Supreme Court of the United States Commons^™

The Coercion Test And Conditional Federal Grants To The States, Donald J. Mizerk

Vanderbilt Law Review

In July of 1984 Congress amended the Surface Transportation Assistance Act of 1982' to require the states either to raise their minimum drinking age to twenty-one or forfeit a percentage of their federal highway grant. This congressional action forced the states to make an extremely difficult decision. The states either could enact a law that their residents might not support or forego the federal highway funds that the states desperately needed to complete important highway improvements. Many states were displeased with both options and challenged the constitutionality of Congress' conditional spending program.

The states' legal challenge has initiated renewed discussion …

The Supreme Court And The Definition Of "Security": The"Context" Clause, "Investment Contract" Analysis, And Their Ramifications, Marc I. Steinberg, William E. Kaulbach

Vanderbilt Law Review

In two recent decisions' construing the scope of the federal securities acts, the Supreme Court apparently has undertaken to alleviate some of the confusion and uncertainty surrounding the most fundamental question in securities law: the definition of"security" itself. Much of the existing confusion can be traced to earlier decisions of the Court that first implied, and later held,that the regulatory or offering context in which a particular transaction occurs could function to exclude the transaction from cover-age of the securities laws' anti-fraud provisions. This result could follow even though the transaction in question otherwise might satisfy the traditional Howey or …