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Foreign Bondholders Protective Organizations, Edwin Borchard Jan 1933

Foreign Bondholders Protective Organizations, Edwin Borchard

Faculty Scholarship Series

The unfortunate experience in recent years of the American holders of defaulted foreign bonds led to the passage by Congress on May 27, 1933, of the Corporation of Foreign Bondholders Act, as Title II of the Federal Securities Act. It was designed to furnish a medium through which American bondholders could act jointly in the adjustment of their claims against defaulting governments or other foreign entities. The holders of the defaulted bonds of a foreign state occupy a peculiar position. They cannot sue in the bondholders' state, nor, even where foreign governments permit themselves to be sued, have they any ...