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Focuses on the acceptance of secured transactions from the proposed revision of the Uniform Commercial Code. Emphasis on leases as security interests; Steps in creating the written security agreements; Descriptions on collateral and financial statements; Effects of knowledge on defective filling.

This article presents some notes related to law. Under the English Statute of Frauds, which has been generally re-enacted in the United States, a promise to answer for the debt, default, or miscarriage of another is required to be in writing. From the multitude of decisions which have endeavored to define the nature of such a promise, commonly known as a guaranty, certain well-defined rules may be deduced. The promise must be collateral to some liability on the part of a principal. Hence if the alleged principal is not or cannot become liable, or if the primary obligation is extinguished or novated by force of the secondary promise, there is no guaranty.

The purpose of this article is to consider what promises or statements make a seller liable for the character or quality of the goods which are the subject of the sale. For the purpose of this discussion it is not material what obligations so created are collateral and what are part of the seller's primary promise. The single object is to determine when the seller will be liable, not how his liability may be enforced, or whether it will survive acceptance of the goods. The law of warranty is older by a century than special assumpsit, and the action upon the case on a warranty was one of the bases upon which the law of assumpsit seems to have been built.

Discusses the economic and legal development in England illustrated by the history of forms of security on property. Description of the English law of gage; Ideas of the development of credit and of judicial execution of varieties of obligation and of forms of action for their enforcement; Distinctions of the enforcement of the security; Description of the usufruct-gage and property-gage; Varieties of the forfeiture-gage.

The article discusses some new legal cases of the United States. In a suit to enforce a lien given by a State statute, for repairs to a vessel, held, that the transaction is maritime in its nature and the State courts have not jurisdiction. The Constitution of the United States, article 3, section 2, declares that " the judicial power shall extend to all cases in admiralty and maritime jurisdiction." An act of Congress provides that the district courts of the United States shall have-exclusive jurisdiction of such causes. Accordingly, the Supreme Court has since held that although the State legislatures may regulate the rights of material-men furnishing necessaries to vessels, so long as Congress does not interpose to regulate the subject, yet State law cannot take the contract out of the exclusive domain of admiralty jurisdiction.

Discusses comparative legal ideas relating to pledge-idea or collateral security. Primitive notion of the transaction; Attempt to reconstruct the conditions of the primitive traders; Varied aspects of the subject and the richness of the material; Forfeit-idea, in general, as the forerunner of the Collateral-Security idea; Sale for purchase as distinguished from the pledge; "Vifgage" as distinguished from the mortgage; Germanic and Scandinavian law.

Presents several court litigations in the U.S. Details of the McNeal Pipe and Foundry Co. v. Woltman case; Liability of a carrier resulting from the damage and loss of goods as stipulated in the Express Co. v. Caldwell lawsuit; Responsibility of a junior mortgagee in the foreclosure of a sale as highlighted in the Rose v. James case.

Discusses cases in the United States that illustrate the legal right of a creditor to the securities of his surety. Doctrine of surety in the case, Maure v. Harrison; Analogy drawn between the case of a creditor whose remedies against the principal debtor are transferred to a surety who has paid the debt; Application of common American doctrine in the case, Morrill v. Morrill.

Examines equity aspects of the law affecting debentures in the U.S. Lack of significance of the term debenture; History of the security clause in the country;Types of debentures in England.

Focuses on the pledging of bonds by corporations in the U.S. Use of bonds as collateral for loans; Commercial financing.

The article discusses subrogation problems in the law of suretyship and insurance. Vast extension within recent years of the use of both suretyship and insurance as protective devices has naturally reflected novel problems whose solutions are frequently perplexing. It is not, however, with the construction of such contracts or the rights of the obligee that this article is concerned, but rather with the intricate relations arising out of the multiplication of sureties and insurers in a single set of circumstances. The fundamental problems between a principal and his surety and between co-sureties have been worked out with considerable unanimity of opinion.

This article discusses the concept of consent receivership in legal terms. It possesses, none the less, some of the attributes of an undetonated shell, and after a period of tranquil existence it may terminate in an explosion for, toward the end of the receivership, it frequently happens that a proposed reorganization plan does insufficient justice to floating debt creditors. Disputes arise among rival mortgages and other creditors of the defendant as to who has a first lien upon property not specifically described in a given mortgage but embraced in it, if at all, merely through the operation of an after-acquired property clause.

Discusses the three principal lines of reasoning used by the court to exclude suretyship defenses under the Uniform Negotiable Instruments Law in the U.S. Application of suretyship defenses; Identification of suretyship as part of the common law and is unknown to the law of merchant; Distinct problem in the suretyship of defenses.

This article provides information regarding the recent legal cases in the U.S. Informing about the rule of laches for liens on domestic vessels it says that liens were barred appeal. The federal act under which the liens are claimed expressly supersedes the state statutes but provides that it is not to affect existing "rules of law in regard to laches." In another section the article describes about liability on contract for partly undisclosed principal. Regarding remaining cause for error in sustaining demurrer to evidence the article says that In an action for negligent injuries to land and crops, the plaintiff's evidence showed negligence on the part of the defendant and injury to the plaintiff, but there was insufficient evidence of any actual damage.

Discusses issues related to business security and legal security in the U.S. Arrangement of liens according to priorities; Refinement of the marshaling of liens; Presentation of a typical case in the passing on the strength of a corporate bond; Valuation of property.

The article presents information related to the law. It discusses the case of the effect of second mortage on the rights of a party subrogated to the security of the first mortgagee. At common law, a mortgage is a conveyance of land as security for the payment of a debt within a specified time. Upon due payment of the debt, the security is discharged, and title revests in the mortgagor without the necessity of a recon&vacute;eyance. If, however, under the common-law theory, payment is not made till after the law day, the condition upon which the mortgagee's title is defeated is not complied with and the mortgagor is forced to procure a reconveyance before his legal title is revested.

Reveals why it has become usual for bank loans, even if secured by collateral, to contain numerous provisions for the acceleration of payment. Conversion of a negotiable instrument into a substitute for money; Origin of the rule requiring certainty in commercial paper; Failure of the courts and law textbooks to distinguish between the requisite of certainty of time and that which forbids the instrument to be conditional.

This article presents information related to recent court cases published in the June 1915 issue of "Harvard Law Review." A note made by the plaintiff recited that collateral had been deposited as security for its payment or for the payment of any other liability to the holder thereof. The note, with the security, was transferred to the defendant for value before maturity, and he seeks to hold the collateral as security for other debts of the plaintiff to him. The recital of collateral securing a note, similar to a power to confess judgment, does not destroy its negotiability.

The article discusses on various types of cases that may be personal or constitutional. In many of the states the adoption statutes provide expressly as to inheritance both by and from an adopted child. A creditor and his debtor may change by novation an obligation to the creditor alone into a joint indebtedness to the original creditor and another party. Statutes altering the conditions affecting redemption after foreclosure sales are generally held unconstitutional as applied to prior mortgages. A wife loses her common-law right to support when she is guilty of adultery. Analogous cases of contracts to procure evidence have sometimes been declared illegal, when compensation depended on the satisfactory nature of the testimony produced, or the successful determination of the suit.

Presents several cases related to corporate law. Relation between attorney and client; Special deposit of check as collateral security; Applicability of bill of peace to negligence cases.

This article attempts to describe the power in trust. A power in trust or in the nature of trust is a power which imposes upon the donee, a duty to exercise it, enforceable in equity. A power is an authority to deal with property apart from ownership. It is generally an authority to deal with property owned by some person other than the donee of the power; but a man may be given a power to deal with property which he himself owns. Such a power is called a power appendant. A power appendant is always destructible by the donee. A man cannot be deprived of the right to deal as owner with property which he owns by giving him a power; and by conveying the prosperity as owner, he is estopped to exercise the power. The author is of the views that a power may be given to a man, the exercise of which does not derogate from his own estate or interest, that is, which is not a power appendant, but which derogates from the estate or interest of some other person or persons. The donee may have an estate or interest in the property, as when property is given to A for life, with a power to him to appoint the remainder; this is called a power in gross or collateral. Or the donee may have no estate or interest in the property, as when property is given to A.

The article discusses the unreason in the law of damages in the context of the collateral source rule as in force in the U.S. The collateral source rule provides, in effect, that in an action for compensatory damages the defendant will not be permitted to establish that the plaintiff did not actually sustain the amount of injury alleged, if diminution resulted from the conduct of a third person. Although the rule itself has been in use since 1854 and the term "collateral source" in currency since 1871 application in varied situations amidst a congeries of exceptions continues to spawn litigation.

For many years it has been recognized that a present security interest may be established in property to be acquired by the debtor in the future. When the subsequent acquisition is in turn financed by a purchase money transaction the question arises whether the lien of the original mortgagee or that of the purchase money creditor has priority. Professor Gilmore traces the historical priority given the purchase money interest, the areas in which the priority has been qualified, and the embodiment of the priority in the Uniform Conditional Sales Act. He then describes some of the solutions and raises some of the problems presented by Article g of the Uniform Commercial Code, discussing the Code's treatment of the purchase money interest in inventory, collateral other than inventory, and fixtures. He concludes by urging that defects in the Code be repaired in a uniform and careful manner rather than ignored or denied through fear that such repair would hinder general adoption of the Code. [ABSTRACT FROM AUTHOR]

Analyzes the treatment of security interests in fixtures under the Uniform Commercial Code in the U.S. Code's aim of encouraging the use of fixture collateral; Suggested amendment to the Code and to the Bankruptcy Act.

The article focuses on security interests in mobile equipment of interstate carriers. Security interests in mobile equipment of interstate carriers raise a variety of problems to which state courts and legislatures have offered diverse and sometimes conflicting solutions. The result is often uncertainty and added expense for those who must deal with the carriers. The federal government has sought to remedy the situation by creating recording systems for security interests in three types of equipment--ships, planes,and railroad rolling stock.

The article focuses on a New York Supreme Court case "Erie R.R. v. Tompkins." A debtor endorsed and mailed a check from Boston to its creditor in New York to extinguish a debt. The check was mailed more than four months and was received within four months before the debtor went bankrupt. In a suit by the trustee in bankruptcy to recover the amount as a voidable preference under section 60 of the Bankruptcy Act, the New York Court of Appeals held that the transfer was complete under New York law prior to the beginning of the four month period.

The article informs that the recent amendment' to Section 60(a) of the Bankruptcy Act 2 of the U.S. which substitutes a hypothetical lien creditor test for the former hypothetical bona fide purchaser test, in defining the perfection of a transfer, was supposedly a boon to commercial financing interests, particularly to those engaged in accounts receivable financing. Throughout its history, the Bankruptcy Act has been subjected to strict and confining construction. This presented a serious obstacle to draftsmen whose constant object was to frame language which would effectively strike down secret liens and transfers.

The article discusses the sociological perspective of law. Law is more than just an established system of behavior norms combined with a coercive mechanism for the maintenance of those norms. It is also the renewal and creation of law. A legally valid solution can be ineffective; an effective solution can lack legal validity. The task of the sociology of law, differs considerably from those arising from the usual sociological conceptions of law. In addition to guaranteeing a reasonable degree of peace and legal security for all, functions of the law may include the distribution of possibilities for the modification of an existing order or for the exercising of influence on certain governmental decisions just as they include the distribution of food, incomes, employment opportunities, education, chances for marriage, and so on. The distribution of each of these goods thus also provides a possible empirical measure for the evaluation of the effect of the legal system in force in a given society as well as of the degree of criminality, social unrest and, more generally, of the occurrence of deviant behavior in that society.

The article discusses the use of psychiatry in Soviet criminal proceedings. The Soviet use of psychiatry has been affected by the Soviet conceptions of state, law and social organization as well as by concepts of self and society, security and change, freedom and order and means and ends. Current Soviet commentators to the contrary notwithstanding, the early Soviet code practice largely reflected the Italian sociological school of Ferri. Current Soviet interpretations of responsibility are not then at utter variance with the Thomist conception of moral responsibility. Cultural factors are potent as determinants even where the rationalization is strictly pragmatic. In the early Soviet experience, frequent use was made of moral indignation as a sanction-invoking response. At first this was not derogatory of the Ferri model but rather an occasional lapse. But it provided the wedge for the return to an ever broadening concept of moral culpability. With certain restrictions, the Soviet citizen's capacity of assuming the burden of culpability is unquestioned.

The article focuses on classification in a minimum security institution. The existence of small first-offender and wayward minor groups in the same minimum security institution poses the question of segregation of the wayward minors in conformity with the law. This is to be eventually solved when present plans for a purely wayward minor institution are consummated. The minimum security situation calls for a more adequate and skilled classification committee than does the walled prison. There are probably four main principles underlying classification in a minimum security institution. Firstly, there is greater need to encourage unity of purpose and effort among the staff members to minimize the possibility of any disunity having a demoralizing effect upon the boys. Secondly, there is greater need for diagnosis of personality difficulty and well-advised formulation of the initial program to be made immediately and accurately because of the lack of custodial security. Thirdly, there is greater necessity for a constant check on the problems and emotional trends of each lad by the classification committee to make certain that the boy's program keeps pace with his changing needs. Lastly, but probably more important in many aspects than the others in making minimum security penology work, the relationship between the institutional classification committee and the State Parole Board must be one of mutual understanding and working cooperation.

This article discusses significant issues related to life insurance policies. Collateral assignment of a life insurance policy is an agreement by which an insured pledges or transfers title of his policy to his creditor as security for a debt. It is not a transfer of complete ownership but is more like a mortgage of land or a pledge of marketable securities. Most assignments of life insurance policies are made by the insured himself and before maturity of the policy. The use of the word collateral distinguishes it from an absolute assignment, which theoretically gives everything to the assignee, by its terms it is absolute. Life insurance policies are assignable, unless there is a provision in the policy prohibiting its assignment. Such policy provisions prohibiting assignments are hardly ever used in modern policies of ordinary insurance.

When the federal reserve system was established, elaborate precautions were taken to provide for the elasticity of the federal reserve note. The original plan of issue ailed for the use of rediscounted paper as collateral, and the process of issue and retirement was tenuously connected to member bank borrowing. The original plan has been almost entirely abandoned through statutory changes made in response to alterations in monetary and banking practices and structures. The tremendous growth of the gold stock has been of particular significance. The collateral requirements have been modified, and note issue has been divorced from member bank borrowing. The elasticity of the federal reserve note has not been impaired, which suggests that the correct explanation of note elasticity is to be found in the rôle which cash plays in the monetary system rather than in collateral requirements. Vestiges of the original plan of note issue remain and constitute a potential source of embarrassment to the monetary system. [ABSTRACT FROM AUTHOR]

The purpose of this article is to outline briefly the principal features of these contributions. The life of economist John Law, which ii already well known and is available in a number of good biographical sketches, is not repeated here. Neither his theories as expounded in Money and Trade Considered nor the practical operation of his system in Prance, since they have been adequately treated elsewhere will be discussed. In 1711 Law came to Turin, the capital of Piedmont. He obtained an audience with the ruler, King Victor, in March, 1711, and encountered no difficulty in interesting him in a project promising relief for a national treasury burdened with debts. With a strong government bank supplying the requisite money and credit facilities, Law told this ruler that Piedmont would gradually regain its former position as one of the leading commercial centers of Italy. The resources of this bank were to consist of the capital of one hundred thousand pistoles, all of which would be available by the end of the first year's operations, the funds of the Crown and the State revenues as they were collected, the private deposits of the people. As this specie was brought to the bank for deposit, bank notes were to be issued if desired by the depositor or evidence of deposit was to be given by pass book receipt which would not be circulated as money. In this private banking project Law stated explicitly that notes were to be issued only in equivalent exchange for coin deposits.

Morris Plan companies and banks now do a business of about $220,000,000 a year. The "Plan" is a scheme of lending money at a high rate of interest, approximately 19.2 per cent, on the security of endorsers; it can also be used in financing' a variety of transactions. Part of the capital is obtained from borrowers who invest their savings in certificates. The situation calls perhaps for a new kind of banking institution, one that would be allowed to accept deposits and to lend on the security of pawns, endorsed notes and chattel mortgages. The rate charged by the Morris Plan companies and banks, though higher than the usual legal or contract rates, is not out of line in comparison with the charges of other concerns extending credit to the masses. [ABSTRACT FROM AUTHOR]

Sins, broadly speaking, are of two categories those of commission and those of omission. The former are active and positive, the latter, passive and negative. Under the second must be included indifference to social ills that should challenge earnest attention and active effort. This form of sin seems to present nearly insuperable difficulties in the way of correction. Not without reason does the whole world in times of need and distress look with confidence to this self-same complacent individual. His generosity is pretty well measured by the degree of vividness of his realization of the other fellows hardship and suffering; the situation need only be sold him to guarantee his aid.

Focuses on the issues regarding the traditional modes of enforcement for secured transactions in the United States. Prohibition of sanctions of article 9 of the Uniform Commercial Code; Development of collateral and forms of obligation; Proliferation of judicial constructions.

Focuses on the regulation of collateral security in the United States. Disposition of collateral properties; Self-help provisions of security agreement; Brief of the Permanent Editorial Board.

Focuses on the reviewed Article 9 cases of the Uniform Commercial Code relating to security interest in United States. Relationship between the Code and certificate of title statutes; Interaction of floating lien under the Code and provisions of Bankruptcy Act; Incorporation of the two-point test of the Substitution of Collateral Doctrine.

Focuses on the Article 9 of the Uniform Commercial Code relating to documentation of secured transactions in United States. Validity of security interest on accounts of the Bankruptcy Act; Doctrine of equitable lien adopted by the Code; Integration of Code filings with real property filings and recordings.

Investigates the effect of Federal Consumer Credit Protection Act (CCPA) on real estate transactions in the United States. Impact of Uniform Consumer Credit Code on real estate secured transactions; Discussion on first mortgage financing by institutional lending groups; Disclosure requirements of CCPA.

Evaluates cases related to breach of secured transactions in the United States. Misinterpretations in the Uniform Commercial Code; Manifestation of the unitary concept of security interests; Protection of security interest under the Internal Revenue Code.

Reports the developments in banking law in the United States as of August 1968. Effect of the Bank Merger Act; Efforts of the Uniform Commercial Code to modernize collateral security law; Usability of the data processing equipment in check handling.

Provides information on investment securities in the United States. Laws on fraud; Responsibility of issuers on the validity of bonds; Definition of security.

Focuses on the provisions in the Uniform Commercial Code for secured transactions in the United States. Relation between the Code and existing statutory or common law; Regulation in section sixty of the Bankruptcy Act on acquisition of a security interest; Jurisdictions on the waiver of defenses.

Focuses on the issues related to secured transactions for the Uniform Commercial Code in the United States. Obligation of the secured party to indorsers and guarantors; Abolition of technical distinctions between security devices; Interrelationship of Article Nine and Certificate of Title Acts.

Focuses on secured transactions in Article 9 of the Uniform Commercial Code in the United States. Description of the superiority of the Commercial Code; Classification of problems of priorities in security; Discussion on a resume of cases on security interests.

Examines repossession procedures used in personal property secured transactions in the U.S. Provisions of the Uniform Commercial Code; Guidelines followed in the sale after repossession; Problems where repossession after default is carried out by private methods.