Corporation & Securities Commission v. American Motors Corp.

This is an appeal from the Ingham county circuit court’s decision which granted the defendant’s, Detroit Edison, motion for summary judgment on the basis that no justiciable controversy existed. Plaintiff, Lenton G. Sculthorp, commissioner of tie Michigan corporation and securities commission, sought a declaratory judgment as to the propriety of the defendant’s treatment of a balance sheet item captioned “reserve for Federal income taxes.” Plaintiff contended that this item should have been included as surplus for franchise fee computation purposes as provided by PA 1921, No 85, § 4, as…