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Articles 3751 - 3780 of 3932

Full-Text Articles in Bankruptcy Law

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 …

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Contracts - Fraud - Implied Representation Of Solvency Jan 1934

Contracts - Fraud - Implied Representation Of Solvency

Michigan Law Review

Defendant, a wholesale grocer, had been losing steadily for months by selling below cost, and had assets of $83,000 against liabilities of $140,000 on Nov. 21, 1929. On that date he accepted a 90-day trade acceptance drawn by claimant for cases of tomato paste which he had ordered, and which claimant now seeks to reclaim on the ground of fraud. On December 3 defendant obtained the goods, and the next day went into involuntary bankruptcy. Held, that the buyer's promise to pay implies belief in reasonable ability to pay, and that concealment of belief to the contrary is fraud …

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Bank Reorganization And Recapitalization In Michigan, Ellis B. Merry Dec 1933

Bank Reorganization And Recapitalization In Michigan, Ellis B. Merry

Michigan Law Review

On January 2, 1933, 420 state and 68 national banks were operating in Michigan. On February 13, the Governor of Michigan proclaimed a banking holiday for eight days which was extended in effect on February 22. On March 4, the President proclaimed a national banking holiday until March 9. Under the provisions of the President's proclamation lifting the national banking holiday, 198 state and approximately 30 national banks were reopened by the appropriate authorities as "sound" banks. State bank conservators assumed the management and custody of 215 state banks which did not open, on appointment by the Commissioner of the …

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Bills And Notes-Bonds Payable At Office Of Trustee Which Becomes Insolvent After Due Date But Before Bonds Presented, Ralph W. Aigler Dec 1933

Bills And Notes-Bonds Payable At Office Of Trustee Which Becomes Insolvent After Due Date But Before Bonds Presented, Ralph W. Aigler

Michigan Law Review

In Morley v. University of Detroit, decided May 16, 1933, the Supreme Court of Michigan reaches a conclusion not only of intense interest as a matter of legal doctrine, but also tremendously important, if followed, in determining the location of losses that may run into large sums. The defendant had floated a large bond issue secured by trust mortgage to a Trust Company. Among the obligor's undertakings in the mortgage was one to the effect that it would punctually pay the principal and interest of every bond according to the terms of the bond and coupons and would "deposit …

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Constitutional Law - Bank Reorganization Legislation - Composition With Depositors And Other Creditors, Maurice S. Culp Dec 1933

Constitutional Law - Bank Reorganization Legislation - Composition With Depositors And Other Creditors, Maurice S. Culp

Michigan Law Review

Twenty States and the federal government now have laws permitting the reorganization and reopening of insolvent or failing banks. The usual statute provides for the reorganization of a bank upon some plan approved by a large majority of the general creditors of the institution; the plan must also have the approval of state banking officials and of a court of general jurisdiction, although the last is by no means a universal requirement. The reorganization, when approved, becomes binding upon all depositors and general creditors of the bank regardless of consent. By the terms of a few statutes, non-assenting creditors are …

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Banks And Banking -Trust Funds - Deposits For A Special Purpose Nov 1933

Banks And Banking -Trust Funds - Deposits For A Special Purpose

Michigan Law Review

Plaintiff had an arrangement with defendant bank whereby receipts of certain of plaintiff's branch stores were to be deposited daily with defendant, and the latter was to transmit each day by draft to a bank in Pittsburgh for plaintiff's credit all sums in excess of a dormant balance of $2,000. Drafts covering two days' deposits were in process of transmission to the Pittsburgh bank when defendant bank was taken over by the Comptroller of the Currency. The deposits represented by these drafts were made at a time when defendant's officers and directors knew the bank to be insolvent, though negotiations …

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Receivers-Provability Of Debts Owed By Insolvent Subsidiary To Parent Corporation Nov 1933

Receivers-Provability Of Debts Owed By Insolvent Subsidiary To Parent Corporation

Michigan Law Review

The defendant, a Massachusetts corporation, was organized by the plaintiff corporation in order to enable the latter to extend its line of railroad into Massachusetts. The plaintiff corporation owned the entire stock of the defendant company; all the money used by the defendant was advanced by the plaintiff; the management structures of the two corporations were practically the same, a majority of the directors and the principal officers of the one company occupying a like position with the other; the books of account of both companies were kept in the office of the plaintiff by its accountants - in short, …

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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. …

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Bankruptcy--Act Of Bankruptcy By Transfer With Intent To Defraud A Creditor With A Non-Provable Claim Jun 1933

Bankruptcy--Act Of Bankruptcy By Transfer With Intent To Defraud A Creditor With A Non-Provable Claim

Michigan Law Review

Petitioner as surety executed a bond to secure the payment of any judgment that might be entered against the principal. The defendant agreed to indemnify the petitioner against any claim or liability arising on the bond. After a verdict was obtained against the principal, but before judgment was entered, the defendant transferred all her estate without consideration and with specific intent on her part to hinder, delay, and defraud petitioner, her only creditor. The petitioner was forced to pay the judgment. Within four months after the fraudulent transfer he filed a bill seeking to have defendant ad judged a bankrupt. …

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Bankruptcy -- Fraudulent Conveyances -- Dealings Between One-Man Corporations Owned By One Person May 1933

Bankruptcy -- Fraudulent Conveyances -- Dealings Between One-Man Corporations Owned By One Person

Michigan Law Review

H was president of corporations A, B, and C. Through his control of B and C he secured personal advances approximating $600,000. This money he loaned as personal funds to A which through its directors and officers, in their official capacities, was aware of the source of the funds though not of the exact amounts nor of the fact of unlawful diversion. F bank held certain matured promissory notes of B upon which H had become obligated as guarantor. B and H were in financial difficulties and F bank threatened to throw H into bankruptcy.A thereupon, and …

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Bankruptcy-Who May Become Bankrupts - Cooperative Marketing Asociations May 1933

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.

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Receivers - Consent Receivership Not Allowed In Michigan May 1933

Receivers - Consent Receivership Not Allowed In Michigan

Michigan Law Review

A general creditor filed a bill alleging that the defendant corporation's assets as shown by its books have a value in excess of its indebtedness but that it cannot meet its current obligations although its assets, when converted into money would be sufficient to meet them and continue its business; that several suits have been instituted by defendant's creditors and that if executions are issued and levies made, defendant will be compelled to cease operations and losses will be suffered by all of defendant's creditors, whereas, if a receiver is appointed to operate its business their claims may be paid …

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Equity Receiverships In The Common Pleas Court Of Franklin County, Ohio, John Hanna Feb 1933

Equity Receiverships In The Common Pleas Court Of Franklin County, Ohio, John Hanna

West Virginia Law Review

No abstract provided.

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Provability Of Claims For Future Rent Or Damages Against The Trustee In Bankruptcy Or A Receiver Of An Insolvent Tenant Upon Abandonment Of The Leased Premises, Measure Of Damages In Federal Court Receiverships., Norman M. Littell Feb 1933

Provability Of Claims For Future Rent Or Damages Against The Trustee In Bankruptcy Or A Receiver Of An Insolvent Tenant Upon Abandonment Of The Leased Premises, Measure Of Damages In Federal Court Receiverships., Norman M. Littell

Washington Law Review

After publication of the article' appearing under the above title in the November issue of the Law Review, a decision was handed down by the United States District Court for the Western District of Washington, Northern Division, which justifies this supplemental note written at the request of the Law Review.

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Provability Of Claims For Future Rent For Damages Against A Trustee In Bankruptcy Or A Receiver Of An Insolvent Tenant Upon Abandonment Of The Leased Premises, Measure Of Damages In Federal Court Receiverships, Norman M. Littell Nov 1932

Provability Of Claims For Future Rent For Damages Against A Trustee In Bankruptcy Or A Receiver Of An Insolvent Tenant Upon Abandonment Of The Leased Premises, Measure Of Damages In Federal Court Receiverships, Norman M. Littell

Washington Law Review

The large number of insolvency proceedings during the present economic period throws into relief two legal problems of vital importance to the landlord and the general creditors of the tenant. May the landlord prove a claim against the insolvent tenant's estate for the loss of future rent, or for damages due to the abandonment of the lease upon the insolvency of the tenant, and if such a claim is provable, what is the measure of damages? These problems are acute because of the present extreme deflation in rental values where the involvent's lease has an unexpired term of many years …

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Bills And Notes-Fictitious Payee-Bearer Instrument Nov 1932

Bills And Notes-Fictitious Payee-Bearer Instrument

Michigan Law Review

A receiver in bankruptcy drew a check on the funds of the bankrupt deposited in the name of the receiver in the defendant bank, payable to "Joseph Wolf" who was a non-existing person. The receiver indorsed the check in the name of "Joseph Wolf" and received payment from defendant which acted innocently. The trustee in bankruptcy sued the defendant for paying a check over a forged indorsement. Held, in Childs v. Empire Trust Co., that the check, being made payable to a .fictitious payee with the knowledge of the person making it so payable, was a bearer instrument, …

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Bankruptcy-Liens-Unrecorded Mortgage Nov 1932

Bankruptcy-Liens-Unrecorded Mortgage

Indiana Law Journal

No abstract provided.

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Bankruptcy--Trustees--Attack By Courts On Credit Associations, Bernard Sclove Jun 1932

Bankruptcy--Trustees--Attack By Courts On Credit Associations, Bernard Sclove

West Virginia Law Review

No abstract provided.

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Suspension Of State Insolvency Laws By Operation Of The Federal Bankruptcy Act, Arthur Grunbaum Jun 1932

Suspension Of State Insolvency Laws By Operation Of The Federal Bankruptcy Act, Arthur Grunbaum

Washington Law Review

The Supreme Court of Washington in the recent decision of Armour & Co. v. Becker et al., has again raised a question mooted since 1819, as to the effect of the existence of a Federal Bankruptcy Act on the operation of a State Insolvency Law. Under present conditions, the problem of the availability of liquidating devices becomes peculiarly important, and warrants an analysis of the existing law on the subject. In the instant case, the plaintiff sought to recover the sum of $293.14 for goods and merchandise delivered to defendant, who was running a meat market and purchased goods until …

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Receivers - Extraterritorial Powers Jun 1932

Receivers - Extraterritorial Powers

Michigan Law Review

In these days of financial stress, the question of the extraterritorial powers of a receiver becomes especially acute. Though to the business man state lines have lost their significance, the lawyer is still confronted with independent sovereignties, both federal and state, each jealously safeguarding its own particular province. Receivers, appointed for an insolvent corporation or for a judgment debtor, seek to recover assets situated in foreign jurisdictions. Economy and expediency dictate the prevention of a dismemberment of the estates and the saving of expensive ancillary receiverships by a personal pursual on the part of the home receivers of those outlying …

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When Is A Corporation Insolvent?, Floyd Mathew Rett May 1932

When Is A Corporation Insolvent?, Floyd Mathew Rett

Michigan Law Review

There is general unanimity that as to real persons "insolvency" means the inability of a debtor to pay his obligations as .they fall due in the usual course of business - even though the value of his assets exceeds the aggregate of his liabilities. But the question - when is a corporation insolvent - the question to which this paper is devoted, is one with very varied answers. The answers may vary both with the nature of the corporation concerned and with the type of transaction involved. There are, however, two conventional definitions of corporate "insolvency," with occasional variations and …

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Corporations - Obligation To Refund Dividends Paid Out Of Capital May 1932

Corporations - Obligation To Refund Dividends Paid Out Of Capital

Michigan Law Review

The general rule is fairly well established that, where dividends are paid, in whole or in part, out of the capital stock, corporate creditors, being such when the dividend was declared, or becoming such at any subsequent time, may, to the extent of their claims, if such claims are not otherwise paid, compel the stockholders to whom the dividend has been paid to refund whatever portion of the dividend was taken out of the capital stock. This, however, has been modified in the federal courts to the extent that where the dividend, although paid entirely out of capital, was received …

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Receivers -Liability For Corporate Franchise Taxes Accruing After Appointment May 1932

Receivers -Liability For Corporate Franchise Taxes Accruing After Appointment

Michigan Law Review

General business conditions of the last three years have made the field of receivership law an extremely interesting and important one to that portion of the bar which has been picking up the pieces left by the debacle of 1929. The widespread liquidation and dissolution of great business organizations has been effected in large part through the medium of the receivership. One of the more difficult problems arising in connection with such receiverships has been the liability of the receiver for franchise taxes. Such taxes have been held to be not property levies but excises on the privilege to carry …

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Bankruptcy-Secured Debts-Jurisdiction Of State Courts May 1932

Bankruptcy-Secured Debts-Jurisdiction Of State Courts

Indiana Law Journal

No abstract provided.

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Mortgages - Foreclosure - Right To Receiver Of Rents And Profits Apr 1932

Mortgages - Foreclosure - Right To Receiver Of Rents And Profits

Michigan Law Review

The plaintiff held a large mortgage on apartment property. Upon default in the payment of principal, interest, and taxes a bill of foreclosure was filed against the mortgagor and her grantees who had taken subject to the mortgage. A clause in the mortgage authorized the appointment of a receiver to collect the rents and profits upon default. After hearing, the mortgagee was appointed receiver on the theory that non-payment of taxes constituted waste. Held, that the appointment was unauthorized. Union Guardian Trust Co. v. Rau, 255 Mich. 324, 238 N. W. 166 (1931).

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Corporations - Insolvency - Statutes Giving Priority To Wage Claims Apr 1932

Corporations - Insolvency - Statutes Giving Priority To Wage Claims

Michigan Law Review

Statutes giving liens or preferences to wage claims upon the insolvency of corporations are found among the laws of many states. In reference to the priority established, these statutes can be divided into three classes: those specifically stating that the lien or preference created shall be prior to all other claims not secured by specific liens, those specifically stating that wage claims shall be superior to all other claims upon the property of the corporation, including mortgages, and those making wage claims a lien or preferred debt to be paid "before any other debt or debts." Under this last type …

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Partnership - Bankruptcy-Partner's Liability For Misappropriation Of Partnership Funds Not Discharged By His Bankruptcy Mar 1932

Partnership - Bankruptcy-Partner's Liability For Misappropriation Of Partnership Funds Not Discharged By His Bankruptcy

Michigan Law Review

After dissolution of the partnership, one partner appropriated sums of money belonging to the partnership to his own use. He was subsequently discharged in bankruptcy. His co-partner, by a cross-bill in a suit for the appointment of a receiver and for liquidation of the partnership, sought to hold him for the liability, and it was held that this liability was not discharged by his bankruptcy, since the money appropriated was the property of the firm, and his taking of it was wilful and malicious injury to the property of another, liability for which is exempted from discharge by sec. 17 …

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Equity- Constitutional Law - Power Of Legislature To Change Equitable Doctrines Mar 1932

Equity- Constitutional Law - Power Of Legislature To Change Equitable Doctrines

Michigan Law Review

A Nebraska statute provided that in case of insolvency of a state bank the general depositors, subject to prior liens for taxes, have a first lien on all assets of the bank. A bank converted a note deposited for a special purpose, and indistinguishably mingled the proceeds with the general assets of the bank before insolvency. The deposit was held to have created a trust and the cestui was allowed to recover the amount of the note (trust fund) as a preferred claim upon the general assets of the bank. To the argument that this statute prohibited the imposition of …

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Insolvency Statutes Preferring Wages Due Employees, Paul G. Kauper Feb 1932

Insolvency Statutes Preferring Wages Due Employees, Paul G. Kauper

Michigan Law Review

Insolvency statutes of a majority of American states and the bankruptcy acts of the United States and England allow a preference to the claims of employees for wages accruing prior to the employer's insolvency or bankruptcy. Related types of legislation such as statutes creating an absolute lien on the employer's property to secure payment of wages, giving a preference to the employees of a deceased employer in the administration of his estate, exempting the wages of laborers from attachment or garnishment, making stockholders of a corporation individually liable for debts representing wages due employees, allowing employees to interpose their claims …

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Bankruptcy - Claims Against Bankrupt Indorsers Feb 1932

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 …

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