Secured Transactions Commons^™

Declining Balance Of Principle Must Be Accounted For When Calculating Interest At The Maximum Legal Rate., Richard Meyer

St. Mary's Law Journal

Abstract Forthcoming.

Secured Transactions-Insurance-A Security Interest In The "Proceeds" Of Secured Collateral Does Not Include Insurance Proceeds-Universal C.I.T. Corp. V. Prudential Investment Corp., Michigan Law Review

Michigan Law Review

In return for a loan, a debtor executed a promissory note to codefendant, Prudential Investment Corporation, and entered into a written agreement to secure this note, designating as collateral a semi-tractor and the proceeds therefrom. Under this type of arrangement, Prudential's security interest would attach automatically to any property received from a sale, exchange, or other disposition of the tractor. Petitioner, Universal C.I.T. Corp., held the conditional sales contract which was executed in financing the purchase of the tractor and was named as loss payee in the insurance contract covering the tractor. When the tractor was totally destroyed, petitioner collected …

Secured Transactions Under The Uniform Commercial Code, Robert S. Summers

Cornell Law Faculty Publications

No abstract provided.

Commercial Law And Contracts – 1961 Oregon Survey, Robert S. Summers

Cornell Law Faculty Publications

No abstract provided.

Stockholder Votes Motivated By Adverse Interest: The Attack And The Defense, Earl Sneed

Michigan Law Review

It is the purpose of this article to study stockholder votes motivated by adverse interest from the standpoint of the attack and the defense. First, the remedies available to the complaining minority are examined. Then follows a study of the indicia of adverse interest in specific shareholder actions. Knowledge of the nature and import of these indicia should enable the careful lawyer to avoid or defeat the charge that unconscionable adverse interest vitiated the result of a stockholder vote.

Bills And Notes - Indorsements - Effect Of Contemporaneous Agreement On The Indorsement Contract, W. Stanley Walch

Michigan Law Review

Plaintiff, payee of a promissory note, indorsed and negotiated the note to the defendant bank. Attached to the note was a separate agreement of assignment and warranty in which the plaintiff assigned the note and a conditional sales contract to defendant, and further agreed to repurchase the note if any of the warranties in the contemporaneous agreement were breached. The maker of the note defaulted and defendant, after due presentment and notice, debited plaintiff's account for the face amount of the note. Plaintiff brought suit to recover the money from defendant on the theory that the contemporaneous agreement had qualified …

Creditor's Rights - Fraudulent Conveyances - Security Assignment Of Contract Payments Void If Assignor Retains Control, John A. Beach S.Ed.

Michigan Law Review

An insolvent debtor, who owed some $3,500 on plaintiff's partially-collected judgment, executed an instrument assigning to another creditor, a bank, all moneys due and to become due to the debtor under an existing contract, expressly as security for payment of the debtor's present and future indebtedness to the bank. The contract obligor was notified of the assignment, and thereafter the bank collected the amounts periodically accruing under the contract. The bank applied part of these collected amounts to the balance that the debtor owed the bank. The rest was either handed over to the debtor or credited to his general …

Suretyship-Consideration To Support A Gratuitous Guaranty Promise Made Subsequent To The Execution Of The Principal Contract. [Washington]

Washington and Lee Law Review

No abstract provided.

The Enforcement Of Oral Promises To Give Real Estate Security, Theodore A. Smedley

Washington and Lee Law Review

No abstract provided.

Contracts - Specific Enforcement Of An Executory Accord, Benjamin H. Dewey

Michigan Law Review

Sometime previous to the suit in question, defendant had executed a mortgage to the plaintiff, the loan secured by such mortgage to be repaid in installments. After having paid some but not all of the installments, defendant defaulted. As a result of negotiations between the parties and the Federal Land Bank of Omaha, it was agreed that the defendant should pay a lump sum in full satisfaction of the balance of the installments due under the mortgage. Performance was later tendered under this agreement, but the plaintiff refused to accept same, and subsequently brought suit in equity to foreclose the …

Banks And Banking - Power To Pledge Assets To Secure Private Depositors

Michigan Law Review

Plaintiff railway company deposited funds in the national bank of the defendant receiver. Dissatisfied with the guaranty of his deposits by surety bonds, the plaintiff demanded and received from the bank Liberty Loan Bonds, which were deposited with the trust officer of the bank to be held as security for the repayment, on demand, of the deposits. On the insolvency of the bank, the receiver refused to turn over the bonds, whereupon the plaintiff brought an action on the contract of pledge. Held, that the contract of pledge of the bank's assets to secure the private deposit was invalid …

Suretyship-Application Of Payments From Principal To Creditor-Equity Of Surety In Building Contract Funds

Michigan Law Review

A building contractor's bond, with professional surety, promises to see that all laborers and materialmen assisting upon a certain construction job are fully paid. With moneys received from work upon this building, the contractor pays a certain sum to a materialman without applying it to any particular debt. The contractor owes the materialman upon two separate debts: one for materials furnished upon this very job, and covered by this surety bond; and a pre-existing debt, in no way connected with the present contract. Is the surety able to insist that the materialman use this payment to discharge the debt on …

Commercial Instruments, The Law Merchant And Negotiability, Ralph W. Aigler

Articles

“Until recently apparently no serious attempt had been to make a comprehensive examination into the origins and history of commercial instruments or to explain the special doctrines attached to negotiability….

“The bill of exchange, it is said, developed as a bit of machinery to give effect to the medieval contract of cambium which was concerned with the special case of the exchange of money for money. With the growth of foreign trade the difficulties and dangers of payments multiplied. Naturally those whose business it was to exchange monies were resorted to in this connection. They, in turn, out of necessities …

Recent Important Decisions, Michigan Law Review

Michigan Law Review

Adverse Possession--Hostile Character--Possession Under Executory Contract for Sale; Bills and Notes--Bona Fide Purchase--Effect of Taking After Maturity; Bills and Notes--Bona Fide Purchase--Payment of Forged Check--Recovery of Payment; Bills and Notes--Invalidity of Note--Recovery Upon Original Consideration; Constitutional law--Due Process of Law--Situs of Ship for Purposes of Taxation; contracts--Sufficiency of Typewritten Signature; Copyright--Moving Pictures as Dramatization of Book; Corporations--Stockholder's Meetings--Effect of Withdrawal of Stockholders; Courts--The New Commerce Court--Jurisdiction--First Decision; Covenants Running with the Land--Building Restrictions; Damages--Excessiveness--Personal Injuries--Remittitur; Dead Bodies--Burial Determination of Place; Easements--Merger--Use by Owner of Servient Estate--Adverse Possession; Homicide--Burden of Proof When Insanity is a Defense; Intoxicating Liquors--Illegal Sale--"Dispensing"; Judgment--Collateral Attack--Defective …

Note And Comment, Paul S. Dubuar, Arthur Clarke, J. Fred Bingham, Dan B. Symons, Lloyd T. Crane

Michigan Law Review

Effect of Taking Possession of Mortgaged Property Under a Chattel Mortgage as Against a Junior Mortgagee; The Effect of the Reunion of the Cumberland Presbyterian Church With the Presbyterian Church in the United States of America Upon the Property of the Former; The Exclusive Use of Part of Railroad Station Grounds by Hackmen; Conflict of Jurisdiction in Bankruptcy Cases Between Federal and State Courts; Right of the Legislature to Amend Corporate Charters Under the Reserved Power; Can A Purchaser From a Tenant Acquire Title by Adverse Possession?; Can a Mortgagor After the Execution of the Mortgage Create an Easement in …

Selected Cases On The Law Of Negotiable Instruments, Robert E. Bunker

Books

The cases appearing in this volume have been selected primarily for the use of students pursuing the study of Negotiable Instruments and particularly for students in the Law Department of the University of Michigan. They are arranged in order to conform to the plan of instruction now pursued in that Department. The plan to which reference is made is sufficiently indicated by the Table of Contents infra. In brief, it involves a study of the law of Negotiable Instruments on the basis of the contract of the several parties as that law has been declared by the courts and, …

The Negotiable Instruments Law With Annotations, Robert E. Bunker

Books

"The Negotiable Instruments Law was enacted by the Legislature of Michigan at its 1905 session and on this 16th day of September, 1905, becomes a law of the State.

Soon after the approval of the Act -- June 16, 1905, -- I undertook the work of annotating the statute and of explaining its origin, scope and purpose in such particulars as seemed to invite explanation....

I submit the result of my work -- undertaken in the hope that it might help the profession and the bankers and the business men in dealing with this statute -- to all who may …