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Articles 571 - 600 of 637

Full-Text Articles in Bankruptcy Law

The Trustee And The N.L.R.B. - The Administration Of Labor Contracts In Straight Bankruptcy And Corporate Reorganization, S. Strother Smith Iii, Allan Zaleski May 1966

The Trustee And The N.L.R.B. - The Administration Of Labor Contracts In Straight Bankruptcy And Corporate Reorganization, S. Strother Smith Iii, Allan Zaleski

William & Mary Law Review

No abstract provided.


Federal Priority Statute Gives United States Nontax Priority In Chapter X Corporate Reorganizations-United States V. Anderson, Michigan Law Review Mar 1965

Federal Priority Statute Gives United States Nontax Priority In Chapter X Corporate Reorganizations-United States V. Anderson, Michigan Law Review

Michigan Law Review

In a proceeding under Chapter X of the Bankruptcy Act for the reorganization of an insolvent corporation, the United States claimed first priority for nontax debts under the federal priority statute, Revised Statutes § 3466. The trustee of the corporation contested the claim to priority on the ground that section 199 of Chapter X, which in effect provides the United States in Chapter X proceedings with priority only for tax and customs claims, is exclusive and therefore R.S. § 3466 does not apply. The district court denied the claim to priority. On appeal to the Court of Appeals for the …


Abstracts Of Recent Cases, Boyd Lee Warner Ii Dec 1963

Abstracts Of Recent Cases, Boyd Lee Warner Ii

West Virginia Law Review

No abstract provided.


Corporations - Promotion - Discharge Of Promoter's Liability As Bidder At A Bankruptcy Sale, John Morrow Mar 1957

Corporations - Promotion - Discharge Of Promoter's Liability As Bidder At A Bankruptcy Sale, John Morrow

Michigan Law Review

On October 1, defendant made the high bid at a bankruptcy sale of hotel properties as "Mr. Ash, trustee." Later that same day a certificate of incorporation was executed for a corporation with Ash as treasurer. On October 4 the proper corporate papers were filed with the secretary of state. On October 4 the receivers receipted for the earnest money deposit, the instrument acknowledging, as interpreted by the court, that the receivers would look to the corporation to complete the contract and would not look to Mr. Ash personally. On October 14, the referee confirmed the sale to "Mr. Ash, …


Section 4 Of The Bankruptcy Act: The Excluded Corporations, Michael I. Sovern Jan 1957

Section 4 Of The Bankruptcy Act: The Excluded Corporations, Michael I. Sovern

Faculty Scholarship

Section 4 of the Bankruptcy Act excludes from both voluntary and involuntary bankruptcy municipal, railroad, insurance and banking corporations and building and loan associations, and excludes from involuntary bankruptcy corporations that are not "moneyed, business or commercial." The exclusion of railroad and municipal corporations lost much of its significance when special reorganization provisions were enacted for those corporations. Insurance and banking corporations and building and loan associations, on the other hand, are excluded from the Bankruptcy Act's corporate reorganization chapters as well as from straight bankruptcy; and creditors can no more compel a corporation that is not moneyed, business or …


Business Associations -- 1955 Tennessee Survey, Paul J. Hartman Aug 1955

Business Associations -- 1955 Tennessee Survey, Paul J. Hartman

Vanderbilt Law Review

Nature and Formation of Partnerships: The question whether a contract sued on was a partnership arrangement so as to be cognizable only in equity was considered by the Tennessee Court of Appeals in Powel v. Bundy.' There Bundy, a real estate broker, sued Powell on the lawside to recover $500, alleged to be plaintiff's one-half share of a commission earned by their joint efforts in selling a tract of real estate, but which commission had been collected and wrongfully retained by defendant. Among other defenses interposed was defendant's contention that the contract sued on was that of a partnership arrangement …


Federal Procedure-Applicability Of State Decisional Law Interpreting State Statutes Of Limitations Under Section 11 (E) Of The Bankruptcy Act, Charles E. Oldfather S.Ed Apr 1953

Federal Procedure-Applicability Of State Decisional Law Interpreting State Statutes Of Limitations Under Section 11 (E) Of The Bankruptcy Act, Charles E. Oldfather S.Ed

Michigan Law Review

Plaintiff is the trustee in bankruptcy of a Virginia corporation whose petition for reorganization under chapter X of the Bankruptcy Act was approved by a Virginia federal district court in 1942. Plaintiff filed this action in a New York federal district court under section 11 (e) of the Bankruptcy Act against defendant, the principal stockholder, and others for breach of fiduciary duty. The alleged breaches of duty occurred in 1927 and 1929. The defendant pleaded the New York statute of limitations and contended that it should be applied as interpreted by New York decisions, which hold that the statute begins …


Taxation-Federal Income Tax-Status Of Payment Of Corporate Liability By Stockholder Subsequent To Liquidation, George V. Burbach S.Ed. Mar 1953

Taxation-Federal Income Tax-Status Of Payment Of Corporate Liability By Stockholder Subsequent To Liquidation, George V. Burbach S.Ed.

Michigan Law Review

Petitioners, from 1937 to 1940, received distributions from the liquidation of a corporation of which they were stockholders and reported the profits thus obtained, classifying them as capital gains pursuant to I.R.C., §115. In 1944, a judgment was rendered against the corporation. Petitioners, as transferees, paid the judgment and took a deduction of 100 per cent, classifying the amount paid as an ordinary business loss. The Commissioner took a contrary position, and held the payment a capital loss. The Tax Court upheld the petitioners' contention but the court of appeals reversed. On appeal, held, affirmed, three Justices dissenting. The …


Corporations-Dissolution -Rights Of Members Of Nonprofit Corporation On Distribution Of Assets, John W. Hupp S.Ed. Feb 1953

Corporations-Dissolution -Rights Of Members Of Nonprofit Corporation On Distribution Of Assets, John W. Hupp S.Ed.

Michigan Law Review

Defendant association was incorporated in 1921 on a nonstock basis for the purpose of maintaining a club for social enjoyment. The association never maintained such a club, however, but rather operated a plan whereby "funeral benefits" were paid to the heirs of deceased members. At a special meeting on March 7, 1946, a plan was adopted for final distribution of the assets of the association among its members "on a basis for each month a member has been a member of the association." At a subsequent meeting, the members unanimously adopted a resolution to divide the association funds among its …


Federal Procedure-Venue Of Corporations-Applicability Of 28 U.S.C. §1391(C) To Plaintiff Corporations, Charles E. Oldfather S.Ed. Jan 1953

Federal Procedure-Venue Of Corporations-Applicability Of 28 U.S.C. §1391(C) To Plaintiff Corporations, Charles E. Oldfather S.Ed.

Michigan Law Review

Plaintiff, trustee in bankruptcy of a Delaware corporation, brought a contract action based on diversity of citizenship in an Ohio district court. Defendant is a partnership, whose partners are all residents of states other than Delaware. Defendant moved to dismiss the action on the ground that venue was improperly laid. The court, relying on 28 U.S.C. §139I(c), held: motion to dismiss overruled. "Since the district where plaintiff is doing business . . . is the 'residence of the corporation for venue purposes,' this action may be properly maintained here [Ohio].'' Hadden v. Barrow, Wade, Guthrie & Co., (D.C. …


Corporations, Parnerships And Bankruptcy, Charles E. Nadler Dec 1951

Corporations, Parnerships And Bankruptcy, Charles E. Nadler

Mercer Law Review

In that field of "business" law that is generally encompassed by the subjects of Bankruptcy, of Corporations, and of Partnerships, our survey year discloses the following current amendments to existing statutes, and the several cases decided by the appellate courts of Georgia.


Corporations, Parnerships And Bankruptcy, Charles E. Nadler Dec 1950

Corporations, Parnerships And Bankruptcy, Charles E. Nadler

Mercer Law Review

In the field of Georgia Corporation Law some changes of significance were made during the survey year by amendments to the Corporation Act of 1938 and in the public revenue laws relating to the rate and method of computation of corporate taxes.


Corporations-Right Of Directors To Enforce At Face Value Claims Against The Corporation Purchased At A Discount During Insolvency, Robert H. Frick S.Ed. Jun 1950

Corporations-Right Of Directors To Enforce At Face Value Claims Against The Corporation Purchased At A Discount During Insolvency, Robert H. Frick S.Ed.

Michigan Law Review

From 1942 to the initiation of bankruptcy proceedings the assets of the debtor corporation were insufficient to pay its liabilities, and, with the exception of 1945, it operated at a deficit. In 1946 the assets of the corporation were sold, and the debtor filed a petition under Chapter XI of the Bankruptcy Act Prior to the filing of the petition, but during the period of insolvency, the respondents, the sister, mother, and a personal friend of a director, acquired debenture bonds of the corporation, primarily from over-the-counter dealers, at 3% to 14% of face value, the aggregate cost being $10,000. …


Fiduciary Duty Owed Creditors By Director Of Insolvent Corporation Jan 1950

Fiduciary Duty Owed Creditors By Director Of Insolvent Corporation

Indiana Law Journal

Recent Cases: Corporations


Bankruptcy-Corporate Reorganization-Power Of Court To Order Interim Payments While Petition Is Pending Under Chapter X Of Bankruptcy Act, William F. Snyder S.Ed. Nov 1949

Bankruptcy-Corporate Reorganization-Power Of Court To Order Interim Payments While Petition Is Pending Under Chapter X Of Bankruptcy Act, William F. Snyder S.Ed.

Michigan Law Review

A petition for reorganization was filed, pursuant to Chapter X of the Chandler Act, October 3, 1947, which was adjudged on the same day to be in good faith and within the terms of the act. The corporation was clearly solvent, in the sense that its assets exceeded its liabilities, but needed financial adjustment to meet the principal on outstanding income notes due the following June. Thereafter, and before a plan was approved, the court entered an order directing the trustee of the debtor to pay 6% to the holders of the first mortgage bonds as an interim distribution to …


Corporations-Insolvency-Corporate Officers As Preferred Wage Claimants, E. C.V. Greenwood Mar 1948

Corporations-Insolvency-Corporate Officers As Preferred Wage Claimants, E. C.V. Greenwood

Michigan Law Review

A closed corporation, soon after its formation, executed an assignment for the benefit of creditors. One of the large creditors objected to a preferred wage claim allowed by the assignee to a vice-president and director of the assignor, the officer who had in fact been instrumental in executing the assignment. The claim was for wages amounting to two hundred fifty dollars for alleged manual work for the assignor prior to the assignment and was granted by the assignee on the theory that preferential treatment was authorized by the New York debtor and creditor statutes. The applicable statute reads as follows: …


The Effect Of The National Bankruptcy Code Upon The Uniform Business Corporations Act, Jennings P. Felix Feb 1948

The Effect Of The National Bankruptcy Code Upon The Uniform Business Corporations Act, Jennings P. Felix

Washington Law Review

The Federal Constitution provides that Congress shall have the power to establish uniform bankruptcy laws. This does not deprive the states of their power to enact insolvency laws but merely suspends the operation of such laws where enforcement would conflict with the Federal Act. Whether an insolvency statute is considered a bankruptcy act depends on whether the debtor is given an absolute discharge. The whole of the state act or merely the discharge portion may be invalid depending upon whether its other sections are inseparably interlaced with the discharge provision. If the highest court of the state declares its discharge …


Corporations-Extent Of Powers To Dispose Of Property In Winding Up Its Affairs Under Statutes Extending Corporate Existence, Joseph R. Brookshire S.Ed. Apr 1946

Corporations-Extent Of Powers To Dispose Of Property In Winding Up Its Affairs Under Statutes Extending Corporate Existence, Joseph R. Brookshire S.Ed.

Michigan Law Review

According to the common law a dissolved corporation ceased to exist for all purposes. Whether the dissolution was voluntary or involuntary, the effect of the dissolution was to deprive the corporation of all powers either de jure or de facto. It was necessary, therefore, that corporations facing dissolution proceed without delay toward a final liquidation and distribution of assets. Disregarding the old theory that personal property of dissolved corporations escheated to the state, and that its real estate reverted to the original granter or his heirs, and that debts due the corporation were extinguished, it is still apparent that hurried …


Bankruptcy--Six Months Rule--Application Of The Rule To Private Corporations, Samuel D. Estep S.Ed. Feb 1946

Bankruptcy--Six Months Rule--Application Of The Rule To Private Corporations, Samuel D. Estep S.Ed.

Michigan Law Review

The debtor, being reorganized under chapter 10 of the Bankruptcy Act, was a hotel corporation which owned and operated a hotel in Albany. The reorganization plan which was approved below is being challenged for the reason, among others, that the plan gives preference to certain unsecured creditors. These creditors had furnished supplies to the hotel for a short time before the receiver was appointed in the foreclosure suit which precipitated the bankruptcy proceeding. The trustee allowed the priority on the ground that the supplies were necessary to keep the hotel a going concern and that the six months rule, applicable …


Corporations - Rights Of Action By The Representative Of Corporate Creditors - Effect Of Corporate Assent, Edward W. Adams Jun 1942

Corporations - Rights Of Action By The Representative Of Corporate Creditors - Effect Of Corporate Assent, Edward W. Adams

Michigan Law Review

By various acts the directors and officers of a corporation--its agents for the conduct of corporate business--may wrong the corporation or make possible a wrong to the corporation or to the body of corporate stockholders. When the corporation becomes involved in insolvency proceedings, in order to make available to creditors as many assets as possible, the receiver or trustee in bankruptcy determines whether some cause of action will lie to recover damages or property, or whether he may successfully defend to preserve assets. If the corporation itself could have been successful in the litigation, the solution would be easy because …


Holding Company Act - "Fair And Equitable" Plan, Michigan Law Review Nov 1941

Holding Company Act - "Fair And Equitable" Plan, Michigan Law Review

Michigan Law Review

Should the words "fair and equitable" in section II (e) of the Holding Company Act be construed differently than the same words in section 77 B of the Bankruptcy Act? The Securities and Exchange Commission faced this question in disposing of a proposed plan of merger involving Utility Operators Company and subsidiaries. A divided commission gave an affirmative answer to the above question, holding "fair and equitable" in the Holding Company Act to permit relative priority. This holding merits particular interest since the United States Supreme Court has held the same words as used in section 77B permitted only absolute …


Bankruptcy - Corporate Reorganization - Absolute Priority Rule, Kenneth J. Nordstrom May 1941

Bankruptcy - Corporate Reorganization - Absolute Priority Rule, Kenneth J. Nordstrom

Michigan Law Review

-A plan for reorganization under section 77B of the Bankruptcy Act involved a debtor holding company and two subsidiaries. Each subsidiary had a bonded indebtedness which, including unpaid accrued interest, was in excess of the value of assets that were s


Bankruptcy - Sufferance Of Turnover Order As An Act Of Bankruptcy, John C. Johnston Apr 1941

Bankruptcy - Sufferance Of Turnover Order As An Act Of Bankruptcy, John C. Johnston

Michigan Law Review

A parent corporation formed a subsidiary corporation in 1932, and transferred to the subsidiary certain of its assets. In 1938 the parent filed a voluntary petition in bankruptcy and was adjudicated a bankrupt. Over a year later the referee entered a turnover order requiring the subsidiary to transfer to the parent's trustee all of its assets on the ground that the original transfer was void as being in fraud of creditors, and on the further ground that the subsidiary was in fact the "alter ego" of the parent corporation. Three days after this order was issued, creditors of the subsidiary …


Bankruptcy-Corporate Reorganization-Publicly Held Securities As A Test Of Availability Of Relief Under Chapters X And Xi Of The Chandler Act, Edward S. Biggar Nov 1940

Bankruptcy-Corporate Reorganization-Publicly Held Securities As A Test Of Availability Of Relief Under Chapters X And Xi Of The Chandler Act, Edward S. Biggar

Michigan Law Review

Chapter X of the amended Bankruptcy Act of 1938 was mainly the product of the investigation by the Securities and Exchange Commission of reorganization practices under the old equity procedure and under section 77B. The chief aim of the sponsors of this new chapter was to preclude the control of reorganization proceedings by "inside" groups, and thereby more adequately protect the interests of investors. Contemporaneously with the overhauling of section 77B, however, other sections of the old Bankruptcy Act were being revised. Among the changes effected, old sections 12 and 74, dealing with extensions and compositions, were remodelled and combined …


Corporations - Limitation Of Actions - Nature Of Directors' Statutory Liability For Illegal Loans To Stockholders, Oscar Freedenberg Jun 1940

Corporations - Limitation Of Actions - Nature Of Directors' Statutory Liability For Illegal Loans To Stockholders, Oscar Freedenberg

Michigan Law Review

The creditors of a bankrupt corporation sued its directors under a New Jersey statute that made the directors liable for all corporate debts to the extent of loans illegally made to stockholders. The decision hinged on the nature of the directors' liability with respect to the New Jersey statute of limitations. The directors maintained that the action was either for a contractual debt or else for a penalty, and that in either case it was barred by limitations. Held, that the liability of the directors was neither for a simple debt nor for a penalty within the meaning of …


Corporations - Reorganization - Effect Of Forfeiture Of Charter, Edward S. Biggar Apr 1940

Corporations - Reorganization - Effect Of Forfeiture Of Charter, Edward S. Biggar

Michigan Law Review

The charter of a Michigan corporation was forfeited for nonpayment of franchise fees. The statute provided conditions upon the fulfillment of which a forfeited charter might be reinstated. Without fulfilling the conditions and after the expiration of the statutory period during which it was allowed to continue in existence for the purpose of winding up its affairs, the corporation petitioned for reorganization under the Bankruptcy Act. Held, that the petitioner had no corporate existence under the laws of Michigan, and that, therefore, it could not invoke the jurisdiction of the federal bankruptcy court. In re Columbia Hotel Co. of …


Corporations - Reorganization- Fair And Equitable Plan, G. Randall Price Mar 1940

Corporations - Reorganization- Fair And Equitable Plan, G. Randall Price

Michigan Law Review

Both section 77 B of the federal Bankruptcy Act and chapter X of the Chandler Act provide that the judge shall find the plan of reorganization to be "fair and equitable" before he approves it. This and similar expressions had acquired a well-recognized content in equity reorganization before the statutes were enacted. Congress probably intended to enact the Boyd case rule. Several lower court decisions have expressed doubt as to just what the phrase "fair and equitable" means under the federal Bankruptcy Act. To find the meaning of the phrase "fair and equitable," it is necessary to look back to …


Taxation - Federal Income Tax - Distinction Between Sale And Tax Exempt Reorganization Under Section 112, Henry J. Merry Mar 1940

Taxation - Federal Income Tax - Distinction Between Sale And Tax Exempt Reorganization Under Section 112, Henry J. Merry

Michigan Law Review

The recent Supreme Court decision in Le Tulle v. Scofield, disapproving the views of four out of five circuit courts of appeals, appears to add a new and more specific requirement to the already complex law on the subject of statutory reorganization under the Revenue Act of 1928 -- that the consideration received by the transferor corporation include some stock of the transferee corporation. In the subject case, the Gulf Coast Irrigation Company transferred substantially all its assets to the Gulf Coast Water Company in exchange for $50,000 in cash and $750,000 in mortgage bonds, four-fifths of which matured …


Corporations - Modification Provisions Of Corporate Mortgages And Trust Indentures, Charles H. Haines Jr. Nov 1939

Corporations - Modification Provisions Of Corporate Mortgages And Trust Indentures, Charles H. Haines Jr.

Michigan Law Review

As early as the late 1800's it was not uncommon to find included in corporate mortgages and trust indentures provisions looking to the modification of the rights of the bondholders by action of a given majority of such holders. Ordinarily the power conferred could not be exercised by the holders of less than seventy-five per cent in value of the outstanding bonds; the modification authorized might be the alteration of security rights, the deferment of payments of interest or principal, the reduction of interest, or even the reduction of the debt. Inasmuch as the same equitable doctrines limit their use, …


Bankruptcy - Corporate Reorganization - Section 77b - Chapter X Of The Chandler Act - Boyd Case Rule, Edmund O'Hare Nov 1939

Bankruptcy - Corporate Reorganization - Section 77b - Chapter X Of The Chandler Act - Boyd Case Rule, Edmund O'Hare

Michigan Law Review

A subsidiary of the defendant corporation filed a reorganization petition under Section 77 B of the Bankruptcy Act and defendant presented a claim of over nine million dollars as a creditor, the claim being grounded upon moneys paid by defendant to the subsidiary for its benefit, management and supervision fees, rental and interest charges, and declared but unpaid dividends. Defendant owned about ninety-eight per cent of the common stock of the subsidiary. As the result of objections by the trustee and preferred stockholders of the subsidiary, defendant's claim was compromised at five million dollars. The reorganization plan provided in part …