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Articles 211 - 240 of 475
Full-Text Articles in Banking and Finance Law
Trusts - Effect Of Exculpatory Clauses On The Liability Of Corporate Trustees, Milton A. Kramer
Trusts - Effect Of Exculpatory Clauses On The Liability Of Corporate Trustees, Milton A. Kramer
Michigan Law Review
The average investor doubtlessly relies upon the fact that some banking institution is a trustee for the bond issue in which he places his savings, and expects a degree of care commensurate with the confidence he has in that institution. The fact is, however, because of innumerable exculpatory clauses found in the corporate mortgage, the trustee's duties in regard to the protection of the bondholders' interests are practically negligible. But before proceeding further with the subject, it is necessary to distinguish two situations: first, a case where the trustee has no duty whatsoever to act; and secondly, where a duty …
Banks And Banking - Relationship To Customers - Principal Or Creditor, Charles E. Nadeau
Banks And Banking - Relationship To Customers - Principal Or Creditor, Charles E. Nadeau
Michigan Law Review
A collection agreement permitted plaintiff to clear items through defendant bank in return for maintaining a balance of $10,000 which was not subject to check. All items received immediate credit, and twice weekly defendant bank remitted, in New York exchange, all amounts in excess of $10,000. On insolvency of defendant bank, plaintiff sought a preferred claim on the basis that the bank was its agent for collection. Held, where, as here, the bank may use the funds before remittance, or where the depositor may withdraw any part of the funds, the relationship is that of debtor-creditor and not of …
Mortgages - Set-Off In Action Against Assuming Grantee On Third Party Beneficiary Theory, Anthony L. Dividio
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, …
Bills And Notes - Signing In Representative Capacity - Personal Liability, Erwin B. Ellmann
Bills And Notes - Signing In Representative Capacity - Personal Liability, Erwin B. Ellmann
Michigan Law Review
Defendant, while acting as trustee of the Catholic Diocese of Cleveland, an unincorporated religious association, executed to the plaintiff negotiable promissory notes in the following forms: (1) "Ninety days after date, for value received for The Calvary Cemetery . . . we promise to pay . . . [Signed] Joseph Schrembs, Bishop of Cleveland. Calvary Cemetery Association, By: J. T. B., Treas." (2) "Six months after date, for value received for Sacred Heart of Mary Church . . . we promise to pay . . . [Signed] Councilmen: A. S.; L. F.; V. J. H.; H. S. Z.; Joseph Schrembs, …
Bills And Notes - Indorsement Of Renewal Note As Waiver Of Notice Of Dishonor By The Indorser, Michigan Law Review
Bills And Notes - Indorsement Of Renewal Note As Waiver Of Notice Of Dishonor By The Indorser, Michigan Law Review
Michigan Law Review
In 1926, a promissory note representing money loaned was made, payable to the order of plaintiff. After various renewals, defendant, in 1929, became an additional accommodation indorser of the renewal notes and continued as such until February 4, 1932, when a renewal note, likewise indorsed by him, payable March 4, 1932, was accepted by plaintiff. On its due date, the maker presented another renewal note, again indorsed by defendant, but this plaintiff refused to accept until the maker paid the interest due on the debt. Plaintiff did, however, retain both notes but failed to give defendant notice of dishonor of …
Bills And Notes - Qualified Indorsement - By Assignment Of "Right, Title And Interest'', Michigan Law Review
Bills And Notes - Qualified Indorsement - By Assignment Of "Right, Title And Interest'', Michigan Law Review
Michigan Law Review
Defendant, payee of a promissory note, transferred it by writing on the back, "For value received, I hereby assign all my rights, title and interest to the within note .... " Held, defendant's indorsement was qualified, and she was not liable for its payment. Fecko v. Tarczynski,. 281 Mich. 590,275 N. W. 502 (1937).
Bills And Notes - Liability Of "Irregular Lndorser" Of Chose In Action, Gerald L. Stoetzer
Bills And Notes - Liability Of "Irregular Lndorser" Of Chose In Action, Gerald L. Stoetzer
Michigan Law Review
Trustee bank, for the purpose of refinancing a mortgage on trust property, executed a trust deed and instrument, designated as the "principal note," which disclaimed personal liability of trustee and beneficiaries, expressly providing that the sole remedy upon default of payment of "note" or interest installment should be by foreclosure of the trust deed. Before delivery, the beneficiaries of the trust indorsed the "note" though not parties thereto. Upon default the holder brought this action against one of the beneficiaries on his anomalous indorsement. Held, (1) that the "note" was a mere chose in action; (2) that an irregular …
Bills And Notes - Execution By Uauthorized Representative - Effect Of Knowledge By Payee, Erwin B. Ellmann
Bills And Notes - Execution By Uauthorized Representative - Effect Of Knowledge By Payee, Erwin B. Ellmann
Michigan Law Review
Payee accepted defendant's promissory note, executed as guardian, and agreed not to hold him personally accountable. Though familiar with all material facts, the parties mutually mistook defendant's authority to bind the estate of his ward, and when such lack of authority was discovered, plaintiff sued on the instrument for personal judgment. Held, the maker is not liable, since Section 20 of the Negotiable Instruments Law will not be allowed to override the intention of the parties declared at the time of issuance of the instrument.Annis v. Pfeiffer, 278 Mich. 692, 271 N. W. 568 (1937).
Mortgages - Subrogation Of One Whose Loan Is Used To Pay A Senior Mortgage, Theodore R. Vogt
Mortgages - Subrogation Of One Whose Loan Is Used To Pay A Senior Mortgage, Theodore R. Vogt
Michigan Law Review
S mortgaged the property in question to U, then conveyed the land and certain water rights to H, who gave a second mortgage on the land to M. Thereafter H conveyed the land and water rights to F, who borrowed from Z funds to retire the first mortgage, giving to Z a mortgage which it was agreed between F and Z should be a first mortgage, and transferring to Z the water rights as additional security. In an action by M to foreclose, held, Z was entitled to subrogation to the position of first mortgagee …
Mortgages - Deed In Lieu Of Foreclosure - Validity, Elbridge D. Phelps
Mortgages - Deed In Lieu Of Foreclosure - Validity, Elbridge D. Phelps
Michigan Law Review
Depression years have brought to the fore a question much controverted in the early law, but now said to have become settled. That question regards the effect and efficacy of a conveyance of the mortgaged land, or a transfer of the equity of redemption, by the mortgagor to his mortgagee. It seems to have been cheerfully assumed by some lawyers, and by laymen in general, that in the absence of liens subsequent to the mortgage, the procedure is perfectly safe and proper in every case. It is the purpose of this discussion, however, to point out certain dangers inherent in …
Trusts -Tracing Principles Applicable Where Funds Of Two Or More Cestuis Are Wrongfully Commingled, Michigan Law Review
Trusts -Tracing Principles Applicable Where Funds Of Two Or More Cestuis Are Wrongfully Commingled, Michigan Law Review
Michigan Law Review
Public funds of a school district, of the village of Vassar, and of ten other municipalities were deposited in defendant bank without securing the deposit bond required by statute. After defendant bank had been declared insolvent, the school district intervened and sought to have the amount of its deposit impressed upon the cash assets of the bank as a trust, on the ground that the bank became a trustee ex maleficio. The total of the illegal deposits was greater than the cash on hand and the credits established in solvent correspondent banks at the time the receiver took over the …
Banks And Banking - Countermand Of Bank Drafts, Michigan Law Review
Banks And Banking - Countermand Of Bank Drafts, Michigan Law Review
Michigan Law Review
Plaintiff purchased of defendant bank its draft on a correspondent bank, made payable to the order of the plaintiff, who indorsed it to a third party in part payment on a contract. Six days later, deciding that the contract was tainted with illegality, plaintiff requested defendant bank to stop payment on the draft. Defendant refused to do so unless the plaintiff posted a bond. A few days later the draft was paid. Plaintiff sought damages for defendant's refusal. Held, that although defendant bank could have countermanded the draft if it so chose, it was under no duty to do …
Basic Monetary Conceptions In Law, Arthur Nussbaum
Basic Monetary Conceptions In Law, Arthur Nussbaum
Michigan Law Review
While in various periods of American legal history American courts have been confronted with problems of a monetary character, the importance and multiplicity of these questions have never been more strongly felt than within the last few years, and there is certainly no indication that this situation will change in the near future. The jural difficulties arising from monetary troubles are unusual, not only because of their financial and social implications, but also because of their theoretical intricacies. No wonder, therefore, that arguments advanced by courts in cases of a monetary nature are very often highly unsatisfactory. Again and again, …
Banks And Banking - Collections - Trust Or Debt, Michigan Law Review
Banks And Banking - Collections - Trust Or Debt, Michigan Law Review
Michigan Law Review
A certificate of deposit issued by A bank and owned by plaintiff was presented for collection in a routine clearance transaction between defendant bank and A bank. A bank paid for the several items presented with other items and a draft. The draft was dishonored. After both banks closed, defendant bank collected the amount of the draft from A bank as a preferred claim. Plaintiff seeks full payment of the certificate of deposit. Held, payment terminated the agency for collection and gave rise to a debtor-creditor relation, and, for this purpose, payment by draft was equivalent to any other …
Exemptions - "Implements Of The Debtor's Trade", Jacob L. Keidan
Exemptions - "Implements Of The Debtor's Trade", Jacob L. Keidan
Michigan Law Review
In an action for conversion by wrongful attachment, it was held that printing equipment constituted "implements of the debtor's trade" within the meaning of the exemption statute. Flaxman v. Capitol City Press, 121 Conn. 423, 185 A. 417 (1936).
Principal And Agent - Imputing Knowledge Of Agent To His Principal, Michigan Law Review
Principal And Agent - Imputing Knowledge Of Agent To His Principal, Michigan Law Review
Michigan Law Review
Harriman, acting for himself, by fraudulent misrepresentation obtained some collateral from the plaintiff. He pledged these securities through a dummy corporation to the Harriman National Bank & Trust Co., of which he was president at that time, and over which he exercised considerable control. The loan was formally approved by the loan committee of the bank. Held, plaintiff could recover his collateral because the agent's knowledge of the fraud was imputed to the bank. Munroe v. Harriman, (C. C. A. 2d, 1936) 85 F. (2d) 493, affirming (D. C. N. Y. 1935) 16 F. Supp. 341.
Trusts - When Is The Beneficiary Of A Trust A Necessary Party In A Proceeding Involving The Trust Estate, Charles William Allen
Trusts - When Is The Beneficiary Of A Trust A Necessary Party In A Proceeding Involving The Trust Estate, Charles William Allen
Michigan Law Review
Two recent cases present the problem of the power of the trustee to represent the beneficiary in proceedings involving the trust estate. In Hood v. Cannon, arising in South Carolina, the trustee of an estate, upon merger of A bank into B bank, had applied to the probate court for permission to exchange A bank stock, held by the estate, for B bank stock. The court authorized the exchange in an ex parte proceeding to which the beneficiaries were not parties. B bank later failed, and the commissioner of banks brought suit against the defendant, the successor trustee, to …
Effect Of Pledgee's Breach Of Duty On Existence Of The Debt, William H. Farnham
Effect Of Pledgee's Breach Of Duty On Existence Of The Debt, William H. Farnham
Michigan Law Review
When A borrows money from B, and transfers to B possession of A's chattel as pawn, it will be observed at once that B, the pledgee, has become the owner of two things: (a) a contract right or debt against A ; (b) a pledgee's interest in or lien upon the pawn. If the pledgee thereafter, but before payment of the debt, is guilty of a breach of duty in his dealing with the pawn, problems present themselves as to the effect of the pledgee's wrongful conduct on the existence and ownership of the debt and of …
Principal And Surety - Fidelity Bonds - Effect Of Failure To Make Disclosures Regarding Bonded Employees, Francis T. Goheen
Principal And Surety - Fidelity Bonds - Effect Of Failure To Make Disclosures Regarding Bonded Employees, Francis T. Goheen
Michigan Law Review
The defense on a fidelity bond given by the cashier was the failure of the officers of the obligee bank to disclose that prior to the execution of the bond the bank examiner had discovered and advised the officers that the cashier had, without the knowledge and consent of the officers and directors, become indebted to the bank in the. sum of $889.60 by paying his own checks drawn on the bank. When the overdraft was called to his attention the cashier immediately repaid the bank. The surety insisted that despite the fact that the officers of the bank may …
International Law - Recognition Of Soviet Russia - Extraterritorial Effect Of Decrees Of Confiscation And Nationalization
Michigan Law Review
The Moscow Fire Insurance Company, the Northern Insurance Company of Moscow, and the First Russian Insurance Company were incorporated in Russia under the Czarist regime, and given authority to do business in New York. Deposits were made in New York for the benefit of policy holders and creditors in this country. Subsequent to the revolution in Russia and the Soviet decrees nationalizing all Russian corporations and confiscating without compensation such corporations' assets in Russia and abroad, these deposits were turned over to the New York State Insurance Commissioner for liquidation. Large sums remained after domestic claims were satisfied and the …
Constitutional Law - Due Process - Bank Receiving Deposits During Insolvency
Constitutional Law - Due Process - Bank Receiving Deposits During Insolvency
Michigan Law Review
An Ohio statute provided that an officer of a bank who received a deposit therein "when he has knowledge that it is insolvent" shall be subject to criminal liability. The defendant, a director of a state bank, was indicted under the statute for receiving deposits therein knowing the bank to be insolvent. The court of appeals reversed a decision of the common pleas court dismissing the defendant. On appeal the defendant contended that the statute violated the due process clause of the Fourteenth Amendment of the Federal Constitution in that the use of the word "insolvent," without providing a definition …
Bills And Notes-Negotiability Of Bonds Issued By Massachusetts Trust
Bills And Notes-Negotiability Of Bonds Issued By Massachusetts Trust
Michigan Law Review
In a replevin action to recover stolen bonds, held that the exclusion of the personal liability of the issuing trustees rendered the instruments nonnegotiable, Lorimer v. McGreevy, (Mo. APP. 1935) 84 S. W. (2d) 667.
Unforgetable Knowledge, Maurice H. Merrill
Unforgetable Knowledge, Maurice H. Merrill
Michigan Law Review
In another article, the writer had occasion to analyze the concept of notice. He there called attention to the fact that in some instances the existence of notice depends upon awareness by the person to be charged, either of the ultimate facts or of circumstances placing him upon inquiry thereof, while in other cases notice exists entirely independent of such awareness. To characterize notice of the first class he suggested the term "cognitive notice," applying to the latter the designation "absolute notice."
Bills And Notes-Holders In Due Course-Effect Of Knowledge Of Executory Character Of Consideration
Bills And Notes-Holders In Due Course-Effect Of Knowledge Of Executory Character Of Consideration
Michigan Law Review
In an action on a promissory note the plaintiff claimed, as a holder in due course, to be free from the defense of failure of consideration. When the plaintiff acquired the note it was physically attached to a conditional sales contract by the terms of which the payee was to furnish the maker with an oil burner which in truth was never furnished, this being the claimed failure of consideration. Breach of the sales contract apparently took place after the plaintiff acquired the note. Held, plaintiff, having knowledge of the terms of the contract, was not a holder in …
Banks And Banking-National Banks Subject To State Statute Providing Reward For Finders Of Lost Goods
Banks And Banking-National Banks Subject To State Statute Providing Reward For Finders Of Lost Goods
Michigan Law Review
Plaintiff found $105,000 hidden in a roadside junk heap. The money had been stolen from defendant national bank in an early morning hold-up, and cached by the robbers in the rubbish pile, With the police, plaintiff returned the money to the bank. Plaintiff then sued the bank for a ten per cent reward provided by an Iowa statute for the return of "lost goods." The Supreme Court of Iowa reversed a decision that the statute did not apply to stolen money. In a rehearing, defendant put in an amended plea that the statute could not impose any liability on national …
Bills And Notes--Conditions-Negotiable Despite Reference To Trust Agreement
Bills And Notes--Conditions-Negotiable Despite Reference To Trust Agreement
Michigan Law Review
Bonds, stolen from the owner, were subsequently acquired by a bona fide purchaser who received payment from the obligor. The owner sued the obligor on the ground that the bonds were non-negotiable. The first paragraph in each bond contained an unconditional promise to pay. The second and third paragraphs contained the following clauses: "This bond is one of a series . . . executed and delivered in accordance with and subject to the provisions of the Trust Mortgage hereinafter referred to and in pursuance of resolutions of stockholders. . . . The payment of this bond and of the coupons …
Constitutional Law-Application Of Joint Resolution Of Congress To Gold Clause In Bonds Of Corporations Of Other Countries
Michigan Law Review
Plaintiff, a South American corporation, brought suit to recover on bearer bonds of a Finland corporation sold to plaintiff in New York. The bonds contained the stipulation that they were to be paid "in gold coin of the United States of America of the standard of weight and fineness as it existed on July 1, 1924." Both the principal and interest on these bonds were payable in New York. Held, the Congressional Joint Resolution declaring gold clauses in obligations to be against public policy and providing for discharging such obligations on payment, dollar for dollar, of legal tender coin, …
Banks And Banking-Constitutional Validity Of Statutes Allowing Reorganization Of Insolvent Bank
Banks And Banking-Constitutional Validity Of Statutes Allowing Reorganization Of Insolvent Bank
Michigan Law Review
A statute of Mississippi permitted the reopening of a closed bank, for the purpose of paying off creditors, upon terms proposed by three-fourths of the bank's creditors. The statute required that the proposition of the creditors be approved by the state superintendent of banks and confirmed by the court of chancery. Dissenting creditors opposed such a plan on the ground that the statute was unconstitutional because it impaired the obligation of contracts, and was contrary to the due process clause of the Federal Constitution. The court held that the statute was valid, that all it did was to change the …
Assignments -Validity Of Gratuitous Written Assignment
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 …
The Banking Act Of 1935, Harold James Kress
The Banking Act Of 1935, Harold James Kress
Michigan Law Review
The purpose of this article is to consider in a non-technical manner the principal changes in federal central and commercial banking law which have been brought about by the enactment of the Banking Act of 1935, and in that connection to take some account of the preexisting law and the announced or ostensible reasons for the changes made.