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Full-Text Articles in Estates and Trusts
Trusts - Constructive Trust As Device To Permit Tracing Of Plaintiff's Property In Action Of Rescission For Breach Of Warranty
Michigan Law Review
Defendant, in order to finance the purchase of a tract of land adjoining his farm, arranged to sell the oil and gas lease in the new tract to the plaintiff for $750. He took a conveyance of the new tract, giving a check to the vendor for $1,200, the entire purchase price. A few hours later he executed an oil and gas lease to the plaintiff who paid him $750, which defendant then deposited in his bank account together with $650 he had borrowed from the bank, thus covering the $1,200 check. Both parties understood that the money paid by …
Fraudulent Conveyances - Change Of Beneficiary Of Life Insurance Policy Formerly Payable To Insured's Estate
Michigan Law Review
An insurance company filed a bill of interpleader to determine disposition of the proceeds of a term policy on the life of one Fitzpatrick, now deceased. Claimants are the administrator, representing creditors, and the deceased's two sons. The policy had been issued payable to insured's estate, but reserved the right to change the beneficiary. A few days before his death (by suicide) deceased sent the company an application for change of beneficiary to his two minor sons. He was then hopelessly insolvent, and the administrator claims that the change of beneficiary was a fraudulent conveyance within the terms of the …
Trusts - Mortgage Participations As Trust Investments -Effect Of Invalidity
Trusts - Mortgage Participations As Trust Investments -Effect Of Invalidity
Michigan Law Review
The Commercial Savings Bank and Trust Company of Toledo, Ohio, in March 1931, executed an instrument called a Declaration of Trust, in which it recited that it had transferred to its trust department certain notes and mortgages for the purpose of issuing certificates of participation therein. The notes alone were physically transferred to the trust department, the mortgages being retained by the real estate loan department of the bank. The real estate loan department also collected the interest and principal on the notes transferred to the trust department. The Declaration of Trust expressly authorized the trust department to make substitutions …
Wills - Statute Of Nonclaim As Bar To Contingent Claim
Wills - Statute Of Nonclaim As Bar To Contingent Claim
Michigan Law Review
Plaintiff, the receiver of an insolvent state bank, filed a claim against the estate of deceased who had been a stockholder in the bank. The estate had been closed for twelve years when the claim was filed, the bank not having become insolvent until eight years after the decedent's death. The state constitution provided double liability for the stockholders of the bank to its creditors. Defendant urged that the claim was barred by the statute of nonclaim. Held, the claim is not barred, for the constitutional liability was not a "claim or demand, contingent or absolute," against the stockholder's …