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Full-Text Articles in Securities Law
Perlman V. Feldmann: A Case Study In Contemporary Corporate Legal History, Jan G. Deutsch
Perlman V. Feldmann: A Case Study In Contemporary Corporate Legal History, Jan G. Deutsch
University of Michigan Journal of Law Reform
The author gives the following introduction to this article: “When I was a law student, taking a course in introductory corporate law, what was heard around the halls was that most of corporate law would be learned if one understood Perlman v. Feldmann. I agree with that statement, and I have agreed more strongly each year I myself have taught introductory corporate law. Indeed, I now believe one would also learn a good deal about the significance of-the corporation in American life during the past two decades. Unfortunately, however, it seems to me-on the basis of having read everything …
Updating The Trust Indenture Act, Howard M. Friedman
Updating The Trust Indenture Act, Howard M. Friedman
University of Michigan Journal of Law Reform
Holders of publicly distributed debt securities are, in essence, parties to contracts of adhesion. There is no opportunity for a purchaser of a debt security to negotiate the terms of his loan to the issuer. In addition, because there are a large number of geographically scattered small lenders, each of them is placed in a particularly vulnerable position. While lenders traditionally have numerous methods of protecting their interests, creditor protection is ineffective unless responsibility for enforcement is centralized. Widely scattered security holders find it difficult to police compliance with covenants in the loan agreement and to coordinate legal action in …