Digital Commons Network^™

The First Shall Be Last: A Contextual Argument For Abandoning Temporal Rules Of Lien Priority, Ronald J. Mann

Faculty Scholarship

Within the academic circles of commercial law, secured credit is about as hot as a topic can get. For a good fifteen years, leading scholars have argued contentiously about the most fundamental questions concerning secured credit: not just about the policies that might justify the law's protection of secured creditors, but more fundamentally about the seemingly obvious question of why businesses and their creditors choose to grant collateral to secure their payment obligations. The extensive and inconclusive debate in the academic literature has not, however, undermined the confidence in secured credit exhibited by the law-reform institutions of the profession. Rather, …

F. Hodge O'Neal Corporate And Securities Law Symposium: Path Dependence And Comparative Corporate Governance, Ronald J. Mann, Curtis J. Milhaupt

Faculty Scholarship

The study of institutions, and particularly the study of institutions that societies use to govern business enterprises, is at a point of transition. In the last two or three decades, scholars focusing on economic principles to define appropriate legal rules and corporate institutions rose up to challenge the traditional orthodoxy of corporate governance found in the Berle and Means corporation.

One of the most exciting trends in the literature rests upon the "increasing marginal returns" school of economics associated with Brian Arthur and the Santa Fe Institute. The traditional neoclassical economic theory of production, familiar from decades of undergraduate and …

Welfare Reform And Child Care: A Proposal For State Legislation, Clare Huntington

Faculty Scholarship

The shortage of subsidized child care creates three problems. First, it contributes to underemployment because job options are greatly reduced when child care is unavailable. Second, it erodes the wages of parents who do work because low-income families spend a debilitating percentage of their earnings to pay for the care of their children. Third, it relegates many children to poor quality child care settings, compromising their academic potential and social well-being, and placing them at risk for delinquency and dependency. Part I of this article discusses the current paucity of quality, affordable child care, and the effects of this shortage. …

Am I My Partner's Keeper? Peer Review In Law Firms, Susan Saab Fortney

Faculty Scholarship

This article explores the concept of peer review in the practice of law. The article begins with an introduction to law partners’ liability exposure for the acts or omissions of their law partners. The article explains how this exposure has traditionally been approached as vicarious liability and how the government is attempting to transform these issues into direct liability by using failure to monitor claims. Part I briefly reviews perspectives on the emergence, growth, and structure of law firms, then uses a matrix to show how firm culture and organizational structure affect internal and external controls on attorney conduct. Part …

Property Law: 1995 Survey Of Florida Law, Ronald B. Brown, Joseph M. Grohman, Manuel R. Valcarcel Iv

Faculty Scholarship

No abstract provided.

Foreword: A Recipe For Effecting Institutional Changes To Achieve Privatization, Tamar Frankel

Faculty Scholarship

Symposium A Recipe for Effecting Institutional Changes to Achieve Privatization

Of the many questions raised by privatization, this mini-conference will focus on the "how" in different countries: developed and developing, Western countries and the Eastern bloc (including China), emphasizing methodology and cultural traits. Clearly, the "how" will differ in fundamental aspects depending on the political and economic conditions of countries in which the process is taking place

The focus on the "how," however, does not mean that we will not consider other important questions that the movement to privatize raises. The papers presented in this mini-conference reflect a wide range …

Assessing The Evolution And Available Actions For Recovery In Cultural Property Claims, Joshua E. Kastenberg

Faculty Scholarship

United States laws regarding antiquities are not settled, but an historic legal overview provides some guidance to the direction of cultural property claims. These laws gain importance with the realization that art is second only to narcotics in worldwide illegally trafficked items. Furthermore, there is an abundance of disputed cultural property within legitimate interests, such as museums and personal collections. Thus, before taking an overview of current legal protections, it may be helpful to briefly examine two current controversies.

House Passess Unbalanced Clean Water Act, Denise D. Fort

Faculty Scholarship

The Clean Water Act and the associated state statutes and regulations provide the framework for New Mexico's regulation (and nonregulation) of our rivers and streams. Both the federal and state laws need improvement if they are to work in New Mexico. As readers of The Green Fire Report well know, the "improvements" contemplated by the new Congress are unlikely to improve our water. H.R. 961, the House bill recently passed by the House, is simply unacceptable. President Clinton has indicated that he will veto the bill as passed by the House. Your efforts are needed to contact your federal legislators …

The Privatization-Nationalization Cycle: The Link Between Markets And Ethnicity In Developing Countries, Amy L. Chua

Faculty Scholarship

No abstract provided.

Its Time For A State Environmental Policy Act, Denise D. Fort

Faculty Scholarship

What single law should be the first step in protecting New Mexico's environment from the consequences of our cascading population? My nomination would go to a State Environmental Policy Act, commonly called a "state NEPA." These laws are on one level very simple, requiring only that state governments "stop and think" before taking actions with significant environmental costs. After twenty-five years of experience with the federal National Environmental Policy Act (NEPA), however, we know that a law that allows citizens input into governmental action has a profound effect on governmental action.

Comparing Implied And Express Constitutional Freedoms, David S. Bogen

Faculty Scholarship

No abstract provided.

Drawing The Boundary Between Copyright And Contract: Copyright Preemption Of Software License Terms, Maureen A. O'Rourke

Faculty Scholarship

The Copyright Act of 19761 (the "Act") sought to clarify the boundary between federal and state enforcement of proprietary rights in works of authorship by specifically addressing federal preemption of state law causes of action in § 301 of the Act. Unfortunately, § 301 is not a model of clarity, and its legislative history is also cloudy. Consequently, the courts have had some difficulty in formulating consistent decisional guidelines in preemption cases. This difficulty has perhaps been most evident in cases in which the particular preemption issue is based not on a state statute but on state enforcement of private …

Tax Policy: The Chafee Bill- Trick Or Treat?, William T. Hutton

Faculty Scholarship

No abstract provided.

Private Voluntary Standard–Setting, The International Organization For Standardization, And International Environmental Lawmaking, Naomi Roht-Arriaza

Faculty Scholarship

No abstract provided.

Revolt Of The Masses: Armed Civilians And The Insurrectionary Theory Of The Second Amendment, Charles J. Dunlap Jr.

Faculty Scholarship

No abstract provided.

Foreword, George A. Bermann

Faculty Scholarship

The appearance of the Columbia Journal of European Law is a response to the phenomenal growth of interest in European law among Americans; it will also prove, I hope, to stimulate still further growth in that interest. European law has traditionally played a key role in comparative law teaching and writing in this country, due in part to Europe's deep civil law roots, and it continues to play that role. At the same time, European law figures prominently in the conduct of international transactions and the practices of international trade. Finally, the European Community has proved to be a powerful …

Regulatory Decisionmaking In The European Commission, George A. Bermann

Faculty Scholarship

As an institution variously described as the "motor" or "engine" of European integration and as the European Union's "executive branch," the Commission of the European Communities finds itself at the center of Community decisionmaking. Yet its decisional processes are still quite poorly understood, at least in the United States. The relatively poor grasp of Commission decisionmaking is certainly not due to any general lack of interest in procedure within the American audience. The problem lies more in the highly restrictive view of decisionmaking that traditionally dominates procedural accounts of the Community institutions. Those accounts have tended to reflect three preoccupations. …

Domestic And International Copyright Issues Implicated In The Compilation Of A Multimedia Product, Jane C. Ginsburg

Faculty Scholarship

Suppose an entrepreneur wishes to create an interactive multimedia product on the theme of the Exploration of Space. The multimedia work would assemble components created specially for the product, and others drawn from preexisting works. The latter might include: Leonardo da Vinci drawings of aeronautical machines, archival photographs of early airplanes, excerpts from 19th and 20th century science-fiction novels, text and photos of newspaper accounts of space flights, NASA space maps, television news clips, excerpts of motion pictures and television series, and musical compositions and recordings. Elements specially created for the product might comprise the computer program users would employ …

Business Lawyers And Value Creation For Clients, Ronald J. Gilson, Robert H. Mnookin

Faculty Scholarship

This Symposium marks an important milestone in legal scholarship and education: The spotlight falls on business lawyers for a change. Ten years ago, when one of us first wrote about what business lawyers really do, no one had devoted much attention to this part of the profession. In his broadside against lawyers, Derek Bok, then President of Harvard University and formerly dean of its law school, reserved his invective for litigators and the litigation process. Business lawyers captured the attention of very few critics; even on the unusual occasion when we were noticed, the criticism was at least funny. If …

Girls And The Getaway: Cars, Culture, And The Predicament Of Gendered Space, Carol Sanger

Faculty Scholarship

What does law tell us about our relations to material things? Property theorists maintain that there are no legal relations between persons and things. Things can be owned, transferred, bequeathed, assigned, repossessed, and so on, but such arrangements really describe relationships among different persons with regard to the object rather than relationships between persons and things.

Yet the quality or shape of the legal relations among persons often depends on the cultural meaning of the thing in question, a meaning (or meanings) that exists, in some form anyway, prior to or independent of, legal concepts traditionally attached to things such …

A Square Peg In A Vicious Circle: Stephen Breyer's Optimistic Prescription For The Regulatory Mess, Eric J. Gouvin

Faculty Scholarship

This Article reviews the book by Supreme Court Justice, Steven G. Breyer, "Breaking The Vicious Circle: Toward Effective Risk Regulation. " The Author discusses this book's most significant contribution that draws attention to the current regulatory regime's systemic problems, thereby encouraging serious discussion about how to "reinvent" the regulatory process. Breyer courageously points out that the political legitimacy of the process rests to some degree on the effectiveness of its product. This Review outlines the systemic problems and the "vicious circle" identified by Justice Breyer and then proceeds to review his proposed solution. The final part presents several criticisms of …

Taking Private Ordering Seriously, Avery W. Katz

Faculty Scholarship

In recent years, the rules and practices of private groups have attracted substantial attention within the field of law and economics. In applications ranging from Robert Ellickson's seminal work on rancher/farmer relations in Shasta County, California, to Lisa Bernstein's investigation of extralegal contractual relations among wholesale diamond traders, to Robert Cooter's study of aboriginal customs in Papua New Guinea, to Robert Scott and Alan Schwartz's analysis of the rulemaking procedures of the American Law Institute, an increasing number of legal and economic scholars have shown how private systems of rules work to regulate economic relations among the communities that adopt …

Some Problems With Public Reason In John Rawls's Political Liberalism, Kent Greenawalt

Faculty Scholarship

Political Liberalism is a major addition to the political theory of John Rawls. In many respects, it develops or alters views expressed in his famous A Theory of Justice. For changes that appeared in various articles Rawls published after the earlier book, Political Liberalism tends to offer nuances of difference. The most original chapter is about public reason, and my comments are directed to that subject, which has now become a centerpiece of Rawls's theory. I draw in Rawls's other views only as they bear on public reason.

My aim is to present some problems I see with his …

Illusion And Reality In International Forum Selection, William W. Park

Faculty Scholarship

The text of a legal rule is often less important than the context of its interpretation and application. If a dispute between an American buyer and a French seller were to come before a French court, the buyer might be apprehensive not so much from any fearful oddity of French law, but because the adjudicatory procedure arguably gave the French side a "home court advantage." In some other countries, the integrity or independence of the judiciary may also be a matter of concern. In an international transaction, the absence of any reasonably neutral forum with compulsory jurisdiction makes the consequences …

Re-Engineering Corporate Disclosure: The Coming Debate Over Company Registration, John C. Coffee Jr.

Faculty Scholarship

Statutory obsolescence is the fate of all legislation. At some point in the natural "life cycle" of any statute, courts tend to move from purposive statutory construction, focused on the actual legislative intent, to greater deference towards administrative expertise as they implicitly recognize that the original legislative intent no longer fits the contemporary institutional landscape. Given that the federal securities laws were passed during the 1930s, they have now entered the geriatric zone where their possible obsolescence must be considered. Some academics have already called for the SEC's elimination on precisely this basis. Practitioners complain about the "metaphysical" and "hypertechnical" …

Shareholder Dividend Options, Zohar Goshen

Faculty Scholarship

This Article proposes a legal norm that shifts discretion over dividend policy from managers to the capital markets (i.e., shareholders). State corporate law could effect such a shift by adopting a rule that mandates shareholder control over the dividend decision. The rule would require every firm to adopt an option mechanism that, at predetermined dates, provided each of the firm's shareholders with the right to select either cash or stock dividends in an amount equal to the shareholder's pro rata share of the firm's earnings. For instance, the law might require that, once a year, the firm offer to each …

Competition Versus Consolidation: The Significance Of Organizational Structure In Financial And Securities Regulation, John C. Coffee Jr.

Faculty Scholarship

It's as predictable as the swallows' return to Capistrano. At the outset of each new Administration, a Presidential Task Force proposes a restructuring of the federal administrative agencies. New developments in rapidly evolving markets, it is argued, require a consolidation of agencies to generate a broader perspective, to create a "level playing field," and to end the possibility of a "race to the bottom" (to the extent that market participants can opt for one regulatory system over another). The proposal draws little overt criticism, but turf-conscious agencies quietly mobilize their constituencies to oppose the reform. The first sign of trouble …

History 'Lite' In Modern American Constitutionalism, Martin S. Flaherty

Faculty Scholarship

No abstract provided.

Collisions Involving Tugs And Tows, Joseph Sweeney

Faculty Scholarship

No abstract provided.

Federal Environmental Citizen Provisions: Obstacles And Incentives On The Road To Environmental Justice, Eileen Gauna

Faculty Scholarship

This article attempts to examine the special problems that community-based groups in low income and minority communities might encounter in prosecuting citizen suits under highly technical environmental statutes. To set the context for this inquiry, part II of this article describes the environmental justice movement and investigates the charge that communities of color are disproportionately and unjustly burdened with environmental hazards. Part II also explores the differences in perspective that underlie much of the conflict among environmental justice activists, mainstream environmental organizations, and EPA. Part II concludes with a look at social forces that have contributed to environmental inequities and …