THE VALIDITY OF CORPORATE MORTGAGES EXECUTED FOR ACCOMMODATION

The problem of the validity of an accommodation mortgage executed by a corporation--that is, a mortgage or pledge of the property or assets of the corporation for the benefit of another without the receipt by the corporate mortgagor or pledgor of any consideration for the loan of its credit--is one which appears not to have been explored by writers on legal topics. No reason is readily apparent for the obvious dearth of discussion on this subject; the pertinent cases are not too numerous for ready collation and the accommodation mortgage device is itself of practical importance in certain situations in the field of corporate finance. For example, in the parent-subsidiary corporation relationship this device has frequently been utilized as a step in financing. In some instances the mortgage is executed by the parent corporation to strengthen the collateral behind a security issue of the subsidiary, the so-called downstream mortgage; on the other hand, in certain other situations the subsidiary corporation mortgages its property for the benefit of its parent, an upstream mortgage. Corporations have also frequently executed accommodation mortgages in order to secure the debt of an officer, director or stockholder of the corporation incurred in the purchase of his stock in the corporation, a practice which has been judicially condemned where the corporation derives no benefit from the transaction

MINORITY STOCKHOLDERS AND THE AMENDMENT OF CORPORATE CHARTERS

Professor Dodd has remarked that few branches of corporation law are in a more confused and unsatisfactory state than that relating to the right of minority stockholders to prevent amendments to the corporate charter, to which they have not given their assent, from becoming operative. One of the reasons for this confusion is the fact that some of the cases which still serve as precedents were decided at a time when it was not the usual practice to reserve the power to alter, amend, or repeal corporate charters. The principles of these early cases have been carried over and applied to cases arising under the reserved power. It is plain that the problems to be solved in the two situations are essentially different

Determining the Value of UAVs in Iraq

As areas of Iraq and Syria controlled by ISIS are liberated, internally displaced persons (IDP) are returning to their homes to face widespread destruction and contamination from deadly improvised explosive devices (IED) implanted by ISIS to maim, kill, and terrorize. Janus Global Operations (Janus) currently operates throughout Iraq, clearing IEDs with a focus on bringing critical infrastructure online to allow IDPs to return safely and resume their lives. Operating in urban environments has proven challenging due to the high volume of destroyed buildings and associated rubble. In urban environments, operators are exposed to uncertain situations when traditional detection methods can be dangerous. Among the primary goals of industry best practices is to protect operators by limiting their exposure to explosive remnants of war, including IEDs. In a destroyed factory, small copper crush wires, which ISIS has used extensively for victim-activated IEDs, can be difficult to detect, and exposing operators to this threat is unacceptable. Situations like this drive new innovations in search and clearance operational technology to protect operators by more safely finding and disrupting IEDs