Banking and Finance Law Commons^™

Industrial And Commercial Loans And Guarantees For New Or Expanding Business Under The Public Works And Economic Development Act Of 1965, James M. Roberts

West Virginia Law Review

In his pivotal primary victory over Hubert Humphrey, President John F. Kennedy pledged that he would lend vigorous assistance to the impoverished coal mining regions of West Virginia to alleviate their economic distress. In fulfillment of this pledge, Congress passed and President Kennedy signed into law in May, 1961, the Area Redevelopment Act in order to "establish an effective program to alleviate conditions of substantial and persistent unemployment and underemployment in certain economically distressed areas." The Area Redevelopment Act created an experimental pilot program within the Department of Commerce to accomplish the above purpose through a system of government loans …

Why Benedict V. Ratner?, Thomas C. Gordon, Jr.

Washington and Lee Law Review

No abstract provided.

Negotiable Instruments--Defense Available Against Holder In Due Course, John Ralph Lukens

West Virginia Law Review

No abstract provided.

Trusts - Constructive Trusts - Preferential Claim Against Bank's Assets For Deposits Made After Hopeless Insolvency, James W. Deer

Michigan Law Review

On proclamation by the governor of the so-called bank holiday, the Union Guardian Trust Company was closed as of February 11, 1933. The evidence showed that within nine months of closing the company had made provision for obtaining $2,500,000 by pledging assets, had received loans amounting to $12,000,000 from the Reconstruction Finance Corporation, and was conferring frequently with the officers of· that agency to negotiate an additional $44,000,000 loan. Under the authority of emergency legislation passed after the bank holiday, a conservator was appointed. By the plan of reorganization all the assets of the company were set aside in a …

The Maturity Of Certificates Of Deposit And Promissory Notes Payable On Demand, Orrin B. Evans

Michigan Law Review

In one form or another a dozen cynics have voiced the sentiment that "speech exists to conceal thoughts." Perhaps because language is too intimately integrated with their livelihood, the lawyers have not generally admitted the assertion. However, in the interpretation of written instruments their brethren on the bench have at times so far disregarded the literal meaning of the words under consideration that one must suspect they secretly approve.

Promissory notes "payable on demand" furnish an illustration. Many cases testify that the true intention of the maker is to create an obligation due immediately and that an action to collect …

Contracts - Effect Of Fail Ure Of Performance In An Aleatory Contract, Michigan Law Review

Michigan Law Review

Plaintiff held a note of defendant's husband, long overdue. Defendant promised to guarantee payment of her husband's note, in consideration of plaintiff's promise to lend her money. Thereafter plaintiff, in breach of its promise, refused defendant a loan. Defendant immediately repudiated the contract. Plaintiff sued on the contract to recover the amount of the note with interest. Held, the promises were dependent; plaintiff's refusal to make the loan was a material breach of its promise, and excused defendant from further performance under the contract. People's Trust & Savings Bank v. Wassersteen, (Wis. 1937) 276 N. W. 330.

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.

Bills And Notes - Incorporation By Reference - Clause In Mortgage Limiting Bondholder's Right To Sue On Bond

Michigan Law Review

Plaintiff, a holder, sued for the principal of and interest on matured bearer bonds which were part of an issue secured by a trust mortgage. Each bond, which was otherwise negotiable, recited that it was secured by a mortgage, "to which indenture reference is hereby made for a statement of the rights of the holders of said bonds." The mortgage provided that all rights of action on the bonds were vested in the trustee and that no bondholder could sue on the primary indebtedness until he had fulfilled certain prerequisites relative to giving the trustee an opportunity to sue. These …

Bills And Notes -What Negligence Of The Drawer Will Enable The Drawee To Charge The Drawer's Account When The Indorsement Of The Payee Is Forged

Michigan Law Review

Plaintiff is the executor of a person who, in his capacity as treasurer of a voluntary loan association, issued a check on the association's account in the defendant bank, supposedly for a loan to a member of the association. The check, when paid, bore what purported to be the indorsement of the payee, and the signature of the president of the loan association. The supposed borrower denied the loan and his signature on the note in July, 1927, and asked to see the check, which he was shown after some months. He denied executing the indorsement and the defendant bank …

Equity--Use Of Injunction Against Criminal Social Evil--Loan Sharks, Elizabeth H. Simonton

West Virginia Law Review

No abstract provided.

Equity--Showing A Deed Absolute On Its Face To Be A Mortgage--Effect Of Illegality In Transaction, James A. Mcwhorter

West Virginia Law Review

No abstract provided.

Bills And Notes -- Principal And Agent--Payment To Agent Of Drawer Upon Indorsement Forged By The Agent

Michigan Law Review

A was an agent of P for the purpose of securing applications for loans and disbursing the money to the borrowers. The custom was for P, after approving the application, to send to A a check drawn on D bank, payable to the joint order of A and the borrower. It was also the custom for A, in following out the course of dealing outlined by P, to secure the borrower's indorsement, add his own, deposit the check to an agency account in X bank, and then pay out the money to the borrower by personal checks on his agency …

Contracts--Usury--Commission For Securing Loans, Anne Slifkin

West Virginia Law Review

No abstract provided.

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 …

Book Reviews

Michigan Law Review

A collection of book reviews by multiple authors.

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 …

Leyes Y Decretos Referentes A La Emisión De Bonos De Empréstito De 50.000,000 De Pesos En Inversión Nombramiento De La Comisión De Examen Y Calificación De Adeudos Del Estado E Instrucciones Para Su Ejecución, República De Cuba. Senado

Mario Diaz Cruz Pamphlets

Publicados en la "Gaceta Oficial" de 15 y 27 de Septiembre, 18 y 26 de Octubre, Extraordinaria de 9 de Octubre; y 25 y 27 de Octubre de 1922, Respectivamente.

Financial Details, Kent Memorial, Edwin C. Goddard

Articles

The following is a statement, with such details as I should think would answer the purposes of other chapters, of the ways and means adopted for securing the present building just completed at Ann Arbor.