doctrine Of Price V. Neal, Ralph W. Aigler

Michigan Law Review

In 1715 the case of Jenys v. Fawler, et al. came before Lord Raymond at the Guildhall. It was an action by the indorsee of a bill of exchange against the acceptor who offered to prove by witnesses who were acquainted with the drawer's signature and who believed that the signature of the drawer appearing on the bill in suit was not genuine, that the bill really was a forgery. The Chief Justice refused to admit the testimony "from the danger to negotiable notes, and because a man might with design write contrary to his usual method." This indicates that …

Recent Important Decisions

Michigan Law Review

A collection of recent important court decisions.

New Types Of Negotiable Paper

Michigan Law Review

Admirers of the common law are prone to point with pride to its adaptability to meet changing conditions. In codification the tendency toward rigidity would seem to be almost inevitable, particularly in so far as there is an indulgence in attempts at definition. The Uniform Negotiable Instruments Law affords examples of the price to be paid in departing from the ready elasticity of the common law.

Recent Important Decisions

Michigan Law Review

A collection of recent important court decisions.

Redemption From Foreclosure Sale--The Uniform Mortgage Act, Edgar Noble Durfee, Delmar W. Doddridge

Michigan Law Review

If it be objected that our proposal is wholly novel and that it is the function of the Uniform Act merely to codify existing law, changing it only in so far as is necessary to remove conflicting rules, we would answer that codification in a strict sense is impossible in a field which presents so many conflicting views as that before us. We also believe that the objection is less forceful when the existing law is wholly statutory and half our states have no such law. And we understand that the commissioners have more and more abandoned the strict ideal …

Book Reviews

Michigan Law Review

A collection of book reviews by multiple authors.

Rights Of Holder Of Bill Of Exchange Against The Drawee, Ralph W. Aigler

Articles

“If the question were put to the average layman whether the holder of a check...had any effective rights against the drawee bank, it is believed that the almost universal response would be to the effect that of course the holder may insist upon payment by the bank, if there are funds on deposit to cover the amount. And if the same question were propounded to the average lawyer, the reply generally would be--at least if the lawyer had in mind the provisions of the Uniform Negotiable Instruments Law--that the holder had no rights against the bank. It is the purpose …

The Reckoning Of Damages In Fluctuating Exchange, Joseph H. Drake

Michigan Law Review

Not the least serious of the evil effects of the Great War has been the resultant collapse in value of the currencies of foreign countries and the consequent dislocation of exchanges. The case of Sirie v. Godfrey, decided in the Appellate Division of the Supreme Court of New York, presents clearly one of the legal problems arising out of this situation. Goods were bought by an American lady in Paris, in 1913 and 1914, at a cost of about 10,000 francs. These goods were delivered in due time but were not paid for. At the time the goods were …

Negotiable Instruments-Carelessness In Making Checks

Michigan Law Review

In a recent case the supreme court of Texas held that the drawer of a check could recover from the drawee bank money paid on a check which had been fraudulently altered in amount by the payee even though the drawer was negligent in drawing the check in such a manner as to facilitate the fraudulent alteration. Glasscock v. First National Bank of San Angelo (Nov. 26, 1924) 266 S. W. 393. The court takes the view, though the decision is not based on it, that sec. 124 of the Negotiable Instruments Law which provides that: "Where a negotiable instrument …

Recent Important Decisions

Michigan Law Review

A collection of recent important court decisions.

Recent Important Decisions

Michigan Law Review

A collection of recent important court decisions.

The New Colombian Law Of Bills And Notes

Michigan Law Review

The collection of "Laws Presented to the Government of Colombia by the Commission of American Financial Experts, and an Exposition of Motives by the Latter" (Bogota, 1923, Casa Editorial de Cromos; with an introduction by Dr. Cesar Julio Rodriguez), states by way of introduction that Law 60 of 1922 authorizes the government to contract abroad with five experts in public administration to come to Colombia and assist in the preparation of bills for laws or decrees for the reorganization of the national fiscal system. In accordance with this law the Colombian Minister at Washington, Dr. Enrique Olaya Herrera, engaged the …

Recognition Of New Types Of Negotiable Instruments, Ralph W. Aigler

Articles

“The expression ‘negotiable instrument’ is one of variable meaning, and what is meant thereby often can be determined only by the context… Primarily ‘negotiable’ indicates transferability with a certain facility…..

“It may be not without interest to consider how instruments gain the negotiable quality and to trace, sketchily perhaps, the process of recognition.”

"Current Funds" As "Money" In Commercial Paper

Michigan Law Review

By the Uniform Negotiable Instruments Law, §1 (2), it is provided that an instrument to be negotiable "must contain an unconditional promise or order to pay a sum certain in money"; and by Section 6 (5) it is declared that "the validity and negotiable character of an instrument are not affected by the fact that * * * [it] designates a particular kind of current money in which payment is to be made." The Illinois statute inserts before the word "designates" the following: "Is payable in currency or current funds, or." There is nothing in the language of the statute …

Recent Important Decisions

Michigan Law Review

A collection of recent important court decisions.

Bills And Notes-- Acceleration Provisions In Commercial Paper

Michigan Law Review

The decision of the Idaho court in McCormick & Co. v. Gem State Oil & Products Co. (Dec. 1923) 222 Pac. 286, perhaps warrants some further consideration of the problem indicated by the heading. See the very valuable discussion by Professor Chaffee in 32 HARV. L. REV. 747.

Bills And Notes--Payee As Holder In Due Course

Michigan Law Review

The problem indicated is one which has perplexed courts very frequently since the enactment of the Uniform Negotiable Instruments Law. Many of the cases dealing with the question are cited and reviewed in successive notes in 15 A. L. R. 437; 21 A. L. R. 1365; 26 A. L. R. 769. See also 59 PA. L. REV. 471 ; 64 Ibid. 318; 70 Ibid. 52; 10 CAL. L. REV. 413; 24 YALE. JOUR. 429; 28 Ibid. 197, 710; 30 HARV. L. REV. 515: 20 MICH. L. REV. 908; 21 MICH. L. REV. 591. Some recent cases may …

Recent Important Decisions

Michigan Law Review

A collection of recent important court decisions.

Commercial Instruments, The Law Merchant And Negotiability, Ralph W. Aigler

Articles

“Until recently apparently no serious attempt had been to make a comprehensive examination into the origins and history of commercial instruments or to explain the special doctrines attached to negotiability….

“The bill of exchange, it is said, developed as a bit of machinery to give effect to the medieval contract of cambium which was concerned with the special case of the exchange of money for money. With the growth of foreign trade the difficulties and dangers of payments multiplied. Naturally those whose business it was to exchange monies were resorted to in this connection. They, in turn, out of necessities …

Recovery Of Property From Alien Property Custodian

Michigan Law Review

ln Banco Mexicano v. Deutsche Bank, 44 Sup. Ct. 209, both facts and law lie in a narrow compass. On June 15, 1916, the liquidators of the Banco Mexicano made a loan of $500,000 to the Deutsche Bank. Hugo Schmidt, the well-known agent of the Deutsche Bank, in the United States from 1914 to 1917 negotiated the loan and deposited the amount received with the Guaranty Trust Company of New York to the credit of the general account of the Deutsche Bank. When the United States entered the war on April 6, 1917, the Guaranty Trust Company reported the …

Recent Important Decisions

Michigan Law Review

A collection of recent important court decisions.

Recent Important Decisions

Michigan Law Review

A collection of recent important court decisions.

Recent Important Decisions, Michigan Law Review

Michigan Law Review

No abstract provided.

Recent Important Decisions, Michigan Law Review

Michigan Law Review

Carriers of Passengers - Duty to Stop at Station to Permit Passenger to Alight-Contributory Negligence of Passenger Plaintiff's intestate was riding in the front end of a crowded vestibule car in the coach next to the tender of the eengine. When the train stopped at his station he tried to leave by the front end, but found the door from the vestibule closed. As he did not know how to open it, or was unwilling to be carried by his station, he stepped from his platform to the bumper of the tender and tried to follow it to the side …