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Articles 361 - 390 of 475
Full-Text Articles in Banking and Finance Law
Recent Important Decisions
Michigan Law Review
A collection of recent important court decisions.
Corporations-Debts In Excess Of Statuatory Limit
Corporations-Debts In Excess Of Statuatory Limit
Michigan Law Review
Business Corporations generally have the power to borrow money for the purpose of their ordinary business, and to give the customary evidence of the debt and security therefor. Such power can be limited only by statute or by the charter. Statutes frequently provide that corporations should not incur indebtedness in excess of some particular stated amount, usually a certain proportion of the capital stock. A recent Nebraska case allowed the lender full recovery from the guarantor of corporate notes given in exchange for a loan in excess of the statutory limit, holding that excessive indebtedness does not necessarily invalidate contract …
Recent Important Decisions
Michigan Law Review
A collection of recent important court decisions.
Mortgages-Sale Under Trust Deed Mortgage For Inadequate Price-Effect
Mortgages-Sale Under Trust Deed Mortgage For Inadequate Price-Effect
Michigan Law Review
The defendant, administrator of the estate of the mortgagee, bought the mortgaged property at the foreclosure sale for one thousand dollars. He bought for himself and not for the estate. He sold the property to a third party for three thousand five hundred dollars. The plaintiff mortgagor brought this suit to compel the defendant to account for the two thousand five hundred dollar difference between the price he paid for the property, and the amount he received for it, allowing a credit for the amount still due on the plaintiff's note-two thousand dollars. Held, where, as in this case, …
The Rule, The Principle, The Standard In Fluctuating Exchange, Joseph H. Drake
The Rule, The Principle, The Standard In Fluctuating Exchange, Joseph H. Drake
Michigan Law Review
Three methods of solution of the problems of damages in fluctuating exchange have evolved out of the welter of conflicting decisions and the hubbub of contradictory discussions during the reconstruction period of the last decade. The use of the rule and of the principle have been advocated with much vigor and acumen, and there have been some suggestions that we might be driven to resort to an equitable standard as a means of solving the difficulties.
Bills And Notes-Discharge-What Is "Renunciation."
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
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 …
Imprisonment For Debt, Richard Ford
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 …
The Doctrine Of Price V. Neal, Ralph W. Aigler
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
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 …
The Reckoning Of Damages In Fluctuating Exchange, Joseph H. Drake
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
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
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 …
"Current Funds" As "Money" In Commercial Paper
"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
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
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.
Recovery Of Property From Alien Property Custodian
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.