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Full-Text Articles in Law

Warranting Data Security, Juliet Moringiello Oct 2010

Warranting Data Security, Juliet Moringiello

Juliet M Moringiello

Massive data security breaches have grabbed headlines in the past few years. The data thieves responsible for these breaches have stolen the credit and debit card data of customers of retailers such as TJ Maxx, DSW Shoe Warehouse, BJ’s Wholesale Club, and the Hannaford grocery store chain. A thief in control of this payment card data, which can include debit and credit card numbers, expiration dates, security codes and personal identification numbers, has the ability to open new credit accounts and make charges on existing consumer accounts. These data breaches leave individuals fearful that their personal information will be ...


Why Foreclosure Robo-Signers Should Be Everyone's Concern, Juliet Moringiello Oct 2010

Why Foreclosure Robo-Signers Should Be Everyone's Concern, Juliet Moringiello

Juliet M Moringiello

No abstract provided.


Errors In Judgment Or How To Get Debts Discharged In Bankruptcy "(Il)Legally" And Other Notice Issues, Pearson Liddell Jr., Gloria J. Liddell Oct 2010

Errors In Judgment Or How To Get Debts Discharged In Bankruptcy "(Il)Legally" And Other Notice Issues, Pearson Liddell Jr., Gloria J. Liddell

Pearson Liddell Jr.

ABSTRACT ERRORS IN JUDGMENT or HOW TO GET DEBTS DISCHARGED IN BANKRUPTCY (IL)LEGALLY: A MATTER of NOTICE On March 23, 2010, the U.S. Supreme Court decided the case of United Student Aid Funds, Inc. v. Espinosa. By this case a debtor was relieved of an obligation to pay a student loan notwithstanding the fact that the debtor had not followed the prescribed procedure for obtaining a discharge of that debt. The U. S. Bankruptcy Code (“Code”) requires that a debtor initiate an adversary proceeding to determine the dischargeability of such debts based upon a finding of “undue hardship ...


Demand And Supply Forces In The Market For Law Interplaying Through Jurisdictional Competition: Basic Theories And Cases, Chang-Hsien Tsai Aug 2010

Demand And Supply Forces In The Market For Law Interplaying Through Jurisdictional Competition: Basic Theories And Cases, Chang-Hsien Tsai

Chang-hsien (Robert) TSAI

Inspired by corporate charter competitions in the 19th-century U.S. and contemporary Europe as well as the negative impact of the Sarbanes-Oxley Act of 2002 on the U.S. cross-listing market, this article draws positive lessons from the above stories that demand and supply forces underlying jurisdictional competition constrains regulating jurisdictions from disregarding business demands and from imposing excessive regulation, and that jurisdictional competition brought about by mobility or exit would push for legal flexibility. Through the positive arguments developed in this article, regulatory jurisdictions in East Asia could, to an extent, understand the true costs and benefits of regulation ...


“A Psychological Investigation Of Consumer Vulnerability To Fraud: Legal And Policy Implications”, Debra P. Stark, Jessica M. Choplin Aug 2010

“A Psychological Investigation Of Consumer Vulnerability To Fraud: Legal And Policy Implications”, Debra P. Stark, Jessica M. Choplin

Debra Pogrund Stark

This article focuses on a type of consumer fraud that is particularly problematic because it may not be actionable in some jurisdictions, namely the problem of consumer vulnerability to deception when a consumer notices a problematic term in a contract but is persuaded through deception to proceed with the deal anyhow. Two fraud simulation studies and a follow-up survey demonstrated how this type of fraud operates, found that consumers with certain vulnerability characteristics such as having lower socio-economic status are more susceptible to this type of fraud, and explored some of the psychological reasons why consumers are vulnerable to it ...


The Financial Reform Act: Will It Succeed In Reversing The Causes Of The Subprime Crisis And Prevent Future Crises?, Charles W. Murdock Aug 2010

The Financial Reform Act: Will It Succeed In Reversing The Causes Of The Subprime Crisis And Prevent Future Crises?, Charles W. Murdock

Charles W. Murdock

Summary: The Financial Reform Act: Will It Succeed in Reversing the Causes of the Subprime Crisis and Prevent Future Crises? By: Professor Charles W. Murdock

The current financial crisis, which could have plunged the world into a financial abyss similar to the Great Depression, is far from resolved. The financial institutions, which this article asserts caused the crisis, have returned to profitability and have paid billions of dollars in bonuses, while ordinary Americans have borne the brunt of the meltdown, with formal unemployment hanging around the 10% mark. This has caused some to comment that profits have been privatized and ...


Disintermediating Avarice: A Legal Framework For Commercially Sustainable Microfinance, Steven L. Schwarcz Aug 2010

Disintermediating Avarice: A Legal Framework For Commercially Sustainable Microfinance, Steven L. Schwarcz

Steven L Schwarcz

Although microfinance has emerged as a key tool to alleviate poverty, the need for microfinance lending vastly exceeds the amount of funds that can be raised from charitable donors. Commercial bank lending is supplementing donor money, but microfinance loans made by banks are expensive and sometimes even exploitive. This article examines how innovative legal structures can enable microfinance loans to be funded directly from lower-cost, and virtually limitless, capital market sources by removing, or “disintermediating,” the need for a bank intermediary. In that context, the article identifies and attempts to resolve the resulting law-and-business issues of first impression and also ...


The Financial Reform Act: Will It Succeed In Reversing The Causes Of The Subprime Crisis And Prevent Future Crises?, Charles W. Murdock Aug 2010

The Financial Reform Act: Will It Succeed In Reversing The Causes Of The Subprime Crisis And Prevent Future Crises?, Charles W. Murdock

Charles W. Murdock

Summary: The Financial Reform Act: Will It Succeed in Reversing the Causes of the Subprime Crisis and Prevent Future Crises? By: Professor Charles W. Murdock

The current financial crisis, which could have plunged the world into a financial abyss similar to the Great Depression, is far from resolved. The financial institutions, which this article asserts caused the crisis, have returned to profitability and have paid billions of dollars in bonuses, while ordinary Americans have borne the brunt of the meltdown, with formal unemployment hanging around the 10% mark. This has caused some to comment that profits have been privatized and ...


The Uniform Commercial Code Survey: Introduction, Russell A. Hakes, Stephen L. Sepinuck Jul 2010

The Uniform Commercial Code Survey: Introduction, Russell A. Hakes, Stephen L. Sepinuck

Russell A. Hakes

No abstract provided.


Comparative Efficiency In International Sales Law, Larry A. Dimatteo, Daniel T. Ostas Apr 2010

Comparative Efficiency In International Sales Law, Larry A. Dimatteo, Daniel T. Ostas

Larry A DiMatteo

The article employs the method of the economic analysis of law (EAL) in a comparative context. In particular, it assesses the efficiency of select provisions of the United Nations Convention on Contracts for the International Sale of Goods (CISG). The CISG is the law of the United States and over 70 other countries. It reflects a culmination of a century-old process of failed attempts to achieve an international sales law. The drafting process involved intense negotiation and compromise between representatives of the common and civil law legal traditions. As a result, the CISG provides in an interesting amalgam of civil ...


How Incentives Drove The Subprime Crisis, Charles W. Murdock Mar 2010

How Incentives Drove The Subprime Crisis, Charles W. Murdock

Charles W. Murdock

How Incentives Drove the Subprime Crisis

In order to address any systemic problem, whether the goal is to change the system, regulate the system, or change the incentives driving a system, it is necessary to appreciate all the drivers operating within the system. In the case of the subprime crisis, one of the drivers was the changing nature of the subprime loans, which was not factored into the models used by the investment bankers, the credit rating agencies, and the issuers of credit default swaps.

This paper is an attempt to look dispassionately at the subprime crisis from a particular ...


The Credit Repair Organizations Act: The Sleeping Giant, Justin Smith Feb 2010

The Credit Repair Organizations Act: The Sleeping Giant, Justin Smith

Justin T Smith

Congress created the Credit Repair Organizations Act (CROA) to protect consumers from unscrupulous providers of credit repair. In the fifteen years since it was enacted, problems have arisen in its application as many of the key provisions of CROA were left undefined and what little case law that has developed has yet to form a coherent understanding of how CROA is to be read. This lack of predictability makes CROA an ineffective piece of legislation in that parties are unable to properly modify their behavior since they are not operating on known terms.

Just as CROA has been neglected by ...


How Incentives Drove The Subprime Crisis, Charles W. Murdock Feb 2010

How Incentives Drove The Subprime Crisis, Charles W. Murdock

Charles W. Murdock

How Incentives Drove the Subprime Crisis

In order to address any systemic problem, whether the goal is to change the system, regulate the system, or change the incentives driving a system, it is necessary to appreciate all the drivers operating within the system. In the case of the subprime crisis, one of the drivers was the changing nature of the subprime loans, which was not factored into the models used by the investment bankers, the credit rating agencies, and the issuers of credit default swaps.

This paper is an attempt to look dispassionately at the subprime crisis from a particular ...


Distorting Legal Principles, Steven L. Schwarcz Feb 2010

Distorting Legal Principles, Steven L. Schwarcz

Steven L Schwarcz

This article explores the important but until now largely neglected problem of distorting legal principles. Although legal principles enable society to order itself by preserving broadly based expectations, parties sometimes transact in ways that are so inconsistent with accepted principles as to create uncertainty or confusion that undermines the basis for reasoning afforded by the principles. The article starts by examining a fundamental distortion of the nemo dat legal principle (one cannot give what one does not have), which was a trigger of Lehman Brothers’ recent downfall. A practice called “rehypothecation” so distorted nemo dat that Lehman’s customers were ...


How Incentives Drove The Subprime Crisis, Charles W. Murdock Feb 2010

How Incentives Drove The Subprime Crisis, Charles W. Murdock

Charles W. Murdock

In order to address any systemic problem, whether the goal is to change the system, o regulate the system, or change the incentives driving a system, it is necessary to appreciate all the drivers operating within the system. In the case of the subprime crisis, one of the drivers was the changing nature of the subprime loans, which was not factored into the models used by the investment bankers, the credit rating agencies, and the issuers of credit default swaps.

This paper is an attempt to look dispassionately at the subprime crisis from a particular perspective, namely, the incentives that ...


Asset Specificity And Transaction Structures: A Case Study Of @Home Corporation, Brian Jm Quinn Dec 2009

Asset Specificity And Transaction Structures: A Case Study Of @Home Corporation, Brian Jm Quinn

Brian JM Quinn

This is a case study of asset specific investments, a class of transactions that is well understood in the context of economic theory but that is under-analyzed empirically. Because specific investments are particular to a single location, use or customer, their next best use is of much lower value than the use for which they are initially intended. Consequently, asset specific investments face the threat of ex post opportunism and allocative inefficiency. This contracting problem is particularly difficult when firms that are otherwise rivals must coordinate individual investments to create a shared resource. In such cases, generating credible expectations of ...


Debt As Venture Capital, Darian M. Ibrahim Dec 2009

Debt As Venture Capital, Darian M. Ibrahim

Darian M Ibrahim

Venture debt, or loans to rapid-growth start-ups, is a puzzle. How are start-ups with no track records, positive cash flows, tangible collateral, or personal guarantees from entrepreneurs able to attract billions of dollars in loans each year? And why do start-ups take on debt rather than rely exclusively on equity investments from angel investors and venture capitalists (VCs), as well-known capital structure theories from corporate finance would seem to predict in this context? Using hand-collected interview data and theoretical contributions from finance, economics, and law, this Article solves the puzzle of venture debt by revealing that a start-up’s VC ...


Sec Opens The Door For Climate Change-Related Shareholder Proposals And Disclosure Requirements, With Potential New Liabilities For Public Companies, Matthew P. Allen, Eric Jamison, Mark J. Bennett Dec 2009

Sec Opens The Door For Climate Change-Related Shareholder Proposals And Disclosure Requirements, With Potential New Liabilities For Public Companies, Matthew P. Allen, Eric Jamison, Mark J. Bennett

Matthew P. Allen

No abstract provided.


Arbitration: The "New Litigation", Thomas J. Stipanowich Dec 2009

Arbitration: The "New Litigation", Thomas J. Stipanowich

Thomas J. Stipanowich

Today, binding arbitration procedures are employed in a wider variety of contracts than at any time in our nation's history, and arbitration has become a wide-ranging surrogate for court trial of civil disputes. As a result, arbitration is subjected to unprecedented stresses and strains, and it is fair to say that arbitration has never been subject to wider criticism. Once advocates promoted arbitration as a means of avoiding the contention, cost and expense of court trial; economy, efficiency and the opportunity to fashion true alternatives to litigation are still associated with conventional perceptions of arbitration. Yet today business arbitration ...


Current Status Of The Ucc, Alvin C. Harrell, Frederick H. Miller Dec 2009

Current Status Of The Ucc, Alvin C. Harrell, Frederick H. Miller

Alvin C. Harrell

No abstract provided.