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Full-Text Articles in Law
Chuck And Steve's Peccadillo (Symposium: Threats To Secured Lending And Asset Securitization), James J. White
Chuck And Steve's Peccadillo (Symposium: Threats To Secured Lending And Asset Securitization), James J. White
Articles
Are investors in securitized receivables to be treated as the owners of an asset whose sale has taken it beyond the reach of the trustee in bankruptcy of their sellers? O are they to be treated as holders of a security interest in the transferred asset who have left behind an interest in the sellers' hands that would cause the asset to be subject to claims and interference by the sellers' grasping trustee? By adopting contrasting-arguably conflicting-statements in two subsections of a single section, the drafters of 1999 Article 9 have thrust this issue in the faces of courts and …
Death And Resurrection Of Secured Credit, James J. White
Death And Resurrection Of Secured Credit, James J. White
Articles
The Bankruptcy Reform Act of 1978 (the Code) posed palpable threats to secured creditors. It was drafted by a commission that was at least as concerned with the rights of debtors as with the rights of creditors. It was modified and adopted by a Congress that might have been the most liberal since World War II and signed into law by President Carter at the apogee of the left's power, two years before the Reagan election that marked the rise of the right and the beginning of the left's decline. The power of the left was exerted most forcefully on …
The 2003 Revised Uniform Estate Tax Apportionment Act, Douglas A. Kahn
The 2003 Revised Uniform Estate Tax Apportionment Act, Douglas A. Kahn
Articles
Editors' Synopsis: This Article describes the significant sections of the 2003 Uniform Estate Tax Apportionment Act (the "2003 Uniform Act'). The Article explains the purpose and operation of the 2003 Uniform Act's various sections and notes some of the differences between the 2003 Uniform Act and its prior version.
Should Congress Repeal Securities Class Action Reform?, Adam C. Pritchard
Should Congress Repeal Securities Class Action Reform?, Adam C. Pritchard
Other Publications
The Private Securities Litigation Reform Act of 1995 was designed to curtail class action lawsuits by the plaintiffs’ bar. In particular, the high-technology industry, accountants, and investment bankers thought that they had been unjustly victimized by class action lawsuits based on little more than declines in a company’s stock price. Prior to 1995, the plaintiffs’ bar had free rein to use the discovery process to troll for evidence to support its claims. Moreover, the high costs of litigation were a powerful weapon with which to coerce companies to settle claims. The plaintiffs’ bar and its allies in Congress have called …
The Uniform Probate Code's Elective Share: Time For A Reassessment, Lawrence W. Waggoner
The Uniform Probate Code's Elective Share: Time For A Reassessment, Lawrence W. Waggoner
Articles
In this Article, Professor Waggoner proposes reforms to the Uniform Probate Code's (UPC) treatment of the elective share of the surviving spouse. First, the Article recommends that the UPC adopt a form of presentation that more transparently reflects the normative theories and empirical assumptions underlying the UPC's elective share framework. Second, the Article presents demographic data suggesting that the UPC's current elective share approximation schedule may be inappropriatef or a sizable faction of married couples, those remarryingf ollowing widowhood. Finally, the Article proposes two substantive revisions to the UPC's election share framework-the first proposal is to lengthen the approximation schedule; …
Inmate Litigation, Margo Schlanger
Inmate Litigation, Margo Schlanger
Articles
In 1995, prison and jail inmates brought about 40,000 new lawsuits in federal court nearly a fifth of the federal civil docket. Court records evidence a success rate for inmate plaintiffs under fifteen percent. These statistics highlight two qualities long associated with the inmate docket: its volume and the low rate of plaintiffs' success. Then, in 1996, Congress enacted the Prison Litigation Reform Act (PLRA), which dramatically altered the litigation landscape, restricting inmates' access to federal court in a variety of ways. This Article examines inmate litigation before and after the PLRA. Looking first at the litigation process itself, it …
Federal Class Action Reform In The United States: Past And Future And Where Next?, Edward H. Cooper
Federal Class Action Reform In The United States: Past And Future And Where Next?, Edward H. Cooper
Articles
Predicting the likely future developments in class action practice in the federal courts of the United States must begin in the past.
Statutes With Multiple Personality Disorders: The Value Of Ambiguity In Statutory Design And Interpretation, Joseph A. Grundfest, Adam C. Pritchard
Statutes With Multiple Personality Disorders: The Value Of Ambiguity In Statutory Design And Interpretation, Joseph A. Grundfest, Adam C. Pritchard
Articles
Ambiguity serves a legislative purpose. When legislators perceive a need to compromise they can, among other strategies, "obscur[e] the particular meaning of a statute, allowing different legislators to read the obscured provisions the way they wish." Legislative ambiguity reaches its peak when a statute is so elegantly crafted that it credibly supports multiple inconsistent interpretations by legislators and judges. Legislators with opposing views can then claim that they have prevailed in the legislative arena, and, as long as courts continue to issue conflicting interpretations, these competing claims of legislative victory remain credible. Formal legal doctrine, in contrast, frames legislative ambiguity …
Congress' Arrogance, Yale Kamisar
Congress' Arrogance, Yale Kamisar
Articles
Does Dickerson v. U.S., reaffirming Miranda and striking down §3501 (the federal statute purporting to "overrule" Miranda), demonstrate judicial arrogance? Or does the legislative history of §3501 demonstrate the arrogance of Congress? Shortly after Dickerson v. U.S. reaffirmed Miranda and invalidated §3501, a number of Supreme Court watchers criticized the Court for its "judicial arrogance" in peremptorily rejecting Congress' test for the admissibility of confessions. The test, pointed out the critics, had been adopted by extensive hearings and debate about Miranda's adverse impact on law enforcement. The Dickerson Court did not discuss the legislative history of §3501 at all. However, …
"Can (Did) Congress 'Overrule' Miranda?, Yale Kamisar
"Can (Did) Congress 'Overrule' Miranda?, Yale Kamisar
Articles
I think the great majority of judges, lawyers, and law professors would have concurred in Judge Friendly's remarks when he made them thirty-three years ago. To put it another way, I believe few would have had much confidence in the constitutionality of an anti-Miranda provision, usually known as § 3501 because of its designation under Title 18 of the United States Code, a provision of Title II of the Omnibus Crime Control and Safe Streets Act of 1968 (hereinafter referred to as the Crime Act or the Crime Bill), when that legislation was signed by the president on June 19, …
Phoebe's Lament (Symposium: Empirical Research In Commercial Transactions), James J. White
Phoebe's Lament (Symposium: Empirical Research In Commercial Transactions), James J. White
Articles
Assume a bright hypothetical social scientist - call her Phoebe - who is completely ignorant of legal research as it is practiced in today's law schools. Phoebe might speculate about legal research as follows. First, she would note that the law schools are joined with and are the exclusive source of the practitioners of a profession. Second, she would note that commercial and legal actors rub up against and are influenced by the law in countless ways every day. Third, she might remark that this interaction occurs practically on the doorsteps of our law schools. Unlike anthropologists, who may have …
In Re Silicon Graphics Inc.: Shareholder Wealth Effects Resulting From The Interpretation Of The Private Securities Litigation Reform Act's Pleading Standard, Marilyn F. Johnson, Karen K. Nelson, Adam C. Pritchard
In Re Silicon Graphics Inc.: Shareholder Wealth Effects Resulting From The Interpretation Of The Private Securities Litigation Reform Act's Pleading Standard, Marilyn F. Johnson, Karen K. Nelson, Adam C. Pritchard
Articles
This Article presents an empirical study of changes in shareholder wealth resulting from the Ninth Circuit Court of Appeals decision in In re Silicon Graphics Inc. Securities Litigation, which interpreted the pleading provision established in the Private Securities Litigation Reform Act of 1995 (the "Reform Act"). Congress passed the Reform Act as part of an ongoing effort to protect corporations from abusive suits alleging "fraud by hindsight." In such suits, plaintiffs claimed that a sudden drop in a company's stock price was evidence that the issuer and its management covered up the bad news that led to the price drop. …
Markets As Monitors: A Proposal To Replace Class Actions With Exchanges As Securities Fraud Enforcers, Adam C. Pritchard
Markets As Monitors: A Proposal To Replace Class Actions With Exchanges As Securities Fraud Enforcers, Adam C. Pritchard
Articles
Fraud in the securities markets has been a focus of legislative reform in recent years. Corporations-especially those in the high-technology industry-have complained that they are being unfairly targeted by plaintiffs' lawyers in class action securities fraud lawsuits. The corporations' complaints led to the Private Securities Litigation Reform Act of 1995 ("Reform Act"). The Reform Act attempted to reduce meritless litigation against corporate issuers by erecting a series of procedural barriers to the filing of securities class actions. Plaintiffs' attorneys warned that the Reform Act and the resulting decrease in securities class actions would leave corporate fraud unchecked and deprive defrauded …
The Constitutionality Of Taxing Compensatory Damages For Mental Distress When There Was No Accompanying Physical Injury, Douglas A. Kahn
The Constitutionality Of Taxing Compensatory Damages For Mental Distress When There Was No Accompanying Physical Injury, Douglas A. Kahn
Articles
Since 1919, statutory tax law has excluded from gross income compensatory damages received on account of a personal injury or sickness.1 The current version of that exclusion is set forth in section 104 (a) (2) of the Internal Revenue Code of 1986.2 The construction of that exclusion, both by the courts and by the Commissioner, underwent significant alterations over the 80-year period that the provision has existed.3 The statute itself was amended several times, most recently in 1996.4 It is the 1996 amendment that has raised a constitutional issue concerning the validity of a portion of the statute.5
Freeing The Tortious Soul Of Express Warranty Law, James J. White
Freeing The Tortious Soul Of Express Warranty Law, James J. White
Articles
I suspect that most American lawyers and law students regard express warranty as neither more nor less than a term in a contract, a term that is subject to conventional contract rules on formation, interpretation, and remedy. Assume, for example, that a buyer sends a purchase order to a seller and the purchase order specifies the delivery of 300 tons of "prime Thomas cold rolled steel." The acknowledgment also describes the goods to be sold as "prime Thomas cold rolled steel." Every American lawyer would agree that there is a contract to deliver such steel and furthermore would conclude that …
The Securities Litigation Uniform Standards Act Of 1998: The Sun Sets On California's Blue Sky Laws, David M. Lavine, Adam C. Pritchard
The Securities Litigation Uniform Standards Act Of 1998: The Sun Sets On California's Blue Sky Laws, David M. Lavine, Adam C. Pritchard
Articles
It is often said that California sets the pace for changes in America's tastes. Trends established in California often find their way into the heartland, having a profound effect on our nation's cultural scene. Nouvelle cuisine, the dialect of the Valley Girl and rollerblading all have their genesis on the West Coast. The most recent trend to emerge from California, instead of catching on in the rest of the country, has been stopped dead in its tracks by a legislative rebuke from Washington, D.C. California's latest, albeit short-lived, contribution to the nation was a migration of securities fraud class actions …
Marriage Today: Legal Consequences For Same Sex And Opposite Sex Couples, David L. Chambers
Marriage Today: Legal Consequences For Same Sex And Opposite Sex Couples, David L. Chambers
Articles
Laws that treat married persons in a different manner than they treat single persons permeate nearly every field of social regulation in this country -- taxation, otrts, evidence, social welfare, inheritance, adoption, and on and on.
Comments At The 1997 Aals Annual Meeting: Consumer Protection And The Uniform Commercial Code, James J. White
Comments At The 1997 Aals Annual Meeting: Consumer Protection And The Uniform Commercial Code, James J. White
Other Publications
As Jean [Braucher]' said, I have served on several committees in connection with the revisions of Articles 2, 2A, and 5. I am now on a committee of uncertain obligation that is going to review the NCCUSL draft of Article 2 for the American Law Institute. I was the reporter-an awful task, if anybody ever asks you to do that, you should think about it once or twice-for Article 5. I think service as the reporter for Article 2 might kill Dick Speidel by the time he is done.
The Virtue Of Speed In Bankruptcy Proceedings, James J. White
The Virtue Of Speed In Bankruptcy Proceedings, James J. White
Articles
In my opinion the principal difficulty with Chapter 11 is that it gives strong incentives to various Chapter 11 players to distort the priorities that were intended by Congress.
What If? The Legal Consequences Of Marriage And The Legal Needs Of Lesbian And Gay Male Couples, David L. Chambers
What If? The Legal Consequences Of Marriage And The Legal Needs Of Lesbian And Gay Male Couples, David L. Chambers
Articles
Laws that treat married persons in a different manner than they treat single persons permeate nearly every field of social regulation in this country - taxation, torts, evidence, social welfare, inheritance, adoption, and on and on. In this article I inquire into the patterns these laws form and the central benefits and obligations that marriage entails, a task few scholars have undertaken in recent years. I have done so because same-sex couples, a large group not previously eligible to marry under the laws of any American jurisdiction, may be on the brink of securing the opportunity to do so in …
The Uniform Probate Code Extends Antilapse-Type Protection To Poorly Drafted Trusts, Lawrence W. Waggoner
The Uniform Probate Code Extends Antilapse-Type Protection To Poorly Drafted Trusts, Lawrence W. Waggoner
Articles
The Uniform Law Commission' promulgated a revised version of Article II of the Uniform Probate Code (UPC or Code) in 1990, and approved a set of technical amendments in 1993. As Director of Research and Chief Reporter for the Joint Editorial Board for the Uniform Probate Code (Board)2 and reporter for the UPC Article II drafting committee, I was privileged to serve as the principal drafter of these provisions. UPC Article II deals with the substantive rules governing donative transfers - intestacy; spouse's elective share; execution, revocation, and revival of wills; rules of construction for wills and other donative transfers; …
Taxation Of Damages After Schleier - Where Are We And Where Do We Go From Here?, Douglas A. Kahn
Taxation Of Damages After Schleier - Where Are We And Where Do We Go From Here?, Douglas A. Kahn
Articles
This article will examine the reasoning of the Schleier decision and speculate as to how taxation of pre-1996 damages will likely apply in light of Schleier. First, the article will set forth a very brief history of the judicial and administrative constructions of the statutory exclusion, and explore tax policy justifications for providing an exclusion from gross income for certain damages. These latter two items (set forth in Parts II and III of this article) are areas that have been extensively addressed previously by several commentators, including the author of this article.' The reason for exploring tax policy issues is …
Advising The Neocapitalists, James J. White
Advising The Neocapitalists, James J. White
Articles
I write to reflect on what American lawyers can and will do for these emerging free market economies. I am more skeptical than most.
The Making Of The Model Employment Termination Act, Theodore J. St. Antoine
The Making Of The Model Employment Termination Act, Theodore J. St. Antoine
Articles
Courts in about 45 states have ameliorated the harshness of employment at will, but the common-law modifications still exhibit serious deficiencies. Legislation is needed. The Model Employment Termination Act proposes a balanced compromise. It would protect most employees against discharge without good cause and it would relieve employers of the risk of devastating financial losses When liability is imposed. Arbitration procedures under the Model Act would also be simpler, faster, and cheaper than existing court proceedings.
Section 338 And Its Foolish Consistency Rules - The Hobgoblin Of Little Minds, Douglas A. Kahn
Section 338 And Its Foolish Consistency Rules - The Hobgoblin Of Little Minds, Douglas A. Kahn
Articles
The purposes of this Article are to examine whether there is any longer a reason for concern because a target corporation can choose selected assets for nonrecognition and to what extent the 1994 regulations properly deal with potentially abusive circumventions of tax goals. Before examining the current status of the consistency requirements, the historical background that led to the adoption of Section 338 and the operation of the section is discussed. The historical background includes: the judicially created Kimbell-Diamond rule, the codification and modification of that rule by the old version of Section 334(b)(2), the operation of the old version …
The Revised Uniform Probate Code, Lawrence W. Waggoner
The Revised Uniform Probate Code, Lawrence W. Waggoner
Articles
In 1989 and 1990, Articles II and VI of the Uniform Probate Code (UPC) were revised by the National Conference of Commissioners on Uniform State Laws (NCCUSL). Article II covers the basic law of intestacy, wills, spousal rights, rules of construction, and perpetuities. Article VI deals with multiple-party accounts and transfer-on-death (TOD) security registration. The major innovations in the revised UPC are driven by changes in legal theory. Three grand themes are at work in the new UPC: 1. improving spousal rights and sensitizing them to changes in family structure, 2. curing intent-defeating formalism, and 3. unifying the law of …
Taxation Of Punitive Damages Obtained In A Personal Injury Claim, Douglas A. Kahn
Taxation Of Punitive Damages Obtained In A Personal Injury Claim, Douglas A. Kahn
Articles
The author explains that in recent court opinions and commentaries concerning whether punitive damages are taxable, considerable weight has been given to a negative inference that appears to lurk in a 1989 amendment to the relevant code provision, section 104(a)(2). To the contrary, he argues, the legislative history of that amendment and the form that the bill had when it was reported out of the Conference Committee establish beyond doubt that no such inference is warranted.
The Law And Arbitration: The Model Employment Termination Act, Theodore J. St. Antoine
The Law And Arbitration: The Model Employment Termination Act, Theodore J. St. Antoine
Articles
The Model Employment Termination Act(META), which the Uniform Law Commissioners have recommended for adoption by all state legislatures, could provide the most significant legal change of this quarter century in the American workplace. In addition, if the annual case load of grievance arbitrations in this country now stands at somewhere around 65,000, the Act holds the potential for at least quadrupling that figure. Our colleague Jack Stieber has calculated that there are 60 million U.S. employees who are not protected by union contracts or civil service laws, and are thus subject to the employment-at-will doctrine. They can be fired for …
Employment-At-Will—Is The Model Act The Answer?, Theodore J. St. Antoine
Employment-At-Will—Is The Model Act The Answer?, Theodore J. St. Antoine
Articles
Over the last quarter century, the most significant development in the field of labor and employment law has been a nationwide movement toward a revision of the at-will employment doctrine. Courts in over forty-five jurisdictions have used one or more of three main theories to carve out exceptions to the previously allpervasive principle. Unfortunately, though one can applaud the values embodied in these decisions, there are serious deficiencies in the common law modifications. The purpose of this Article is to outline those defects and to demonstrate that the interests of employees and employers alike would be better served by new …
The Upc's New Survivorship And Antilapse Provisions, Edward C. Halbach Jr., Lawrence W. Waggoner
The Upc's New Survivorship And Antilapse Provisions, Edward C. Halbach Jr., Lawrence W. Waggoner
Articles
Law governing transfers of family property has long struggled with questions of survivorship in their many and varied forms. Important results can and regularly do turn on how such issues are resolved.