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Full-Text Articles in Bankruptcy Law

Article 9 Security Interests As Voidable Preferences: Part Ii The Floating Lien, Irving A. Breitowitz Jan 1982

Article 9 Security Interests As Voidable Preferences: Part Ii The Floating Lien, Irving A. Breitowitz

Cardozo Law Review

No abstract provided.


Consumer Warranty Claims Against Companies In Chapter 11 Reorganizations, Elizabeth Warner Jan 1981

Consumer Warranty Claims Against Companies In Chapter 11 Reorganizations, Elizabeth Warner

University of Michigan Journal of Law Reform

This article examines the rights of individuals who have purchased warranted goods from a business that subsequently undergoes reorganization under Chapter 11 of the Bankruptcy Reform Act of 1978. Part I establishes that warranty rights are claims in bankruptcy and outlines the procedure that must be followed by a creditor for distribution from the debtor's estate. Part II focuses on how warranty claims are treated in Chapter 11. Part III discusses ways to alleviate the warranty creditor's representational burden, particularly through the intervention and aid of public interest groups. This article concludes that . warranty creditors will receive favorable treatment …


Filing For Personal Bankruptcy: Adoption Of A "Bona Fide Effort" Test Under Chapter 13, Stephan M. Vidmar Jan 1981

Filing For Personal Bankruptcy: Adoption Of A "Bona Fide Effort" Test Under Chapter 13, Stephan M. Vidmar

University of Michigan Journal of Law Reform

Part I discusses the history and current application of the Chapter 13 wage earner relief provisions, focusing on the present "good faith" controversy. Part II analyzes the "bona fide effort" test and examines its current congressional status. Part III suggests that more specific statutory guidance is necessary in order to effectively apply the "bona fide effort" test and recommends specific guidelines for its use. The article concludes that by following such a set of standard guidelines when applying the "bona fide effort" test, bankruptcy courts would promote uniform treatment of debtors, enhance judicial economy, and facilitate appellate review of Chapter …


Bankruptcy: Good Faith And The Zero Payment Plan In Chapter 13, Stephen F. Brines Jan 1980

Bankruptcy: Good Faith And The Zero Payment Plan In Chapter 13, Stephen F. Brines

Kentucky Law Journal

No abstract provided.


Chapter 13: Its Operation, Its Statutory Requirements As To Payment To And Classification Of Unsecured Claims, And Its Advantages, David G. Epstein Jan 1980

Chapter 13: Its Operation, Its Statutory Requirements As To Payment To And Classification Of Unsecured Claims, And Its Advantages, David G. Epstein

Law Faculty Publications

This article will explore the operation of Chapter 13, the two major legal questions raised by the present Chapter 13, and the advantages of Chapter 13 over Chapter 7 and 11.


Abandoning Bankruptcy Law's "Identity Of Interest" Exception, Michigan Law Review Dec 1979

Abandoning Bankruptcy Law's "Identity Of Interest" Exception, Michigan Law Review

Michigan Law Review

Section I of this Note discusses the goals and weaknesses of the identity of interest exception; Section II explains the advantages of consolidation and novation; and the final Section suggests a way to separate cases where novation is appropriate from those where consolidation is the preferred remedy.


The Automatic Stay In Bankruptcy, Frank R. Kennedy Jan 1978

The Automatic Stay In Bankruptcy, Frank R. Kennedy

University of Michigan Journal of Law Reform

The filing of a petition under the Bankruptcy Act constitutes an automatic stay of all litigation against the debtor and most acts and actions against the debtor's property. The stay is one of the most notable features of the Rules of Bankruptcy Procedure promulgated by the Supreme Court. The constitutional and statutory basis for the automatic stay has been challenged, and the propriety and the scope of the stay have been contested and ruled on, in many reported opinions. The need and justification for an automatic stay in bankruptcy and debtor relief cases have been widely acknowledged, and an automatic …


Recent Developments, Various Editors Jan 1976

Recent Developments, Various Editors

Villanova Law Review (1956 - )

No abstract provided.


Municipal Bankruptcy Under The 1976 Amendments To Chapter Ix Of The Bankruptcy Act, Kenneth W. Bond Jan 1976

Municipal Bankruptcy Under The 1976 Amendments To Chapter Ix Of The Bankruptcy Act, Kenneth W. Bond

Fordham Urban Law Journal

This articles examines the new Chapter IX of the Bankruptcy Act, particularly its effectiveness in providing insolvent or financially distressed municipalities with a simpler and more efficient method of obtaining financial relief. The articles discusses the differences under the new Chapter IX as compared to the old Chapter IX and argues that the new Chapter IX, although not designed to accomplish more than its predecessor, is a better tool for financially distressed municipalities because it simplifies the bankruptcy process while increasing the changes of a successful reorganization of debt.


Feasibility In Chapter X Reorganizations, David R. King Jan 1974

Feasibility In Chapter X Reorganizations, David R. King

Villanova Law Review (1956 - )

No abstract provided.


Bankruptcy Proceedings For Insolvent Decedents' Estates, Richard V. Wellman Jan 1973

Bankruptcy Proceedings For Insolvent Decedents' Estates, Richard V. Wellman

University of Michigan Journal of Law Reform

Under present law, bankruptcy proceedings cannot be instituted by or against insolvent decedents' estates. Creditors of insolvent decedents must look to state probate laws for satisfaction. But these laws are more concerned with the control of solvent estates than with the affairs of the impecunious. Also, transfers of wealth at death by nonprobate means are coming to be the rule rather than the exception, and it is frequently very difficult for creditors of decedents to obtain satisfaction of unsecured claims from nonprobate assets. This article advocates the extension of bankruptcy laws to insolvent decedents' estates and explores problems and solutions …


Federal Income Taxation--Section 165 (C) Loss Allowed For Securities Loaned To Brokerage Firm That Subsequently Became Insolvent And Sold The Securities To Meet The Claims Of Creditors--Stahl V. United States, Michigan Law Review Dec 1971

Federal Income Taxation--Section 165 (C) Loss Allowed For Securities Loaned To Brokerage Firm That Subsequently Became Insolvent And Sold The Securities To Meet The Claims Of Creditors--Stahl V. United States, Michigan Law Review

Michigan Law Review

It is frequently said that there are only two certainties in life: death and taxes. The Court of Appeals for the District of Columbia Circuit recently upheld a district court decision that considerably eased the latter burden for plaintiff-taxpayer in Stahl v. United States. On April 12, 1962, Mrs. Stahl, a widowed musician and music teacher, reached an agreement with Balough & Company (Balough), a Washington securities firm, under which she was to surrender to it control of securities with a market value of approximately $210,000. Balough used the securities to meet the minimum capital requirements for brokerage firms established …


Bankruptcy--1970 Amendments To The Bankruptcy Act--An Attempt To Remedy Discharge Abuses, Michigan Law Review Jun 1971

Bankruptcy--1970 Amendments To The Bankruptcy Act--An Attempt To Remedy Discharge Abuses, Michigan Law Review

Michigan Law Review

December 18, 1970, marked the end of a fifteen-year chapter in the history of American legislative proceedings dealing with "personal'' bankruptcy. On that date Public Law Number 91-467 took effect and thereby instituted changes in the Bankruptcy Act designed to "effectuate more fully the discharge in bankruptcy by rendering it less subject to abuse by harrassing creditors." The legislative steps leading to the 1970 amendment began with the introduction of the first "dischargeability" bill in 1955. This initial effort at reform stimulated a continuing flow of similar proposals leading to the ultimate acceptance of new substantive and procedural rules for …


The Partially Secured Creditor Under Chapter Xiii Of The Bankruptcy Act, Wayne C. Dabb Jr. May 1970

The Partially Secured Creditor Under Chapter Xiii Of The Bankruptcy Act, Wayne C. Dabb Jr.

University of Michigan Journal of Law Reform

Under current bankruptcy law, a partially secured creditor can force a struggling debtor into straight bankruptcy despite the debtor's voluntary attempt to rescue himself from insolvency under a Chapter XIII wage earner plan. Since the partially secured creditor has a security interest in the debtor's personal property, though it may be one of only negligible value, he is generally treated under Chapter XIII as a wholly secured creditor. If the partially secured creditor is affected by the wage earner plan, his assent to it is required before the court can confirm the plan. He may therefore, by his single dissent, …


Bankruptcy--Stay Of Bankruptcy Proceedings Denied To Creditor Seeking Lien On Exempt Property--Harris V. Hoffman, Michigan Law Review Jan 1968

Bankruptcy--Stay Of Bankruptcy Proceedings Denied To Creditor Seeking Lien On Exempt Property--Harris V. Hoffman, Michigan Law Review

Michigan Law Review

The appellants, husband and wife, executed a promissory note to the appellee-bank. Thereafter, they purchased real property which they occupied as a homestead. Acting pursuant to an Iowa statute which subjects a homestead to debts contracted before the homestead was acquired, the bank commenced a suit on the note in state court, but this proceeding was stayed when appellants filed a voluntary petition in bankruptcy. After the trustee in bankruptcy set the homestead apart as property exempt under Iowa law, the bank sought a stay of discharge in bankruptcy for a reasonable period of time so that it could obtain …


Bankruptcy - Tax - Validity Of Unrecorded Federal Tax Lien Against Trustee In Bankruptcy. United States V. Speers, 86 S. Ct. 411 (1965), F. Prince Butler May 1966

Bankruptcy - Tax - Validity Of Unrecorded Federal Tax Lien Against Trustee In Bankruptcy. United States V. Speers, 86 S. Ct. 411 (1965), F. Prince Butler

William & Mary Law Review

No abstract provided.


Insolvent Decedents' Estates, Kurt H. Nadelmann Jun 1951

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 …


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-Set-Off-Bank Deposits, A. E. Anderson S.Ed. Jun 1948

Bankruptcy-Set-Off-Bank Deposits, A. E. Anderson S.Ed.

Michigan Law Review

Endorsers of a corporation's notes caused the corporation to make deposits in the payee bank in the regular course of business, knowing the corporation to be insolvent, and the bank took over the deposits within four months of adjudication in bankruptcy. It was contended that under the amended definition of "transfer" as set out in section 1 (30) of the Bankruptcy Act of 1938, this transaction resulted in a voidable preference to the endorsers under section 60. The trial court rejected this contention. On appeal, held, affirmed. Although the 1938 amendment gave a broader significance to the term "transfer" …


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: …


Bankruptcy - Voidable Preferences - Transfer Perfected Within Four Months Of Bankruptcy, Elizabeth Durfee Dec 1942

Bankruptcy - Voidable Preferences - Transfer Perfected Within Four Months Of Bankruptcy, Elizabeth Durfee

Michigan Law Review

Two recent cases, Adams v. City Bank & Trust Co., and In re Quaker City Sheet Metal Co., both involving section 60 of the Chandler Act, bring to the fore a question of interpretation of that section which has bothered Congress and courts and lawyers for some forty years. The bankrupt executes a mortgage to secure repayment of a present loan, but the recording of the mortgage is withheld until a later date, and finally takes place within four months of bankruptcy. Or, as in the Quaker City case, he assigns a chose in action to the creditor …


Bankruptcy - Reorganization - Nature Of Farmer-Debtor's Right To Adjudication Under Section 75 (S), Louis C. Andrews, Jr. Aug 1942

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 …


Bankruptcy - Effect Of Discharge - Suspension Of Driver's License For Non-Payment Of Judgment As Conflicting With The Bankruptcy Act, Walter Muller Feb 1941

Bankruptcy - Effect Of Discharge - Suspension Of Driver's License For Non-Payment Of Judgment As Conflicting With The Bankruptcy Act, Walter Muller

Michigan Law Review

Under section 94-b of the New York Vehicle and Traffic Law, as amended in 1936 and 1939, if a judgment entered against a driver for 'damages for injury to person or property remains unpaid for fifteen days, the clerk of the court where the judgment was entered must (but only upon written demand of the judgment creditor) forward a copy thereof to the commissioner of motor vehicles, whose duty it then becomes to suspend the driving license of such judgment debtor; further, section 94-c provides (a) that such suspension shall continue for such part of three years as the judgment …


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 …


Constitutional Law - Due Process And The Frazier-Lemke Acts, Henry Earnest Halladay May 1937

Constitutional Law - Due Process And The Frazier-Lemke Acts, Henry Earnest Halladay

Michigan Law Review

Recent decisions involving the constitutional validity of the first and second Frazier-Lemke Acts have again raised the old spectre of due process. The questions involved related to the power of the Federal Government to regulate the rights, duties, and liabilities existent between debtors and creditors in the field of farm mortgages under the bankruptcy power. To forego an extended discussion of the history of due process as a limitation on governmental fiat, let it suffice to say that the concept, which began with Magna Carta ran through early definitions in the United States limiting it to procedural matters and attempts …


Corporations-Right Of Officers To Purchase Claims Against The Corporation And Enforce Them At Their Face Value Jun 1936

Corporations-Right Of Officers To Purchase Claims Against The Corporation And Enforce Them At Their Face Value

Michigan Law Review

Defendant was enlisted by one of the insolvent corporation's creditors, a holder of preferred stocks and debentures, to buy up landlord's claims against the corporation. These claims were large in number and amounts and were crucial elements in a successful reorganization. By means of the stock vote of the creditor, defendant was elected director of the corporation and remained as such for one month, though during this time he was not active in acquiring landlord's claims. Upon resignation as director, defendant was successful in buying up most of the landlord's claims, it being a fair inference from the facts that …


Book Review. Cases And Materials On Creditors' Rights, 2nd Ed. By John Hanna, James J. Robinson Jan 1936

Book Review. Cases And Materials On Creditors' Rights, 2nd Ed. By John Hanna, James J. Robinson

Articles by Maurer Faculty

No abstract provided.


Corporate Reorganization Under Section 77b Of The Bankruptcy Act, Jacob J. Kaplan Nov 1934

Corporate Reorganization Under Section 77b Of The Bankruptcy Act, Jacob J. Kaplan

Michigan Law Review

In the closing hours of its legislative life the 73rd Congress adopted the amendment to the Bankruptcy Act providing for the reorganization of corporations, and designated as Section 77B. The Act was approved. by the President on June 7, 1934. The statute had had a long and checkered history in Congress. Such legislation barely failed of enactment in the preceding session when Congress first gave to natural persons availing themselves of bankruptcy procedure the right to call themselves "debtors" rather than "bankrupts," and provided a substantially similar method of reorganization for railroad corporations engaged in interstate commerce. The present statute …


Bankruptcy - Fraudulent Transfers -Trustee's Assignee Jan 1934

Bankruptcy - Fraudulent Transfers -Trustee's Assignee

Michigan Law Review

Since bankruptcy proceedings contemplate a sale of the debtor's assets, the importance of knowing what the trustee may sell is at once obvious. One must, however, go further and inquire as to the rights of purchasers from the trustee. This question assumes importance to the trustee, since it determines what he may sell, and is also important to the purchaser, since it determines what he may buy. The answer determines the efficiency of our bankruptcy machinery. In this comment we propose to consider one phase of this general question: May the trustee assign his right to set aside a fraudulent …


Bankruptcy - Suspension Of State Statutes Regulating General Assignments Nov 1933

Bankruptcy - Suspension Of State Statutes Regulating General Assignments

Michigan Law Review

An insolvent debtor made a voluntary assignment of. all his property to the defendants for the benefit of his creditors. The plaintiff, a nonassenting creditor, brought garnishment proceedings against the defendants, contending that the state statute governing general assignments had been suspended by the National Bankruptcy Act. The Wisconsin Supreme Court was of the opinion that only that portion of the Act which provides for a discharge of the assignor from his debts was suspended. On appeal to the United-States Supreme Court the decision was affirmed. Pobreslo v. Joseph M. Boyd Co., 287 U. S. 518, 53 Sup. …