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Business Organizations Law

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Articles 271 - 291 of 291

Full-Text Articles in Estates and Trusts

Abstracts, Mary Jane Plumer Jun 1945

Abstracts, Mary Jane Plumer

Michigan Law Review

The abstracts consist merely of summaries of the facts and holdings of recent cases and are distinguished from the notes by the absence of discussion.

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Corporations - Foreign Corporations - Effect Of Complying With Domestication Statute, E. George Rudolph Apr 1943

Corporations - Foreign Corporations - Effect Of Complying With Domestication Statute, E. George Rudolph

Michigan Law Review

Decedent was a resident of Nebraska and all his property was located there. By his will he left the residue of his estate to a number of charitable institutions including the Topeka Branch of the Women's Foreign Missionary Society of the Methodist Episcopal Church, a corporation incorporated in Kansas. The Topeka Branch claimed exemption from the Nebraska inheritance tax because it was a domestic charitable corporation, having complied with the Nebraska statute providing, "Any corporation organized under the laws of any other state . . . which has filed . . . with the secretary of state of this state, …

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Taxation - Income Tax - A Fixed Investment Trust As A Taxable Association, Harry M. Nayer Mar 1942

Taxation - Income Tax - A Fixed Investment Trust As A Taxable Association, Harry M. Nayer

Michigan Law Review

Bonds of a prescribed kind were deposited in an investment trust with defendant, who issued certificates representing equal undivided interests in the trust corpus. Additional interests were created by the deposit of eligible bonds and sufficient cash to make up the current value of an interest, and all such bonds and cash were commingled. The depositor was not confined in making up the new units to the same kinds of bonds that were used in the original units, but could vary them in his discretion. The depositor could order the elimination of unsound bonds by sale, and the proceeds of …

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Corporations - Transfer Of Stock - Liability To Remainderman For Absolute Transfer At Instance Of Life Tenant, James D. Ritchie Mar 1940

Corporations - Transfer Of Stock - Liability To Remainderman For Absolute Transfer At Instance Of Life Tenant, James D. Ritchie

Michigan Law Review

X, life tenant of certain stock of defendant company under a will, endorsed the certificates as life tenant; Y Company guaranteed his signature and itself endorsed in blank. Defendant, with knowledge of X's limited interest, transferred the stock on the books and issued new certificates to Y Company absolutely. Learning of their interests after X's death, plaintiff-remaindermen demanded certificates for the stock from defendant, which refused. In their action for conversion, held, that defendant breached its fiduciary duty to plaintiffs in making an absolute transfer with knowledge that the transferee had only a life interest and …

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Associations - Massachusetts Trusts - Personal Liability Of Trustees On Contracts, Michigan Law Review May 1938

Associations - Massachusetts Trusts - Personal Liability Of Trustees On Contracts, Michigan Law Review

Michigan Law Review

The trustees of a business trust, by their agent, accepted seven trade acceptances in which there was no stipulation against the personal liability of the trustees. The trust instrument under which the business was operating provided that the trustees were to be under no "personal obligation or liability of any kind," and that all having transactions with the trustees are put on notice that no trustee or subscriber is personally liable, and further, that in all contracts made by the trustees, "specific mention shall be made therein of this trust to the end that any and all parties must look …

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Charities - Corporation Organized For Political Purposes As A Charitable Organization, Charles R. Linton Nov 1937

Charities - Corporation Organized For Political Purposes As A Charitable Organization, Charles R. Linton

Michigan Law Review

A statute provided, in substance, that bequests in a will to charitable organizations may not collectively exceed one-third of the estate of a testator leaving heirs. Plaintiff, a legatee under a will, appealed from a decree which found the American Jewish Congress was not a charitable organization and therefore was entitled to the full sum bequeathed to it. Among the corporate purposes stated in the articles of incorporation were: (a) to further the development of the Jewish National Home in Palestine, and (b) to secure and maintain equality of opportunity for Jews everywhere. Held, decree reversed; although incorporated for …

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Trusts--Corporation As Beneficiary Under Constructive Trust Of Outstanding Corporate Bonds Feb 1936

Trusts--Corporation As Beneficiary Under Constructive Trust Of Outstanding Corporate Bonds

West Virginia Law Review

No abstract provided.

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Corporations-Voting Trusts-Public Policy Jan 1936

Corporations-Voting Trusts-Public Policy

Michigan Law Review

Owning practically all the stock in two corporations, the decedent by will divided his holdings equally among his six children. To perpetuate the control of two sons who had been in active management for ten or twelve years, the other children transferred their stock in trust to the two sons to hold during the lives of these two or the life of the survivor, to vote, and to collect and pay over dividends. In an action by beneficiaries representing one-third of the stock to have the trust instruments declared void, the court held that the trust was not against public …

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Partnership - Declaration Of Trust - Stipulation Against Personal Liability Feb 1934

Partnership - Declaration Of Trust - Stipulation Against Personal Liability

Michigan Law Review

Plaintiff, the payee of a note of a Texas unincorporated association, sought to hold the defendant shareholders liable as partners. The articles of association provided for trustees to hold and manage the association property, but reserved powers in the shareholders so the latter could: (I) increase capital stock, (2) annually elect the trustees and annually increase or diminish the number of trustees, (3) repeal or amend any of the articles of association, (4) order trustees to call special meetings, (5) remove trustees and subject them to shareholders' orders at all times, ( 6) transact such business as they might inaugurate …

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Trusts - For Employees - Definiteness Of Cestui Jun 1933

Trusts - For Employees - Definiteness Of Cestui

Michigan Law Review

The testator by his last will and testament devised a saw mill owned by him to certain trustees, the will reading, "I suggest that my said trustees sell the mill" for a specified price about half the estimated value of the property to a corporation to be organized by "my employees." There was a further provision reading, "I suggest that all the employees who have been in my employment for five years or longer should hold stock in such corporation, should they so desire in such proportions as my trustees shall presence." After the corporation had been organized, the incorporators …

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Corporations-Validity Of Default Provisions In Trust Mortgages Nov 1932

Corporations-Validity Of Default Provisions In Trust Mortgages

Michigan Law Review

Ordinarily a secured creditor can take action to protect his claim against his debtor. When, however, the creditor is only one of many whose claims are equal in lien and right, it may be undesirable that any single creditor should be able to take independent action. This fact has led draftsmen to insert in corporate mortgages provisions limiting the rights of minority bondholders to take action in the event of default under the mortgage. The use of such provisions has created an apparent hotbed of judicial dissension.

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The Business Trust As A Means Of Securing Limited Liability Jun 1931

The Business Trust As A Means Of Securing Limited Liability

Michigan Law Review

Small investors are unwilling to risk their entire personal fortunes in one business venture, and for this reason refuse to participate in an enterprise unless they are assured that they will be free from individual liability for the obligations of the business. Such freedom from liability may be obtained by incorporation. That is the method especially provided by law and the one which most businesses adopt, but it has its disadvantages. The organization of a corporation involves heavy expenses in the form of lawyers' fees, filing fees and organization taxes. Once formed the corporation is subject to many. special taxes, …

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Business Trusts-Limited Liability Of Members Nov 1930

Business Trusts-Limited Liability Of Members

Michigan Law Review

The defendant company, established as a business trust, contracted a debt with the plaintiff who had full knowledge of a stipulation in the declaration of trust under which the defendant was organized limiting the liability of its members. He now attempts to hold the members to a personal and unlimited liability. Held, that although the court will not decide as to the legality of this so-called business trust, yet the plaintiff can not hold the defendant members to a liability as individuals since in dealing with the organization he had full knowledge of the intent of the members to …

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Massachusetts Trusts And Succession Taxes, Maxwell E. Fead, Milton D. Green Jun 1929

Massachusetts Trusts And Succession Taxes, Maxwell E. Fead, Milton D. Green

Michigan Law Review

Ordinarily, one thinks of trust estates as connected with testamentary dispositions of property, marriage settlements, spendthrift trusts, or other similar "pure" trusts. However, in comparatively recent years, trust estates have assumed a place in active business life, occupying the same general fields of activity as the corporation. Business men early found that the advantages of corporate existence were offset, to a greater or less degree, by corresponding disadvantages, such as compliance with regulations laid down by the state, inflexibility of charter provisions, and particularly increased burdens of taxation. The corporate organization lays itself open to the touch of the state …

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The Influence Of Control In The Determination Of Partnership Liability, Scott Rowley Jan 1928

The Influence Of Control In The Determination Of Partnership Liability, Scott Rowley

Michigan Law Review

The influence of control in the determination of partnership liability raises many interesting questions. Particularly within the past decade or slightly more it has been considered by the courts, at times with considerable vigor and with little logic or historical background. A perusal of the texts on partnership discloses very little mention of control as a test of partnership. As a rule it has not earned a place in the indices. The digests are almost equally devoid of place for it. In the few older cases where it is considered at all, it is quite often treated as a poor …

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The Russian Reinsurance Case, Edwin D. Dickinson Oct 1925

The Russian Reinsurance Case, Edwin D. Dickinson

Articles

Professor Dickinson's second commentary on Russian Reinsurance Company v. Stoddard and Bankers Trust Company: "The facts in the Russian Reinsurance Company case were without precedent. The Reinsurance Company had been incorporated in Russia in 1899 under a special statute constituting its charter and by-laws.... In 1917 the revolutionary Soviet Government was established in Russia and seven of the eight persons constituting the company's board of directors was driven into exile. In 1918 Soviet decrees nationalized the company, confiscated its property, and apparently terminated its corporate existence. Nevertheless, the exiled directors held meetings in Paris and continued to direct the …

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Book Reviews Feb 1925

Book Reviews

Michigan Law Review

A collection of book reviews by multiple authors.

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Recent Important Decisions Jan 1924

Recent Important Decisions

Michigan Law Review

A collection of recent important court decisions.

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Trust Company In Michigan, Ralph Stone May 1921

Trust Company In Michigan, Ralph Stone

Michigan Law Review

A trust company in Michigan is a financial and business institution. It came into being, in this state -as elsewhere, in response to the need for an efficient and business-like organization to administer estates and trusts of all kinds as a relief to the individual executor, administrator and trustee. The ever -increasing complications of business and finance placed a burden upon the individual- the relative, the friend, or the business associate-which he found he could not carry without considerable sacrifice either to his own interests or to those of the trust. Those who create trusts either by will, or private …

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Corporations And Express Trusts As Business Organizations, Horace L. Wilgus Jan 1915

Corporations And Express Trusts As Business Organizations, Horace L. Wilgus

Books

The advantages of incorporation have long been recognized and frequently referred to in our law ... Upon the other hand the special advantages of Express Trusts have recently been stated .... It is my purpose to compare these two, -- Corporations and Express Trusts, -- in such detail as my time will permit, to discover, if perchance we may, something of the strength and weakness of each, for business purposes, under present day conditions.

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Corporations And Express Trusts As Business Organizations, Horace Lafayette Wilgus Jan 1914

Corporations And Express Trusts As Business Organizations, Horace Lafayette Wilgus

Articles

PRESIDENT BUTLER of Columbia University is reported to have said in an address before the New York Chamber of Commerce in 1911, that "the limited liability corporation is the greatest single discovery of modem times, whether you judge it by its social, by its ethical, by its industrial, or, in the long run--after we understand it and know how to use it,--by its political, effects." 1

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