Commercial Law Commons^™

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.

Some Petty Complaints About Article Three, James J. White

Articles

IN many ways Article Three of the Uniform Commercial Code (Code) is like a huge machine assembled by a mad inventor and comprised of assorted sprockets, gears, levers, pulleys, and belts. Few thoroughly understand all of the jobs which this machine is to perform; and a search through the reported cases suggests that the machine is either performing so efficiently that it commits no mistakes worth litigating or it is not performing at all. In their study of the intricacies of Article Three, law students resemble persons climbing about on the machine-pulling its levers, testing its belts and pulleys, and …

Exchange Control, The Principle Of Nondiscrimination And International Trade, Wilhelm A. Kewenig

Buffalo Law Review

No abstract provided.

The Irregular Issuance Of Warehouse Receipts And Article Seven Of The Uniform Commercial Code, Douglass G. Boshkoff

Michigan Law Review

The draftsmen of Article Seven were well aware of the problems caused by irregular issuance of warehouse receipts and there will be fewer problems of irregularity under the Code for two reasons. First, the Code's formal requirements for issuance of warehouse receipts are less stringent than are those imposed by the UWRA, thereby lessening the chances of any irregularity occurring. Second, the Code contains two sections which aim to minimize the consequences of any irregularities which may occur. In this article I will discuss the types of defects that have been troublesome over the years, focussing on the ways in …

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 …

Seller's Damages Following Resale Under Article Two Of The Uniform Commercial Code, Robert J. Nordstrom

Michigan Law Review

The seller's right to resell contracted-for goods following a breach by the buyer is set forth in section 2-706 of the Uniform Commercial Code (Code). That section also contains a statement of the conditions placed upon the exercise of that right and provides the measure of recovery if the resale is made "in good faith and in a commercially reasonable manner":

[T]he seller may recover the difference between the resale price and the contract price together with any incidental damages allowed under the provisions of this Article (Section 2-710), but less expenses saved in consequence of the buyer's breach.

In …

Bank Statements, Cancelled Checks, And Article Four In The Electronic Age, Norman Penney

Michigan Law Review

My task was to prepare a short article dealing in some depth with specific problems which have arisen under Article Four of the Uniform Commercial Code (Code). Unfortunately for purposes of criticism, but happily for those affected by Article Four, a canvass of recent reported cases as well as bank operations people and bank counsel has revealed very few problems of any significance to either the general practitioner or even the so-called commercial law specialist. This prompts two comments: (1) Article Four seems to be working so smoothly that to develop a "problem" would be to make a mountain out …

Article Eight: A Premise And Three Problems, Ernest L. Folk Iii

Michigan Law Review

This essay concerns itself with a basic premise and three problems concerning investment securities under Article Eight of the Uniform Commercial Code (Code). Although some amount of relevant exposition is necessary to make the arguments intelligible, general familiarity with the essentials of the Code's treatment of investment securities is assumed.

Actions On Commercial Paper: Holder's Procedural Advantages Under Article Three, Stanley V. Kinyon

Michigan Law Review

The discussion will also be concerned primarily with the usual action "on the instrument": an action by the holder to enforce payment by a person who has signed it as maker, acceptor, certifier, drawer, indorser, or guarantor and has thus become "liable on" it. These instruments, of course, may be involved in other types of actions, such as: an action for conversion of the instrument (section 3-419); an action to recover damages for breach of the warranties of a collector or transferor (sections 3-417 and 4-207); an action to compel indorsement (section 3-201); an action to enjoin payment (section 5-114(2)(b)); …

Protection Of The Installment Buyer Of Goods Under The Uniform Commercial Code, Robert H. Skilton, Orrin L. Helstad

Michigan Law Review

The present topic for discussion, protection of the installment buyer under the Code, is part of a larger topic-protection of the consumer under the Code. The remarks that follow sometimes apply generally to the status of the consumer under the Code. There are times when no distinction should be made between our model installment buyer and other consumer buyers.

Revising State Usury Statutes In Light Of A Tight Money Market, Jack C. Merriman, James J. Hanks Jr.

Maryland Law Review

No abstract provided.

Limits On Interest Rates In Maryland, Hal M. Smith

Maryland Law Review

No abstract provided.

Contracts And Sales, Joseph Curtis

Faculty Publications

No abstract provided.

An Analysis And Comparison Of Article 2 Of The Uniform Commercial Code And The Uniform Sales Act, Gerald D. Fines

Masters Theses

No abstract provided.

The Irregular Issuance Of Warehouse Receipts And Article Seven Of The Uniform Commercial Code, Douglass Boshkoff

Articles by Maurer Faculty

No abstract provided.

Knowledge As A Factor In Determinig Priorities Under The Uniform Commercial Code , Carl Felsenfeld

Faculty Scholarship

Before the Uniform Commercial Code, a second secured party could not perfect his interest over a prior unperfected interest if he had knowledge of that prior interest. The Code, in contrast, promulgates a basic "first-to-file" priority rule in section 9-312(5). In this sharp departure from prior law, the knowledge factor is omitted. Other sections of Article 9, however, allude to certain aspects of the pre-Code knowledge requirements. Mr. Felsenfeld analyses the difficulties and incongruities which may arise from this lack of explicitness with regard to knowledge of prior security interests. He concludes that the courts may and should reconcile such …

The Plaintiff In Default, Richard H. Lee

Vanderbilt Law Review

This article is concerned with one basic fact pattern. A party to a contract has commenced performance but has stopped short of completion. His failure to perform further is legally inexcusable. The other party has not performed, but is not in default. Can the one in default salvage anything from the wreckage of the contract when he himself "cast it on the rocks"? Can he recover the value of his part performance despite the fact that he refused to abide by his contract? The answer most commonly given by the courts is a righteous no.' But there are many factors …

Comparative Aspects Of Product Liability, Charles Szladits

Buffalo Law Review

No abstract provided.

Similarities In American And European Negotiable Instruments Law, Marshall L. Cohen

Buffalo Law Review

No abstract provided.

Ucc Section 2-318: Effect On Washington Requirements Of Privity In Products Liability Suits, Anon

Washington Law Review

In recent years, there has been considerable development in the law governing liability of a seller to persons other than his immediate buyer for personal injuries caused by defective products. The rule of caveat emptor has been progressively eroded. The majority of writers and an increasing number of courts have adopted the position that a seller cannot avoid liability on the ground that he is not in privity of contract with the injured party. The Washington court appears to be following this trend. The process of judicial development, however, may be jeopardized by the recent enactment in Washington of section …

Security Interests In Personal Property, Douglass Boshkoff

Indiana Law Journal

No abstract provided.

Restitution On Default And Article Two Of The Uniform Commercial Code, Robert J. Nordstrom

Vanderbilt Law Review

Article 2 of the Uniform Commercial Code, entitled Sales, contains an entire chapter (Part 7) devoted to remedies. This chapter reveals two basic philosophies. First, the draftsmen were concerned with developing a pattern of recovery following default by one of the parties, even though default is but one reason for the nonperformance of promises. Second, the remedies which are codified emphasize the expectation interest of the nondefaulting party and almost ignore any development of the restitution interest. This emphasis upon the expectation interest singles out only one judicial approach by which the economic interests of the parties can be readjusted …

Ucc Section 9-301 (1) And Accounts, Contract Rights, And Chattel Paper: The Non-Existent Priorities, Anon

Washington Law Review

It has been said that "fortunately ... experience indicates that the practical importance of . . . [Uniform Commercial Code priority] problems is probably less than their intellectual challenge."' This may be fair warning to eager students, lawyers, and legal scholars. Such warnings, however, are seldom heeded, and pursuits of intellectual challenge are often productive. Constructive analysis of section 9-301(1) (c) and (1) (d) of the Uniform Commercial Code, insofar as they relate to "chattel paper," "accounts," and "contract rights," may prove to be most beneficial.

Tax Aspects Of Partnership Distributions And Transfers Of Partnership Interests, Taxing Statutes, Robert R. Milroy

Indiana Law Journal

No abstract provided.

Legislative Proposals Concerning Private Foundations, William C. Golden

Indiana Law Journal

No abstract provided.

Problems In The Tax-Free Incorporation Of A Business, Stanley Weiss

Indiana Law Journal

No abstract provided.

Unconscionability In Consumer Sales Contracts—A Defense To Actions At Law, And Under The Ucc, Anon

Washington Law Review

Plaintiff, operator of a retail furniture store, sold a five hundred dollar stereo set on installment contract to defendant Williams, knowing that defendant supported herself and seven children on a two hundred eighteen dollar monthly welfare payment. At the time defendant bought the set, she owed plaintiff one hundred sixty four dollars on thirteen prior purchases. The form contract provided that plaintiff would retain title to all items purchased until the purchaser had paid all amounts due in full, and that the debt on each item was secured by the right to repossess all items purchased. When defendant defaulted shortly …

Taxation And Interstate Commerce, Raymond Albert Hinerman

West Virginia Law Review

No abstract provided.

Legislation, Law Review Staff

Vanderbilt Law Review

Federal Diversity Jurisdiction--Citizenship for Unincorporated Associations

In 1889 the United States Supreme Court ruled in Chapman v.Barney' that a New York joint stock company was not to be considered a "citizen" for purposes of federal diversity jurisdiction. This decision provided the basis for the rule that unincorporated associations are not considered juridical persons, and that the citizenship of their individual members is determinative of federal diversity.

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Protecting the Client When His Lawyer Dies

The problems which arise when a practicing attorney suddenly diestake many shapes. Those which face the law firm are of both an ethical nature, involving the …

American Travelers Checks, William D. Hawkland

Buffalo Law Review

No abstract provided.