Bankruptcy Law Commons^™

Bankruptcy--New Approach To Dischargeability, Stephen P. Swisher

West Virginia Law Review

No abstract provided.

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 …

Real Estate Finance: The Discount Point System And Its Effect On Federally Insured Home Loans, Edwin T. Hood, James A. Kushner

Faculty Works

No abstract provided.

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, …

Labor Law--Bankruptcy--The Effect Of The Bankruptcy Of An Employer On The Employment Relationship And On Jurisdiction Over Labor Disputes Involving The Employer, Michigan Law Review

Michigan Law Review

Litigation arising in connection with the recent bankruptcy of Turney Wood Products, Inc., has brought into issue the general problem of the operation of a bankrupt employer under the federal labor laws. The provisions of both the federal labor laws and the Bankruptcy Act are clear in purpose, but in areas of their interaction they have produced jurisdictional confusion. The situation presented to a single court by the cases arising from the Turney Wood Products bankruptcy provided an ideal vehicle to resolve much of that confusion; in fact, the parties involved viewed it as a test-case situation. But the resulting …

Case Comments--International Law--Corporations--State Denied Standing To Sue For Injury, Journal Staff

Vanderbilt Journal of Transnational Law

The Barcelona Traction, Light and Power Company, Ltd.,(hereinafter referred to as Barcelona Traction) was incorporated under Canadian law in 1911 with its main office in Toronto. Several subsidiaries were formed, all under Canadian law, to develop, produce, and distribute electric power in the vicinity of Catalonia, Spain. To finance these operations, the company issued both peseta and sterling bonds, the shares in some of the subsidiaries providing security to a Canadian bank for the sterling bonds. Revenue produced by the subsidiaries from their operations in Spain was used to service the bond interest. Servicing was suspended for the duration of …

Use Of Marshaling To Defeat Trustee In Bankruptcy: Equity Misapplied, James P. Mulroy

Indiana Law Journal

No abstract provided.

The Priority Conflict Between A Purchase Money Security Interest And A Prior Security Interest In Future Accounts Receivable, Howell J. Reeves

Vanderbilt Law Review

Article 9 of the Uniform Commercial Code established an exhaustive scheme for the determination and control of security interest in personal property and fixtures' which is now the law of all but one of the states and the District of Columbia Not the least momentous of the provisions in Article 9 are those that govern priorities among conflicting security interests in the same collateral. The purpose of this inquiry is to examine the rules of priority that the U.C.C. provides for a conflict between the holder of a purchase money security interest in inventory and proceeds and a holder of …

Bankruptcy: Enjoining Employers From Discharging Employees Because Of Chapter Xiii Wage Deduction Order, Kenneth Gleason

San Diego Law Review

Section 658 of the Bankruptcy Act authorizes issuance of wage deduction orders and enforcement of such orders "in the manner provided for the enforcement of judgments." Thus, if the debtor's employer were to resist the order, the court could levy execution upon the debtor's wages. It would not be necessary to go beyond section 658 to find permission for execution. However, the injunction in Jackson goes beyond mere enforcement of an order. In effect, it preserves the debtor's future earnings upon which the Chapter XIII plan depends. With his income thus preserved, the basis is provided for later support of …

Bankruptcy - Tax Liens - 1966 Amendment To Section 17a(1) Of The Bankruptcy Act Construed To Prevent Attachment Of Lien To Assets Acquired After The Filing Of A Petition In Bankruptcy, Robert M. Britton

Villanova Law Review (1956 - )

No abstract provided.

Proceeding Under The Uniform Commercial Code, David G. Epstein

Law Faculty Publications

The Uniform Commercial Code is the "most important piece of business legislation ever prepared in the United States .... " "Article 9 is the most novel and probably the most important article in the Code." "The greatest change under the Code will probably come about in due time because of the so-called 'floating lien' "made possible in part by the Code's proceeds provision, section 9-306. The proceeds provision represents an innovation significant to both debtors and creditors. For example, in order to carry on his business, the borrower who avails himself of inventory financing often desires some right to dispose …

Bankruptcy: Enforcing A Chapter Xiii Wage Earner's Plan Over The Objection Of A Secured Creditor, Donald Bolles

San Diego Law Review

As part of a petition under Chapter XIII of the Bankruptcy Act, Edward Cheetham submitted a wage earner’s plan to a referee in bankruptcy. Although Universal C.I.T. Credit Corp. [hereinafter referred to as C.I.T.] was listed as a secured creditor in Cheetham’s plan, no further mention was made of the corporation. C.I.T. rejected the plan and proposed to take back its security, an automobile in Cheetham’s possession. The referee confirmed the plan over C.I.T.’s objection and denied C.I.T.’s petition for reclamation. Upon appeal, the district court reversed on the grounds that C.I.T.’s acceptance was a condition precedent to proper confirmation …

Section 70(D) Of The Bankruptcy Act: The Need For Amendment, Douglass Boshkoff

Indiana Law Journal

No abstract provided.

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 …

Creditors Rights, Dudley Warner Woodbridge

Virginia Bar Notes

No abstract provided.

Creditors Rights (1959-1967), Dudley Warner Woodbridge

Virginia Bar Notes

No abstract provided.

Recent Cases, Law Review Staff

Vanderbilt Law Review

Bankruptcy--Transfers--Drawee Bank Not Liable for Payment of Depositor's Check After His Voluntary Petition in Bankruptcy Where Notice Is Not Given to Bank

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Constitutional Law--States Must Apply Federal Harmless--Error Standard to Federal Constitutional Error

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Juvenile Courts--Juveniles in Delinquency Proceedings Accorded Same Rights as Adults in Criminal Trials

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Taxation--Federal Income Taxation--Section 267 of the IRC Applies to Involuntary Sale

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Torts--Right of Privacy--Rule of New York Times v. Sullivan Extended to Actions for Invasion of Privacy

Corporations--Directors' Liability To Corporate Creditors For Negligent Mismanagement, Paul R. Rice

West Virginia Law Review

No abstract provided.

Triumph Or Tragedy? The Bankruptcy Act Amendments Of 1966, Harold Marsh, Jr.

Washington Law Review

Professor Marsh analyzes in detail the 1966 amendments to the Bankruptcy Act. Addressing the question whether these amendments have accomplished anything, he concludes that they have done little but complicate an already intolerably complicated statute. Although he points out many drafting failures, he particularly condemns the failure of Congress to ask or answer the underlying questions of policy—whether tax liens and state statutory liens should be given priority. Professor Marsh concludes that whatever good the amendments may do "is not worth the mess they have made."

Triumph Or Tragedy? The Bankruptcy Act Amendments Of 1966, Harold Marsh, Jr.

Washington Law Review

Professor Marsh analyzes in detail the 1966 amendments to the Bankruptcy Act. Addressing the question whether these amendments have accomplished anything, he concludes that they have done little but complicate an already intolerably complicated statute. Although he points out many drafting failures, he particularly condemns the failure of Congress to ask or answer the underlying questions of policy—whether tax liens and state statutory liens should be given priority. Professor Marsh concludes that whatever good the amendments may do "is not worth the mess they have made."

Security Aspects Of The Abc Transaction, John T. Schmidt

Michigan Law Review

In recent years, investments in subterraneous oil and gas have become a common addition to the investment portfolios of national financial institutions. Relying on the assurances of reputable geological studies, traditionally conservative financers have invested amounts ranging up to several hundred million dollars against collateral once accepted only by speculators and a few adventurous oil-country bankers. The increased interest in these investments is in part attributable to the development of the ABC method of financing the purchase of producing oil and gas properties. This method offers unique tax advantages, which have been discussed elsewhere, but also creates problems for the …

Bankruptcy Preferences-Secured Transactions-Security Interest In After-Acquired Property Is Voidable Preference If Received Within Four Months Of Bankruptcy-In Re Portland Newspaper Publishing Co., Michigan Law Review

Michigan Law Review

In an effort to provide employment for several hundred workers who had lost their jobs in an unsuccessful strike against Portland's two largest newspapers, the local printers' unions and several civic leaders organized the Portland Reporter Publishing Co. (Reporter) to publish a rival newspaper. The unions also formed the Rose City Development Co. (Rose City), which leased facilities and equipment to Reporter and subsequently made several emergency operating loans to it. These loans were secured by an agreement designating as collateral all of Reporter's previously unsecured accounts receivable, both present and after-accruing. This type of agreement -securing after-acquired property of …

The Bankruptcy Act: Some Effects Of The 1966 Amendments To Sections 17(A), 67(C), & 70(C), Mark S. Dray

William & Mary Law Review

No abstract provided.

The Uniform Commercial Code V. The Bankruptcy Act, Robert M. Viles

Kentucky Law Journal

No abstract provided.

The Trustee In Bankruptcy As A Secured Creditor Under The Uniform Commercial Code, Frank R. Kennedy

Michigan Law Review

The thesis of this article is that a trustee cannot exploit the advantage of the lien or security of any creditor unless he can avoid it and displace a creditor. Moreover, when he can and does avoid a lien and displace a creditor, he can enforce the rights of that creditor as against any lien or interest otherwise indefeasible in bankruptcy only to the extent of the lien or security of the creditor he displaces.

Statutory Liens--1966 Amendment Of Section 67 Of The Bankruptcy Act, Lawrence P. King

Kentucky Law Journal

No abstract provided.

Chapter Xiii Wage Earner Plans--Forgotten Man Bankruptcy, Harry H. Haden

Kentucky Law Journal

No abstract provided.

An Analysis Of Kentucky's New Exemption Law, Joe Lee

Kentucky Law Journal

No abstract provided.

Reclamation Of Goods From A Fradulent Buyer, Robert Braucher

Michigan Law Review

Sections 2-702(2) and (3) of the Uniform Commercial Code (Code), defining the right of a seller to reclaim goods from an insolvent buyer, have for years been the subject of controversy. The sponsors of the Code have stood firm on the basic policy of these sections for more than twenty-five years, but, in its 1966 Official Recommendations for Amendment of the Uniform Commercial Code, the Permanent Editorial Board includes an amendment striking the words "or lien creditor" from section 2-702(3). That change has already been made in six states: California, Illinois, Maine, New Jersey, New Mexico, and New York. In …

Bankruptcy As An Occasion For Restitutionary Claims, William F. Young Jr.

Vanderbilt Law Review

Whether we are concerned with claims against the estate or with voidable transfers, it is essential to note that the Bankruptcy Act makes the filing of a bankruptcy petition a decisive event: a transaction occurring after the filing is likely to have consequences far different from what would have ensued if it had occurred before. The date of filing is, indeed, one of the very meanings of the word "bankruptcy" as it appears in the act. This point of distinction must be observed in each part of the discussion that follows. In the main, Part II concerns restitutionary principles in …