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Articles 61 - 90 of 351
Full-Text Articles in Bankruptcy Law
Bankruptcy - Summary Jurisdiction - Filing Proof Of Claim As Basis For Money Judgment On A Counterclaim In Favor Of The Trustee, Jerome M. Salle S. Ed
Bankruptcy - Summary Jurisdiction - Filing Proof Of Claim As Basis For Money Judgment On A Counterclaim In Favor Of The Trustee, Jerome M. Salle S. Ed
Michigan Law Review
Appellant filed a proof of claim with the trustee in bankruptcy for unliquidated damages for an alleged breach of contract by the bankrupt. In response, the trustee filed a petition with the bankruptcy court for an order disallowing the appellant's claim and for a money judgment against appellant for a breach of the same contract. The district court affirmed the referee's denial of appellant's claim and judgment in favor of the trustee. On appeal, held, affirmed. Filing proof of claim gives the bankruptcy court jurisdiction not only to hear, but to grant the trustee's petition for affirmative relief on …
Bankruptcy - Creditor's Right Against Entirety Property - Applicablity Of State Law When United States Is Plaintiff, James Cripe
Bankruptcy - Creditor's Right Against Entirety Property - Applicablity Of State Law When United States Is Plaintiff, James Cripe
Michigan Law Review
The United States as assignee sought a joint judgment on four unsecured promissory notes signed by the defendants, who are husband and wife. The proceeds of the notes were used to improve real property held by the entireties by the defendants. The husband had filed in bankruptcy before the assignment of the notes to plaintiff and was discharged from his joint and several liability on the promissory notes prior to the commencement of any action on them. His estate by the entireties, however, was not used to satisfy any listed debts because under state law he had no divisible title …
Bankruptcy - Uniform Trust Receipts Act - Rights Of Entruster To A Lien Interest In The General Assets Of Bankrupt Trustee, Barry I. Fredericks
Bankruptcy - Uniform Trust Receipts Act - Rights Of Entruster To A Lien Interest In The General Assets Of Bankrupt Trustee, Barry I. Fredericks
Michigan Law Review
Plaintiff, a credit corporation, used a trust receipt arrangement to finance a car dealer, who thereafter sold a number of the entrusted cars (out of trust sales) without remitting the proceeds to plaintiff. In order to restore some of these proceeds, which had been dissipated in the course of running his business, the car dealer gave plaintiff a trust receipt on ten unencumbered trucks in its possession, in release of part of plaintiff's security interest under the first trust receipts. Plaintiff later sold these ten trucks. Subsequently, in the course of bankruptcy proceedings filed against the car dealer, plaintiff sought …
Bankruptcy--Section 70c--Recent Reactions To Constance V. Harvey, George Sidney Buchanan Jr.
Bankruptcy--Section 70c--Recent Reactions To Constance V. Harvey, George Sidney Buchanan Jr.
Michigan Law Review
Renewed interest in section 70c has developed recently, primarily because of several significant decisions in the federal courts. It is the purpose of this comment to consider the impact of these developments on the power of the trustee to avoid otherwise valid security devices.
Bankruptcy - Tenancy By The Entireties - Creditors's Right Against Entry Property After Discharge Of Husband In Bankruptcy, E. Roger Frisch
Bankruptcy - Tenancy By The Entireties - Creditors's Right Against Entry Property After Discharge Of Husband In Bankruptcy, E. Roger Frisch
Michigan Law Review
The United States as assignee sought a joint judgment on four unsecured promissory notes signed by the defendants, who are husband and wife. The husband had filed in bankruptcy before the assignment of the notes to plaintiff and was discharged from all debts filed in the bankruptcy proceeding schedules (including the instant debt) prior to any action on these notes. His estate by the entireties, however, was not used to satisfy any listed debts. Held, plaintiff is entitled to proceed to judgment. A discharge in bankruptcy limits only the sources available for satisfaction. United States v. Fetter and Fetter …
Bankruptcy - Priorities - Status Of Employer Contributions To Union Welfare Fund, John W. Simpson
Bankruptcy - Priorities - Status Of Employer Contributions To Union Welfare Fund, John W. Simpson
Michigan Law Review
Under a collective bargaining agreement an employer was required to contribute eight dollars monthly to a union welfare fund for each of its employees who were union members. A trust agreement authorized the trustees of this fund to file claims of priority in any proceeding involving the employer's insolvency. In a bankruptcy proceeding the trustees of the fund sought priority as wage claimants for the employer's unpaid contributions to the fund which had accrued during the three months prior to bankruptcy. In the same proceeding the United States sought priority for unpaid taxes. The referee ruled that the unpaid employer …
Bankruptcy - Priorities - Priority Status Of Tax On Wages Earned But Unpaid At Time Of Bankruptcy, John F. Powell
Bankruptcy - Priorities - Priority Status Of Tax On Wages Earned But Unpaid At Time Of Bankruptcy, John F. Powell
Michigan Law Review
The State of California demanded that a trustee in bankruptcy pay the employer's tax due on wages earned by the employees of the bankrupt. The wages were earned within the three-month period prior to the petition in bankruptcy but had not been paid prior to bankruptcy. The trustee did not continue the operation of the bankrupt's business. The United States district court reversed the Referee and ordered the trustee to pay the tax claim. The court of appeals affirm. ed. On rehearing, held, affirmed. Since the tax is not due until the wages are actually paid, the tax accrues …
Creditor's Rights - Fraudulent Conveyances - Security Assignment Of Contract Payments Void If Assignor Retains Control, John A. Beach S.Ed.
Creditor's Rights - Fraudulent Conveyances - Security Assignment Of Contract Payments Void If Assignor Retains Control, John A. Beach S.Ed.
Michigan Law Review
An insolvent debtor, who owed some $3,500 on plaintiff's partially-collected judgment, executed an instrument assigning to another creditor, a bank, all moneys due and to become due to the debtor under an existing contract, expressly as security for payment of the debtor's present and future indebtedness to the bank. The contract obligor was notified of the assignment, and thereafter the bank collected the amounts periodically accruing under the contract. The bank applied part of these collected amounts to the balance that the debtor owed the bank. The rest was either handed over to the debtor or credited to his general …
Corporations - Promotion - Discharge Of Promoter's Liability As Bidder At A Bankruptcy Sale, John Morrow
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, …
Bankruptcy - Limitations On Availability To Corporations Of Arrangement Proceedings, Hazen V. Hatch S.Ed.
Bankruptcy - Limitations On Availability To Corporations Of Arrangement Proceedings, Hazen V. Hatch S.Ed.
Michigan Law Review
General Stores Corporation filed a chapter XI petition for an arrangement of its unsecured debts, none of which were publicly held debentures, as allowed by section 322 of the Bankruptcy Act. The debtor corporation's capital account consisted of over two million outstanding shares of common stock. held by 7,000 stockholders and traded on the American Stock. Exchange. A shareholder and the SEC moved under section 328 that the petition be dismissed unless amended to comply with chapter X of the Bankruptcy Act, calling for reorganization. The district court granted the motions, and its action was affirmed by the court of …
Taxation - Liens -Priority Of A Subsequent Federal Tax Lien Over An Antecedent Inchoate Lien, John B. Huck S.Ed.
Taxation - Liens -Priority Of A Subsequent Federal Tax Lien Over An Antecedent Inchoate Lien, John B. Huck S.Ed.
Michigan Law Review
The purpose of this comment is to analyze the rationale, in terms of both statutory construction and policy, of the theory that only a choate garnishment lien is superior to a subsequent tax lien.
Bills And Notes-Discharge-Intentional Destruction Due To Mistake As A Discharge, Richard S. Weinstein S.Ed.
Bills And Notes-Discharge-Intentional Destruction Due To Mistake As A Discharge, Richard S. Weinstein S.Ed.
Michigan Law Review
The holder of sixteen bonds issued by defendant destroyed the bonds believing them to be worthless after they had been in default as to both principal and interest for six years. Ten years later the defendant went into bankruptcy for reorganization and the holder learned that under the plan of reorganization the bonds were exchangeable for $400 in cash and $600 in preferred stock. When defendant refused to recognize the indebtedness even though the holder tendered an indemnity bond against wrongful payment, the holder instituted suit to recover the value of the bonds. The lower court denied relief to the …
Bankruptcy-Test Of Feasibility Under Chapter Xi Arrangement, Paul B. Campbell S.Ed.
Bankruptcy-Test Of Feasibility Under Chapter Xi Arrangement, Paul B. Campbell S.Ed.
Michigan Law Review
The Slumberland Bedding Company started in business in 1952 with a capitalization of $13,000. Within less than one year the corporation was "clearly heavily insolvent," having debts in excess of $85,000 and assets valued "at least several thousand dollars less than $42,250." Preferred creditor claims against the assets of the business amounted to more than $32,200. In this rather dismal context a petition for an arrangement under chapter XI of the Bankruptcy Act was filed. A plan was submitted which provided for independent capital to be put into the business to pay certain claims in full and to pay a …
Bankruptcy-Provability And Priority Of A Back Pay Award, Peter Van Domelen S.Ed
Bankruptcy-Provability And Priority Of A Back Pay Award, Peter Van Domelen S.Ed
Michigan Law Review
The NLRB entered a back pay order against the employer. Four months later, and before the order was enforced, the employer was adjudicated a bankrupt. Thereafter, the court enforced the back pay order and the NLRB filed proof of claim in the bankruptcy proceeding. The referee disallowed the claim, but on petition for review the district court set aside the referee's order and gave the claim priority over general creditors. The Court of Appeals for the First Circuit affirmed, holding (1) that the back pay award was a provable claim, under section 63a(1) of the Bankruptcy Act as a fixed …
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
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.
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.
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.
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. …
Bankruptcy-Powers Of The Trustee-Llens By Legal Or Equitable Proceedings Under Section 70c, Edward D. Goldstein S.Ed.
Bankruptcy-Powers Of The Trustee-Llens By Legal Or Equitable Proceedings Under Section 70c, Edward D. Goldstein S.Ed.
Michigan Law Review
Husband and wife filed a petition in bankruptcy. They petitioned the United States District Court for the Southern District of California to set aside their residence from the bankruptcy estate as exempt property. They had not filed their declaration of homestead until after the petition in bankruptcy. The district court set aside the property as exempt. On appeal, held, affirmed. Under California law homestead exemptions can be perfected after a petition in bankruptcy. The trustee's claim that section 70c of the Bankruptcy Act gave him a lien that prevailed over a homestead claim subsequently recorded was denied on the …
Personal Property-Tenancy By The Entirety In United States Series "E" Savings Bonds, William E. Beringer
Personal Property-Tenancy By The Entirety In United States Series "E" Savings Bonds, William E. Beringer
Michigan Law Review
A trustee in bankruptcy petitioned the referee to order a bank to tum over certain United States Series ''E" Savings Bonds as assets of the bankrupt's estate. The bonds were payable to the bankrupt "or" his wife and had been pledged to the bank by the bankrupt, with his wife's consent, as collateral for a personal loan. The referee denied the petition. On appeal, held, affirmed. Since the bonds were payable to persons who were husband and wife, a tenancy by the entirety was created, with each tenant holding an interest in the whole of the bond property. Neither …
Insolvent Decedents' Estates, Kurt H. Nadelmann
Insolvent Decedents' Estates, Kurt H. Nadelmann
Michigan Law Review
The problems of insolvent decedents' estates have created special difficulties in all legal systems. Two unrelated fields of the law are involved: decedents' estates and insolvency. Treatment of the topic in works on one or the other field is often scanty and few studies exist which deal exclusively with insolvent decedents' estates law. Research in the conflicts problems of the field has led the writer to investigate the differences in the treatment of insolvent decedents' estates in this country, other common law countries, and countries of the civil law. Results of this study are used to discuss problems of the …
Realization Of Income Through Cancellations, Modifications, And Bargain Purchases Of Indebtedness: Ii, L. Hart Wright
Realization Of Income Through Cancellations, Modifications, And Bargain Purchases Of Indebtedness: Ii, L. Hart Wright
Michigan Law Review
Introductory note. That some matters relating to the particular consideration received by a debtor on incurring an obligation would affect the applicability of the Kirby case to a saving derived by him from a subsequent cancellation or other bargain discharge was one of the first propositions settled by the Supreme Court. For the Kirby case itself justified the earlier immunity which had been granted the apparently solvent Kerbaugh-Empire Company on the ground that the funds which the latter had borrowed were lost in the venture for which its loan had been procured.
Realization Of Income Through Cancellations, Modifications, And Bargain Purchases Of Indebtedness: I, L. Hart Wright
Realization Of Income Through Cancellations, Modifications, And Bargain Purchases Of Indebtedness: I, L. Hart Wright
Michigan Law Review
Treasury regulations bearing on the tax consequence of a cancellation, modification, or bargain purchase of one's outstanding indebtedness date back to those issued in connection with the Revenue Act of 1918. Thirteen years elapsed after their issuance before the Supreme Court in 1931 finally approved, at least with respect to the bargain purchase with which it was concerned, the principal which the regulations incorporated, namely, that the savings effected by such debtors could, as a constitutional as well as a statutory matter, involve the realization of taxable income. Competing interpretations of that decision, the government insisting on a sweeping application …
Bankruptcy-The New Test Of Perfection Under Section 60a-Effect Of Public Law 461, William R. Worth S.Ed.
Bankruptcy-The New Test Of Perfection Under Section 60a-Effect Of Public Law 461, William R. Worth S.Ed.
Michigan Law Review
A preference given to a creditor by an insolvent debtor is not a fraud on his other creditors, regardless of the fact that such payment reduces the share that they would be able to obtain upon an orderly liquidation and pro rata distribution of his estate. This simple principle has caused great confusion and trouble in the development of collective procedures for the satisfaction of the claims of creditors. It led through various channels to a very sweeping definition of preferences and provision for their avoidance in the Chandler Act of 1938, and has now produced, by a process of …
Corporations-Right Of Directors To Enforce At Face Value Claims Against The Corporation Purchased At A Discount During Insolvency, Robert H. Frick S.Ed.
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. …
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.
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 …
Bankruptcy-Status Of Claims In Bankruptcy Proceeding Following Default In Chapter Xi Arrangement, Myron J. Nadler S.Ed., L. B. Lea S.Ed
Bankruptcy-Status Of Claims In Bankruptcy Proceeding Following Default In Chapter Xi Arrangement, Myron J. Nadler S.Ed., L. B. Lea S.Ed
Michigan Law Review
A significant question arising under the Bankruptcy Act of 1938 which has not been satisfactorily dealt with by the statute is the relative status, in a bankruptcy proceeding precipitated by the debtor's default under the terms of a chapter XI arrangement, of claims of creditors participating in the arrangement and of those who became creditors after confirmation. Specifically, the problem is whether the old creditors, those who participated in the arrangement, can prove to the amount of their original claims, or merely to the extent of their claims as scaled down by the terms of the arrangement; and whether the …
Bankruptcy-Limitation Of Actions By Trustee As Affected By Section Ll(E) Of The Federal Bankruptcy Act, David H. Armstrong S.Ed.
Bankruptcy-Limitation Of Actions By Trustee As Affected By Section Ll(E) Of The Federal Bankruptcy Act, David H. Armstrong S.Ed.
Michigan Law Review
Trustee in bankruptcy sued to recover a preference voidable under a state statute which also provided that an action to recover such a preference must be commenced within six months after application for a trustee. The present suit was commenced one year after the bankruptcy petition was filed. Defendant moved to dismiss for failure to comply with statutory limitations. Held, motion denied. Section II(e) of the Bankruptcy Act supersedes the state statute of limitations in this case. Engstrom v. De Vos, (D.C. Wash. 1949) 81 F. Supp. 854.
Bankruptcy-Jurisdiction Of Bankruptcy Court To Determine Stockholders' Vote Necessary To Approve Proposed Sale Of Corporation's Assets To Debtor In Reorganization, Bernard Goldstone S. Ed.
Bankruptcy-Jurisdiction Of Bankruptcy Court To Determine Stockholders' Vote Necessary To Approve Proposed Sale Of Corporation's Assets To Debtor In Reorganization, Bernard Goldstone S. Ed.
Michigan Law Review
Lessee railroad, which had leased and operated property of lessor railroad for many years, entered reorganization under section 77 of the Bankruptcy Act. Under the plan of reorganization promulgated by the Interstate Commerce Commission and approved by the bankruptcy court, lessor was given the alternative of selling its property to the reorganized railroad or having the lease disaffirmed by the debtor and its property returned. This proposal was submitted for acceptance by a majority vote of lessor's stockholders. Respondents, stockholders of lessor, sought an injunction in a state court of Georgia to restrain lessor's officers from certifying the acceptance in …
Bankruptcy-Jurisdiction Of Bankruptcy Court To Determine Attorneys' Fees For Services Rendered In Chapter X Reorganization Proceedings, Bernard Goldstone S. Ed.
Bankruptcy-Jurisdiction Of Bankruptcy Court To Determine Attorneys' Fees For Services Rendered In Chapter X Reorganization Proceedings, Bernard Goldstone S. Ed.
Michigan Law Review
A committee for preferred stockholders entered into an agreement with petitioners, wherein it was provided that certain shares of stock of the debtor corporation, placed in escrow with the committee by four preferred shareholders, would be delivered to petitioners as added compensation for their services in the reorganization proceeding. Pursuant to this agreement petitioners performed valuable services connected with the reorganization. The bankruptcy court allowed petitioners $37,500 from the debtor's estate, but held it had no jurisdiction to pass on the amount of the allowance which should be paid under the escrow agreement. Petitioners then sued in a state court …