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Full-Text Articles in Bankruptcy Law

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 …

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Insolvency-The Co-Debtor As A Factor In Distribution, Fred T. Hanson May 1937

Insolvency-The Co-Debtor As A Factor In Distribution, Fred T. Hanson

Michigan Law Review

The problems in distribution peculiar to claims upon which another is liable with the insolvent have received little critical analysis in judicial decisions. This is largely because the chancery rule, governing the treatment of lienors, is widely accepted as the solution in every instance where one creditor has an exclusive resource from which he may obtain payment wholly or in part.

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Some Practical Aspects Of Section 77-B Of The Bankruptcy Act, Roger L. Shidler Apr 1937

Some Practical Aspects Of Section 77-B Of The Bankruptcy Act, Roger L. Shidler

Washington Law Review

Generally speaking, 77-B provides that a corporation which is insolvent or unable to meet its debts as they mature, may file a petition for reorganization under the provisions of the Amendment, and may propose a Plan of Reorganization. The Plan must include provisions modifying or altering the rights of creditors generally, or of any class of them, and may include provisions modifying or altering the rights of stockholders generally. To make the Plan effective, 66 2/3% of each class of creditors affected by the Plan must file acceptances of the Plan, and if the corporation is not insolvent, 51% of …

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Bankruptcy - Corporate Reorganization - Plan - Adequate Protection Of Claims - Due Process, Erwin S. Simon Apr 1937

Bankruptcy - Corporate Reorganization - Plan - Adequate Protection Of Claims - Due Process, Erwin S. Simon

Michigan Law Review

In proceedings for reorganization under Section 77B of the Bankruptcy Act, the debtor held real property valued at $245,025, while outstanding against the property there were first mortgage bonds of $445,000, second mortgage notes for $40,250 and a third mortgage note for $27,000. The court confirmed a plan which made no provision for junior lienors or stockholders, and to which they had not given their consent. On certiorari, granted by the Supreme Court, it was held, that since there was no equity in the property above the first mortgage, the claims of the junior lienors and stockholders had no …

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Banks And Banking - Collections - Trust Or Debt, Michigan Law Review Apr 1937

Banks And Banking - Collections - Trust Or Debt, Michigan Law Review

Michigan Law Review

A certificate of deposit issued by A bank and owned by plaintiff was presented for collection in a routine clearance transaction between defendant bank and A bank. A bank paid for the several items presented with other items and a draft. The draft was dishonored. After both banks closed, defendant bank collected the amount of the draft from A bank as a preferred claim. Plaintiff seeks full payment of the certificate of deposit. Held, payment terminated the agency for collection and gave rise to a debtor-creditor relation, and, for this purpose, payment by draft was equivalent to any other …

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Suretyship-Effect Of Death Of Surety On Rights Of Creditor, Jacob L. Keidan Apr 1937

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 …

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Constitutional Law--Municipal Corporations--Constitutionality Of Act Extending Bankruptcy Act To Cover Political Subdivision Of States, H. A. W. Jr. Feb 1937

Constitutional Law--Municipal Corporations--Constitutionality Of Act Extending Bankruptcy Act To Cover Political Subdivision Of States, H. A. W. Jr.

West Virginia Law Review

No abstract provided.

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Bankruptcy - Corporate Reorganization Plan - Fairness And Feasibility, Erwin S. Simon Feb 1937

Bankruptcy - Corporate Reorganization Plan - Fairness And Feasibility, Erwin S. Simon

Michigan Law Review

The corporation, having assets of $295,000 and liabilities of $1,200,000, petitioned for reorganization under Section 77B of the Bankruptcy Act and presented a plan. The district court's dismissal of the debtor's petition was affirmed in the circuit court of appeals on the grounds that the plan offered was incomprehensible, that the appraisal required by the plan was unjust since the value and validity of the bonds had been found in the equity receivership, and that subsection (b)(5) of 77B was unconstitutional, the attempt to bind non-assenting creditors being a denial of due process. Certiorari was granted by the Supreme Court. …

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Effect Of Bankruptcy Discharge On Revocation Of Motor Vehicle Operator's License For Failure To Satisfy Judgment. Ellis V. Rudy, Commissioner Jan 1937

Effect Of Bankruptcy Discharge On Revocation Of Motor Vehicle Operator's License For Failure To Satisfy Judgment. Ellis V. Rudy, Commissioner

Maryland Law Review

No abstract provided.

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Further Concerning The Double Liability Of Bank Stockholders. Stockholders Of People's Banking Co. V. Sterling (Ghingher V. Bachtell) Jan 1937

Further Concerning The Double Liability Of Bank Stockholders. Stockholders Of People's Banking Co. V. Sterling (Ghingher V. Bachtell)

Maryland Law Review

No abstract provided.

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Section 77b, The Chandler Bill And Other Proposed Revisions, John Gerdes Jan 1937

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.

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Collateral Liabilities Under Section 77b, Homer Kripke Jan 1937

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 …

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Constitutional Law - Due Process - Bank Receiving Deposits During Insolvency Nov 1936

Constitutional Law - Due Process - Bank Receiving Deposits During Insolvency

Michigan Law Review

An Ohio statute provided that an officer of a bank who received a deposit therein "when he has knowledge that it is insolvent" shall be subject to criminal liability. The defendant, a director of a state bank, was indicted under the statute for receiving deposits therein knowing the bank to be insolvent. The court of appeals reversed a decision of the common pleas court dismissing the defendant. On appeal the defendant contended that the statute violated the due process clause of the Fourteenth Amendment of the Federal Constitution in that the use of the word "insolvent," without providing a definition …

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Corporations - Rights Of Creditors Of Insolvent Corporation - Greater Than Rights Of Corporation Jun 1936

Corporations - Rights Of Creditors Of Insolvent Corporation - Greater Than Rights Of Corporation

Michigan Law Review

The dissenting and majority opinions of Justices Roberts and Cardozo in the recent case of McCandless v. Furlaud are illustrative of basically divergent conceptions of the status and function of the corporate receiver. In the following examination and evaluation of these conflicting positions, attention will be directed chiefly to those situations involving the problem of promoter's profits. The language and attitude of the courts, however, is typical of that adopted in all cases in which the questions considered arise and the conclusions suggested are of general application.

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Reorganization Without Consent Of Creditors - Section 77b (B) (5) Jun 1936

Reorganization Without Consent Of Creditors - Section 77b (B) (5)

Michigan Law Review

On May 15, 1936, the Circuit Court of Appeals for the Seventh Circuit denied a petition for leave to appeal from an order confirming a plan of reorganization under Section 77B of the Bankruptcy Act in the case of In re Garfield Arms Hotel Building Corporation. The property of the debtor, consisting of a furnished hotel building, was encumbered by a first mortgage bond issue of $254,500 with interest at six and one-half per cent in default since October 16, 1929. There was a second mortgage of $50,000 and accrued interest as well as approximately $22,000 in judgments against …

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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 …

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Municipal Corporations-Power Of Congress To Pass Act For Readjustment Of Municipal Debts Jun 1936

Municipal Corporations-Power Of Congress To Pass Act For Readjustment Of Municipal Debts

Michigan Law Review

In 1934, Congress amended the National Bankruptcy Act so as to authorize any municipality or other political subdivision of any state to effect a readjustment of its debts by proceedings in courts of bankruptcy. A water district in Texas petitioned the United States District Court asking for a readjustment of its obligations. After the dismissal of the proceedings in the District Court, but before the reversal of the decision by the Court of Appeals, the state legislature of Texas passed an act empowering municipalities and other political subdivisions to proceed under the federal statute. Held, that the municipal debt …

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Bankruptcy - Recovery Of Preferences - Requirement That Defendant Be Paid A Greater Percentage Of His Claim Than Other Creditors Jun 1936

Bankruptcy - Recovery Of Preferences - Requirement That Defendant Be Paid A Greater Percentage Of His Claim Than Other Creditors

Michigan Law Review

In a suit by the trustee in bankruptcy to recover as preferences part payments to defendant within four months of bankruptcy, the trial court refused to rule that the trustee had the burden of proving that each payment had the effect of giving to the defendant a greater percentage of his claim than other creditors would have received if the estate had been liquidated at that time. Held, the court's refusal was proper. Palmer Clay Products Co. v. Brown, 297 U.S. 227, 56 S. Ct. 450 (1936).

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Corporations-''Fair Plan" Under Section 77b-Applicability Of Boyd Case, Edward B. Barrett May 1936

Corporations-''Fair Plan" Under Section 77b-Applicability Of Boyd Case, Edward B. Barrett

Michigan Law Review

Few controversies can arise that present so many variables and require such delicate balancing of not easily ascertainable economic and legal interests as the one occurring when it becomes necessary for a court to pass on the fairness of a reorganization plan. The recognition of this is clearly seen in the provision of Section 77B of the Bankruptcy Act which reads in part: "after hearing such objections as may be made to the plan, the judge shall confirm the plan if satisfied that it is fair and equitable and does not discriminate unfairly in favor of any class of creditors …

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Bankruptcy-Disposition Of Insurance Policy Assigned To Beneficiary May 1936

Bankruptcy-Disposition Of Insurance Policy Assigned To Beneficiary

Michigan Law Review

Mrs. Humphrey was the beneficiary in an insurance policy taken out by her husband on his own life. He assigned this policy to her at a time when it was pledged to the insurance company for loans slightly in excess of the cash surrender value. Mr. Humphrey died after Mrs. Humphrey had filed her voluntary petition in bankruptcy. Held, the policy is not an asset of the bankrupt estate, but belongs to Mrs. Humphrey rather than the trustee. Curtis v. Humphrey, (C. C. A. 5th, 1935) 78 F. (2d) 73.

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Constitutional Law-Invalidity Of The Frazier-Lemke Amendment To The Bankruptcy Act Apr 1936

Constitutional Law-Invalidity Of The Frazier-Lemke Amendment To The Bankruptcy Act

Indiana Law Journal

No abstract provided.

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Contracts-Fraud-Rescission For Non-Disclosure Of Insolvency, Sheridan Morgan Apr 1936

Contracts-Fraud-Rescission For Non-Disclosure Of Insolvency, Sheridan Morgan

Michigan Law Review

Modern decisions have provided an important device for the protection of creditors through extension of the duty of disclosure by persons in extreme financial distress. The remedy chiefly used is rescission, which can be secured on the ground of "fraud," with restitution of property transferred in ignorance of the purchaser's distressed condition. The "fraud" need not consist of express misrepresentation of fact, though express misrepresentation often appears as an independent ground leading to the same result. The commercial importance of the remedies thus developed seems to justify consideration both of their practical consequences and of the theories on which relief …

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Some Comments Of Proceedings Under Section 77b Of The Bankruptcy Act, Austin V. Clifford Feb 1936

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.

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Bankruptcy-Receivership As Basis For Action Under Section 77b Feb 1936

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 …

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Corporations-Right Of Stockholder To Inspect Stock Book Of Bankrupt Corporation Under Section 77b Feb 1936

Corporations-Right Of Stockholder To Inspect Stock Book Of Bankrupt Corporation Under Section 77b

Michigan Law Review

Petitioner was the controlling stockholder of B corporation, which had its petition for reorganization under Section 77B of the National Bankruptcy Act approved. Being dissatisfied with the present board, he applied to the district court for an order directing the trustees of B to permit him to examine the stock book for the purpose of securing names of stockholders in order to call a meeting to elect a new board. Application was denied by the district court on the ground that calling a meeting would impede rapidity of reorganization. On appeal, held, application should have been granted, for Section …

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Sales-Corporate Reorganization Proceedings Under Section 77b-Right Of Conditional Vendors To Reclaim Property Feb 1936

Sales-Corporate Reorganization Proceedings Under Section 77b-Right Of Conditional Vendors To Reclaim Property

Michigan Law Review

The debtor, a laundry corporation, had filed a petition for reorganization under Section 77B of the Bankruptcy Act. The petition was granted, but prior to the approval by the court of a reorganization plan several conditional vendors (whose sales agreements had been filed according to the requirement of the New York law) moved to retake the articles sold, in accordance with said law relative to conditional sales, the debtor having defaulted in the agreed payments. Held, the conditional vendors were not lienors nor mortgagees, whose interests would have been covered by the reorganization petition; and since the chattels were …

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Bankruptcy--Oil And Gas--Discretion In Federal Court Of Permit Determination Of Boundaries Of Bankrupt's Leasehold By State Court Feb 1936

Bankruptcy--Oil And Gas--Discretion In Federal Court Of Permit Determination Of Boundaries Of Bankrupt's Leasehold By State Court

West Virginia Law Review

No abstract provided.

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Constitutional Law - Municipal Bankruptcy Act - Encroachment Upon State Powers - Ashton V. Cameron County - Water Improvement District No. 1 Jan 1936

Constitutional Law - Municipal Bankruptcy Act - Encroachment Upon State Powers - Ashton V. Cameron County - Water Improvement District No. 1

Maryland Law Review

No abstract provided.

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The Secured Creditor's Share Of An Insolvent Estate, Fred T. Hanson Jan 1936

The Secured Creditor's Share Of An Insolvent Estate, Fred T. Hanson

Michigan Law Review

Liquidation proceedings destroy the creditor's independent right to enforce full payment of the debt or in any way obtain a new advantage over other creditors. This change in the normal incidents of property in a debt is necessary in order to distribute the limited fund equitably. But in applying this principle, previously acquired rights by way of lien upon specific property must be respected.

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Fees And Expenses In A Corporate Reorganization Under Section 77b, George F. Medill Jan 1936

Fees And Expenses In A Corporate Reorganization Under Section 77b, George F. Medill

Michigan Law Review

A District Court of the United States in a proceeding under Section 77B of the Bankruptcy Act has substantially all the powers of a court of equity. All that follows may be summarized by saying that allowances of compensation for services and reimbursement for expenses are to be made by the court according to the principles and practices of equity applied to the accomplishment of the purposes of the Section and the object of the proceeding-a fair and equitable plan of reorganization. The Section, so far as it provides for or regulates allowances, is no more than a statutory restatement …

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