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Articles 31 - 60 of 61
Full-Text Articles in Bankruptcy Law
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 …
Bankruptcy Act: Abuse Of Sections 14(C) (3) And 17(A) (2) By Small Loan Companies
Bankruptcy Act: Abuse Of Sections 14(C) (3) And 17(A) (2) By Small Loan Companies
Indiana Law Journal
No abstract provided.
Section 4 Of The Bankruptcy Act: The Excluded Corporations, Michael I. Sovern
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 …
Rights Of Interim Creditors Under Chapter Xi Of The Bankruptcy Ac
Rights Of Interim Creditors Under Chapter Xi Of The Bankruptcy Ac
Indiana Law Journal
No abstract provided.
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 …
Waiver Of Discharge In Subsequent Proceedings
Agricultural Composition And Extension
Agricultural Composition And Extension
Indiana Law Journal
Notes and Comments: Bankruptcy
Bankruptcy - Reorganization - Nature Of Farmer-Debtor's Right To Adjudication Under Section 75 (S), Louis C. Andrews, Jr.
Bankruptcy - Reorganization - Nature Of Farmer-Debtor's Right To Adjudication Under Section 75 (S), Louis C. Andrews, Jr.
Michigan Law Review
Plaintiff, a farmer, filed his original petition May 3, 1934, under section 74 of the Bankruptcy Act. Eleven months later he amended his petition, seeking relief under section 75 (a)-(r). Until March 2, 1940, no progress was made, and at that time the plaintiff sought adjudication under subsection (s). The district court entered an order that the petition be denied and the mortgagee's title recognized. The circuit court of appeals affirmed, stating that the petitioner had an affirmative duty to proceed diligently in obtaining a composition and extension agreement under subsections (a)-( r). Held, reversed. The benefits of section …
Holding Company Act - "Fair And Equitable" Plan, Michigan Law Review
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 …
Glenn On Fraudulent Conveyances And Preferences, Fred T. Hanson
Glenn On Fraudulent Conveyances And Preferences, Fred T. Hanson
Michigan Law Review
Professor Glenn's new two volume work on Fraudulent Conveyances and Preferences is much more than a revised edition of his previous book. The treatment of preferences is new and the material in the old book is revised and expanded. This expansion is particularly evident in his dealing with commercial financing devices--consignments, trust receipts, after-acquired property clauses, and freehanded mortgages of goods and accounts--which he now views also from the standpoint of preference.
Corporations - Reorganization- Fair And Equitable Plan, G. Randall Price
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 …
Bankruptcy -Trustee's Liability - Effect Of Requirement Of Deposit In Designated Depositary On Trustee's Common Law Duty Of Due Care, Russel T. Walker
Bankruptcy -Trustee's Liability - Effect Of Requirement Of Deposit In Designated Depositary On Trustee's Common Law Duty Of Due Care, Russel T. Walker
Michigan Law Review
In a suit to charge a trustee in bankruptcy for the loss of funds of the bankrupt estate caused by insolvency of the depositary bank, the trustee contended that as he had fulfilled the requirement of section 61 of the Bankruptcy Act by depositing the funds of the estate in a "designated depositary," he could not be charged with liability for any loss occurring thereafter; he argued that section 61 repealed, by implication, the trustee's common-law duty of due care in the handling of estate funds after they were deposited in a "designated depositary." Held, the fact that the …
Bankruptcy - Corporate Reorganization - Effect Of Release Of Collateral Obligor On Dissenting Creditors, Edward D. Ransom
Bankruptcy - Corporate Reorganization - Effect Of Release Of Collateral Obligor On Dissenting Creditors, Edward D. Ransom
Michigan Law Review
The federal district court confirmed a plan of reorganization of debtor corporation, under section 77B of the Bankruptcy Act, which expressly released defendant from liability as guarantor of bonds of the corporation and provided for cancellation of the bonds and substitution of new certificates of stock. The plaintiff, a bondholder, made no objection when the plan was submitted to the court; objection by other bondholders was overruled. The plaintiff brought suit in municipal court on the defendant's guaranty. Defendant pleaded the confirmation of the plan by the district court as res adjudicata. The trial court denied the plea and entered …
Corporations - Priority Between Parent Corporation And Preferred Stockholders Of Bankrupt Subsidiary, Erwin S. Simon
Corporations - Priority Between Parent Corporation And Preferred Stockholders Of Bankrupt Subsidiary, Erwin S. Simon
Michigan Law Review
It is well settled that when an undercapitalized subsidiary corporation is bankrupt, the claims for money loaned by the parent corporation which has dominated the subsidiary will be subordinated to the claims of other creditors. An analogous problem, which has seldom, if ever, been directly passed upon, is the priority between the claims of the nonvoting preferred stockholders of the subsidiary and those of the dominating corporation which owns all the common voting stock of the subsidiary. In spite of the fact that intercorporate loans are a common and approved method of financing subsidiaries, the question has heretofore been relatively …
Suretyship-Effect Of Death Of Surety On Rights Of Creditor, Jacob L. Keidan
Suretyship-Effect Of Death Of Surety On Rights Of Creditor, Jacob L. Keidan
Michigan Law Review
In a suit on a bond filed in accordance with statutory requirements by a depository designated by a court of bankruptcy, it was pleaded in defense that the surety died before any deposits were received by the designated bank. The circuit court of appeals held for the defendant, ruling that the bond was only a multiple offer and lapsed with the death of the surety. The Supreme Court reversed this decision on the ground that the bond was a single offer, and the designation of the bank as an official depository constituted an acceptance thereof. United States for the use …
Section 77b, The Chandler Bill And Other Proposed Revisions, John Gerdes
Section 77b, The Chandler Bill And Other Proposed Revisions, John Gerdes
Michigan Law Review
Section 77B of the Bankruptcy Act has been in effect since June 7, 1934. Its novelty and recognized importance in the field of corporate reorganizations have aroused great interest and wide discussion. The attention which it has received has brought to the fore criticisms of many aspects of the statute.
Collateral Liabilities Under Section 77b, Homer Kripke
Collateral Liabilities Under Section 77b, Homer Kripke
Michigan Law Review
The passage of section 77B of the Bankruptcy Act in 1934 suggested to some lawyers the possibility of using the section as a means of modifying or eliminating the responsibility of persons collaterally liable on obligations for which the corporation to be reorganized or its property was also responsible. The question arose in two common types of situations: (1) guaranties of payment of dividends on capital stock; (2) liability for payment of the bonds or other indebtedness of corporations. In either of these situations, can the liability of persons other than the corporaticm be discharged or modified by reorganization of …
Constitutional Law-Invalidity Of The Frazier-Lemke Amendment To The Bankruptcy Act
Constitutional Law-Invalidity Of The Frazier-Lemke Amendment To The Bankruptcy Act
Indiana Law Journal
No abstract provided.
Some Comments Of Proceedings Under Section 77b Of The Bankruptcy Act, Austin V. Clifford
Some Comments Of Proceedings Under Section 77b Of The Bankruptcy Act, Austin V. Clifford
Indiana Law Journal
Address by Austin V Clifford, of the'Indianapolis Bar, at the Mid-Winter Meeting of the Indiana State Bar Association, February 1, 1936.
Bankruptcy-Receivership As Basis For Action Under Section 77b
Bankruptcy-Receivership As Basis For Action Under Section 77b
Michigan Law Review
The Bankruptcy Act, Section 77B (a), provides that creditors with more than a fixed minimum of claims may file a petition proposing a corporate reorganization and stating "that such corporation is insolvent or unable to meet its debts as they mature and, if a prior proceeding in bankruptcy or equity receivership is not pending, that it has committed an act of bankruptcy within four months . . . . " On a petition which alleged no prior proceeding in bankruptcy nor any act of bankruptcy within four months but did allege the appointment of receivers in an action in the …
Corporations - Reorganization - Expedition Required Under Section 77b In Agreeing Upon And Presenting Acceptable Plan
Michigan Law Review
B corporation filed its petition for reorganization under Section 77B of the Bankruptcy Act. This was contested by answer of bondholders' committee and certain minor creditors as provided for in Section 77B (a) on the ground that reorganization was not in the best interests of the preserving of assets. Held, there is no reason to believe that with a fair and equitable plan of reorganization there would be no substantial equities; therefore, the petition is received and B is allowed to proceed under Section 77B and to present within a reasonable time some plan of reorganization as provided by …
Constitutional Law--Mortgages--Frazier-Lemke Act
Constitutional Law--Mortgages--Frazier-Lemke Act
Michigan Law Review
In 1922 and 1924 appellee mortgaged property worth $18,000 to secure a loan of $9,000 from appellant which was to be repaid in installments over a period of thirty-four years. Default being made on the covenants in the mortgage, the mortgagee declared the full amount due and brought a suit to foreclose. Proceedings were stayed when the appellee sought relief under Section 75 of the Bankruptcy Act, but he was unable to obtain the requisite majority in number and amount to the composition proposed. The state court entered a foreclosure judgment and ordered a sale. The mortgagor then sought relief …
Corporate Reorganization Under The Bankruptcy Act, Joseph Heffernan
Corporate Reorganization Under The Bankruptcy Act, Joseph Heffernan
Indiana Law Journal
No abstract provided.
Bankruptcy-Who May Become Bankrupts - Cooperative Marketing Asociations
Bankruptcy-Who May Become Bankrupts - Cooperative Marketing Asociations
Michigan Law Review
A cooperative marketing association was held to be such a "moneyed, business or commercial" corporation as may be ad judged an involuntary bankrupt under section 4 of the Bankruptcy Act. Schuster v. Ohio Farmers' Coop. Milk Ass'n, (C. C. A. 6th, 1932) 61 F. (2tl) 337.
Bankruptcy - Claims Against Bankrupt Indorsers
Bankruptcy - Claims Against Bankrupt Indorsers
Michigan Law Review
Bankrupts were indorsers of promissory notes payable to claimants. None of these notes was due before the filing of the petition in bankruptcy and some of them did not mature within the year following adjudication during which proof of claims may be made. The court of appeals for the sixth circuit held that claimants could not prove on the indorsements because their claims were contingent. Held, that the claim was one "founded upon a contract express or implied," and provable even though not due until after the year allowed for proof of claims, the requirement of presentment and notice …
Bankruptcy-Effect Of Discharge On Assignment Of Expectancy
Bankruptcy-Effect Of Discharge On Assignment Of Expectancy
Michigan Law Review
The Bankruptcy Act of the United States provides for the preservation of liens against a bankrupt's property not specifically declared by the Act itself to be dissolved because of fraud or because obtained within four months prior to the filing of the petition in bankruptcy. A discharge in bankruptcy protects the bankrupt from personal liability but does not affect valid and subsisting liens. These may be enforced after the discharge is granted
Review: Handbook Of The Law And Practics Of Bankruptcy. Second Edition. By Henry Campbell Black., Evans Holbrook
Review: Handbook Of The Law And Practics Of Bankruptcy. Second Edition. By Henry Campbell Black., Evans Holbrook
Michigan Law Review
A Review of HANDBOOK OF THE LAW AND PRACTICS OF BANKRUPTCY. Second Edition. By Henry Campbell Black.
Recovery Of Property By Trustees In Bankruptcy In The Federal Courts, Fowler Vincent Harper
Recovery Of Property By Trustees In Bankruptcy In The Federal Courts, Fowler Vincent Harper
Articles by Maurer Faculty
No abstract provided.