Law Commons^™

The Finicky Computer, The Paperless Telex And The Fallable Swiss: Bank Technology And The Law, Mark Budnitz

Mark E. Budnitz

No abstract provided.

The Finicky Computer, The Paperless Telex And The Fallable Swiss: Bank Technology And The Law, Mark Budnitz

Mark E. Budnitz

No abstract provided.

Al Bai Bithaman Ajil- The Grant Of Ibra In Customer Default Situations, Jonathan Chen Yeen Muk

Jonathan Muk

The Al Bai Bithaman Ajil (“BBA”) facility is an Islamic financing facility based on underlying purchase and sales agreements. When bank customers default on their instalment obligations under the facility, the grant of ibra (rebate) in Al Bai Bithaman Ajil (“BBA”) facilities is a contentious issue. This article provides an analysis of the Malaysian judgments with respect to ibra and BBA facilities. It seeks to identify the best way for courts to approach ibra in the absence of legislation or executive direction. It is suggested that while implied terms, unconscionability and even recharacterisation of the BBA facilities have been used …

Arbitration Of Disputes Between Consumers And Financial Institutions: A Serious Threat To Consumer Protection, Mark E. Budnitz

Mark E. Budnitz

No abstract provided.

The Comprehensive Capital Analysis And Review And The New Contingency Of Bank Dividends, Robert F. Weber

Robert F. Weber

Historically, bank regulators have restricted bank dividends as part of a larger effort to preserve banks’ capital and make them more able to withstand losses. In today’s dynamic banking markets, the formulaic and rigid ways by which regulators have traditionally policed dividends have become anachronistic. Against this background, the Federal Reserve Board has attempted to update and reinvigorate dividend regulation through two regulatory reforms: (1) the Comprehensive Capital Analysis and Review (CCAR) program and (2) the Dodd-Frank Act stress testing program. This Article explores the important practical and theoretical implications that result from these regulatory reforms. As a practical matter, …

Is There An Emerging Fiduciary Duty To Consider Human Rights?, Cynthia A. Williams, John M. Conley

Cynthia A. Williams

No abstract provided.

Canadian Pension Funds: Investments And Role In The Capital Markets And Corporate Governance, Poonam Puri, P. M. Vasudev

Poonam Puri

The article analyzes Canadian pension funds from the perspectives of corporate governance and the capital markets. It reviews their investment allocations and revenue patterns since the 1990s and identifies significant changes. The article finds that pension funds, as shareholders, have turned more activist and they wield considerable influence on corporate governance. They also contribute to shaping public policy, as evident from the relaxation of the rules on foreign investment and the removal of restrictions on communications among shareholders. The paper predicts that the role of pension funds will likely further expand in the future, given the constant rise in their …

Allocation Of Sender Risks In Wire Transfers: The Common Law And Ucc Article 4a [Part 2], Benjamin Geva

Benjamin Geva

No abstract provided.

Allocation Of Sender Risks In Wire Transfers: The Common Law And Ucc Article 4a [Part 1], Benjamin Geva

Benjamin Geva

No abstract provided.

The Beneficiary’S Bank And Beneficiary Described By Name And Number: Liability Chain And Liability Standard In Wire Transfers (Part 2), Benjamin Geva

Benjamin Geva

This article deals with issues evolving around the identification of the beneficiary in the last payment order in the credit transfer received by the last bank in the transfer chain ("beneficiary's bank"), the duties of the beneficiary's bank in the case of an ambiguous description of the beneficiary in the payment order, and the liability of the beneficiary's bank in case it broke such duties.

Payment Transactions Under The Eu Payment Services Directive: A U.S. Comparative Perspective, Benjamin Geva

Benjamin Geva

This article endeavours to analyse the provisions of Title IV governing rights and obligations in relation to the provision and use of payment services. Analysis is particularly from a US comparative perspective. Attention will be given to Uniform Commercial Code ("UCC") Article 4A, which governs U.S. wire and other credit transfers as well as federal laws governing consumer retail payment systems. A broader but related objective of the article is the assessment of the contribution of Title IV to the harmonization of funds transfer and payment law, not only by comparison to the U.S., but also by reference to a …

Legislative Power In Relation To Transfers Of Securities: The Case For Provincial Jurisdiction In Canada, Benjamin Geva

Benjamin Geva

No abstract provided.

Irrevocability Of Bank Drafts, Certified Cheques And Money Orders, Benjamin Geva

Benjamin Geva

This article deals with three types of negotiable instruments payable on demand which are issued, stamped or signed by banks prior to their collection and payment, and used as mechanisms for the transmission of funds. These instruments are the bank draft, including the bank money order, the certified cheque, and the personal money order. The article is concerned with the binding effect, or the irrevocability, of the bank's obligation on these instruments under the law of bills and notes. It concludes that (1) the issuer of the bank draft is liable as a drawer, and under some circumstances, also as …

Insolvent Bank’S Irrevocable Credit As Priority Payment Instrument: Barclays Bank V. Price Waterhouse, Benjamin Geva

Benjamin Geva

No abstract provided.

Settlement Finality And Associated Risks In Funds Transfers – When Does Interbank Payment Occur?, Benjamin Geva

Benjamin Geva

This paper addresses the first meaning of settlement finality, that is, the discharge of the interbank obligation. The discussion focuses on large-value transfer systems, namely, "systematically important" payment systems, and examines settlement finality therein under the provisions of Article 4A of the Uniform Commercial Code-Funds Transfers. Primary attention is given to the various implications of settlement finality under Article 4A, as well as to compliance with the statutory scheme with BIS Core Principles, in conjunction with system rules. Following the present discussion on the meaning of settlement finality, Part 2 of the paper sets out settlement mechanisms in large-value transfer …

The Beneficiary’S Bank And Beneficiary Described By Name And Number: Liability Chain And Liability Standard In Wire Transfers (Part 1), Benjamin Geva

Benjamin Geva

This article deals with issues evolving around the identification of the beneficiary in the last payment order in the credit transfer received by the last bank in the transfer chain ("beneficiary's bank"), the duties of the beneficiary's bank in the case of an ambiguous description of the beneficiary in the payment order, and the liability of the beneficiary's bank in case it broke such duties.

Bank Bankruptcy In Canada: A Comparative Perspective, Stephanie Ben-Ishai

Stephanie Ben-Ishai

During the Great Depression (1930-1933), over 9,000 banks failed in the United States, while not a single bank failed in Canada. In fact, there have been relatively few instances of bank bankruptcy proceedings in Canada from 1867 to present. Approximately eleven bank bankruptcies have been referenced in the case law to date. The first bank bankruptcy appears to be the Bank of Prince Edward Island (1882). Next came the Exchange Bank of Canada (1883), [FN3] followed by the Maritime Bank (1887), the Central Bank of Canada (1887), La Banque Ville Marie (1899), the Farmers Bank of Canada (1910), the Monarch …

Overview Article, Stephanie Ben-Ishai, Tony Duggan

Stephanie Ben-Ishai

No abstract provided.

School Financing In Legal And Nonlegal Perspective, Ronald C. Brown

Ronald Brown

No abstract provided.

203 N. Lasalle Five Years Later: Answers To The Open Questions, 38 J. Marshall L. Rev. 61 (2004), Paul B. Lewis

Paul Lewis

No abstract provided.

Responsible Profitability? Not On My Balance Sheet!, Arthur Acevedo

Arthur Acevedo

No abstract provided.

Ots Vs The Bar: Must Atorneys Advise Directors That The Directors Owe A Duty To The Depository Fund?, Susan Saab Fortney

Susan S. Fortney

This article explores the liability of attorneys representing depository institutions. Part I of this article introduces the controversy over the proper role of bank counsel following the bank and thrift crisis. Part II discusses the first Office of Thrift Supervision (OTS) actions against attorneys. Part III considers the emerging theory of liability based on counsel’s duty to advise directors on their duties to depositors and the depository fund. In Part IV, a comparison of the experience of the securities bar to that of the banking bar demonstrates how the government’s enforcement activity has already changed attorney’s perceptions of their role …

Detection Of Mycobacterium Ulcerans In The Environment Predicts Prevalence Of Buruli Ulcer In Benin, Heather R. Williamson, Mark Eric Benbow, Lindsay P. Cambell, Christian R. Johnson, Ghislain Sopoh, Yves Barogui, Richard W. Merritt, Pamela L. C. Small

Christian A. Johnson

Background: Mycobacterium ulcerans is the causative agent of Buruli ulcer (BU), a destructive skin disease found predominantly in sub-Saharan Africa and south-eastern Australia. The precise mode(s) of transmission and environmental reservoir(s) remain unknown, but several studies have explored the role of aquatic invertebrate species. The purpose of this study was to investigate the environmental distribution of M. ulcerans in south-eastern Australia.

Regulatory Arbitrage, Extraterritorial Jurisdiction, And Dodd-Frank: The Implications Of Us Global Otc Derivative Regulation, Christian Johnson

Christian A. Johnson

No abstract provided.

Assessing A Decade Of Interstate Bank Branching, Christian A. Johnson, Tara Rice, Ph. D.

Christian A. Johnson

Since its inception, US. banking regulation has effectively prohibited a bank from opening or owning a branch located outside of its home state, commonly referred to as interstate branching. Only since the passage of the Riegle-Neal Interstate Banking and Branching Efficiency Act (IBBEA) of 1994 have banks been able to engage in interstate branching, albeit still subject to significant state restrictions. Despite IBBEA 's removal of those barriers, it still allowed the states to impose anticompetitive restrictions governing the entry of out-of-state banks through the establishment of branch offices. As a result, states that were opposed to entry used IBBEA …

Public Actors In Private Markets: Toward A Developmental Finance State, Robert Hockett, Saule Omarova

Saule T. Omarova

The recent financial crisis brought into sharp relief fundamental questions about the social function and purpose of the financial system, including its relation to the “real” economy. This Article argues that, to answer these questions, we must recapture a distinctively American view of the proper relations among state, financial market, and development. This programmatic vision – captured in what we call a “developmental finance state” – is based on three key propositions: (1) that economic and social development is not an “end-state” but a continuing national policy priority; (2) that the modalities of finance are the most potent means of …

Debt, Deflation, And Debacle: Of Private Debt Write-Down And Public Recovery, Richard W. Vague, Robert C. Hockett

Robert C. Hockett

Most public discussion of the world’s continuing financial and macroeconomic troubles focuses rightly on debt. It focuses wrongly, however, on public debt. The real source of our ills is global-trade-related private debt overhang among millions of households below the top of the wealth distribution in the “developed” world. That is the provenance of both (a) the asset price bubbles and busts in whose aftermath we still struggle, and (b) the fact that we’re still struggling. Public sector debt growth in the developed world since 2009 is merely a symptom – the product of thus far failed treatment – of this …

The Macroprudential Turn: From Institutional 'Safety And Soundness' To Systematic 'Financial Stability' In Financial Supervision, Robert C. Hockett

Robert C. Hockett

Since the global financial dramas of 2008-09, authorities on financial regulation have come increasingly to counsel the inclusion of macroprudential policy instruments in the standard ‘toolkit’ of finance-regulatory measures employed by financial supervisors. The hallmark of this perspective is its focus not simply on the safety and soundness of individual financial institutions, as is characteristic of the traditional ‘microprudential’ perspective, but also on certain structural features of financial systems that can imperil such systems as wholes. Systemic ‘financial stability’ thus comes to supplement, though not to supplant, institutional ‘safety and soundness’ as a regulatory desideratum. The move from primarily micro- …

Making Sense Of Successor Liability, Marie T. Reilly

Marie T. Reilly

A firm that buys assets from another firm ordinarily does not acquire liability to the seller's creditors simply by buying its assets. This ordinary rule is subject to important exceptions. The buyer's consent triggers an exception. If a buyer agrees to assume the seller's liability to third parties, it is for that reason liable. This article considers a more controversial exception - successor liability. When a court decides that an asset acquirer should be treated as a "successor" to the transferor, it is liable for the transferor's debts as though it were the transferor.

Dispute Over The Legality Of Al-Ijārah Al-Mawṣūfah Fī Al-Dhimmah: A Survey Of Fiqhī Opinions, Abu Talib Mohammad Monawer, Akhtarzaite Abd Aziz

Abu Talib Mohammad Monawer