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Articles 1 - 30 of 52
Full-Text Articles in Law
Considering Sanctions Compliance In Light Of Ucc 4a, Michael Zytnick, Alaina Gimbert
Considering Sanctions Compliance In Light Of Ucc 4a, Michael Zytnick, Alaina Gimbert
Michigan Business & Entrepreneurial Law Review
As part of a bank’s financial crime compliance program, it is increasingly common to screen and halt the processing of a payment order for compliance investigation where reference is made to a potential, but unconfirmed, target of United States economic sanctions. This essay discusses challenges under Article 4A of the Uniform Commercial Code concerning the timing of such an investigation and the creation of potential liability where a bank wrongly accepts by execution a previously halted payment order received from a sender following five funds transfer business days after the relevant execution date or payment date of that order. In …
Against Balancing: Revisiting The Use/Regulation Distinction To Reform Liability And Compensation Under Investment Treaties, Jonathan Bonnitcha, Emma Aisbett
Against Balancing: Revisiting The Use/Regulation Distinction To Reform Liability And Compensation Under Investment Treaties, Jonathan Bonnitcha, Emma Aisbett
Michigan Journal of International Law
Investment treaties generate mutual benefits for host states and foreign investors to the extent that they discipline opportunistic conduct by host states. Investment treaties do not necessarily generate mutual benefits insofar as they constrain states’ ability to respond to new information or to change their policy priorities. In a companion paper, we use the tools of law and economics to formalize and clarify the relationship between problems of opportunism on the one hand, and new information and shifts in policy priorities on the other. On this basis, we develop a proposal to reform the legal principles that govern liability and …
The Auditor's Responsibilities For Fraud Detection And Disclosure: Do The Auditing Standards Provide A Safe Harbor?, James L. Costello
The Auditor's Responsibilities For Fraud Detection And Disclosure: Do The Auditing Standards Provide A Safe Harbor?, James L. Costello
Maine Law Review
Eighty-seven percent of managers recently surveyed were willing to commit financial statement fraud. More than half were willing to overstate assets, forty-eight percent were willing to understate loss reserves and thirty-eight percent would "pad" a government contract. These disturbing results are underscored by the financial miseries still brewing in the savings and loan industry, as well as by other corporate and banking financial debacles of the past decade, including Lincoln Savings & Loan, Wedtech, and the Delorean sports car venture scandal. Amidst these financial ruins we find the chronic element of management fraud. Unfortunately for investors and depositors a troublesome …
Odious Debts And Nation-Building: When The Incubus Departs, Lee C. Buchheit, G. Mitu Gulati
Odious Debts And Nation-Building: When The Incubus Departs, Lee C. Buchheit, G. Mitu Gulati
Maine Law Review
To most people, the notion that the citizens of a country lucky enough to have ousted a dictator should spend the rest of their lives paying off the debts incurred by that dictator in the name of the state is morally repugnant. This is a situation in which a strict requirement of the law (that governments automatically succeed to, and must honor, the debt obligations of their predecessors) is incongruent with most people’s sense of the morally right outcome. At a superficial level, state responsibility for debts incurred by prior governments resembles the belief that a country carries a collective …
Maintaining Individual Liability In Aml And Cybersecurity At New York's Financial Institutions, Harry Dixon
Maintaining Individual Liability In Aml And Cybersecurity At New York's Financial Institutions, Harry Dixon
Penn State Journal of Law & International Affairs
No abstract provided.
Private Equity & Private Suits: Using 10b-5 Antifraud Suits To Discipline A Transforming Industry, Kenneth J. Black
Private Equity & Private Suits: Using 10b-5 Antifraud Suits To Discipline A Transforming Industry, Kenneth J. Black
Michigan Business & Entrepreneurial Law Review
This note demonstrates why private equity will no longer be able to avoid private investor suits as it has (mostly) done in the past and explores the industry’s response to a growing number of investor suits. Notably, the industry has already begun to shift its strategy from regulatory avoidance to regulatory capture, at least in part to avoid investor suits. Given these changes, this note proposes that the best way to maintain discipline in the transforming private equity market is to protect the ability of investors to bring private suits.
Shockwave: Lender Liability Under Cercla After United States V. Fleet Factors Corporation, Nicholas M. Kublicki
Shockwave: Lender Liability Under Cercla After United States V. Fleet Factors Corporation, Nicholas M. Kublicki
Pepperdine Law Review
No abstract provided.
The Short, But Interesting Life Of Good Faith As An Independent Liability Rule, Robert B. Thompson
The Short, But Interesting Life Of Good Faith As An Independent Liability Rule, Robert B. Thompson
NYLS Law Review
No abstract provided.
Director Liability For Corporate Crimes: Lawyers As Safe Haven?, John A. Humbach
Director Liability For Corporate Crimes: Lawyers As Safe Haven?, John A. Humbach
NYLS Law Review
No abstract provided.
The Role Of Good Faith In Delaware: How Open-Ended Standards Help Delaware Preserve Its Edge, Renee M. Jones
The Role Of Good Faith In Delaware: How Open-Ended Standards Help Delaware Preserve Its Edge, Renee M. Jones
NYLS Law Review
No abstract provided.
Producing Corporate Text: Courtrooms, Conference Rooms, And Classrooms, Mae Kuykendall
Producing Corporate Text: Courtrooms, Conference Rooms, And Classrooms, Mae Kuykendall
NYLS Law Review
No abstract provided.
Good Faith In Revlon-Land, Christopher M. Bruner
Good Faith In Revlon-Land, Christopher M. Bruner
NYLS Law Review
No abstract provided.
Lyondell: A Note Of Approbation, William W. Bratton
Lyondell: A Note Of Approbation, William W. Bratton
NYLS Law Review
No abstract provided.
Evolving Regulation Of Corporate Governance And The Implications For D&O Liability: The United States And Australia, Joan T.A. Gabel, Nancy R. Mansfield, Paul Von Nessen, Austin W. Hall, Andrew Jones
Evolving Regulation Of Corporate Governance And The Implications For D&O Liability: The United States And Australia, Joan T.A. Gabel, Nancy R. Mansfield, Paul Von Nessen, Austin W. Hall, Andrew Jones
San Diego International Law Journal
This Article compares the modern corporate regulatory environments in the United States and Australia, including an analysis of the climate for Directors & Officers (D & O) liability coverage. Comparing these regulations across two large markets with similar historical bases for assessing director and officer liability allows us to explore which reforms may be more effective as new scandals emerge.
In Search Of Justice: Increasing The Risk Of Business With State Sponsors Of Terror, Gabriel C. Lajeunesse
In Search Of Justice: Increasing The Risk Of Business With State Sponsors Of Terror, Gabriel C. Lajeunesse
Michigan Law Review First Impressions
If the aims of tort law are deterrence, compensation, and provision of equitable distribution of risks, U.S. anti-terrorism laws have been margin-ally effective at best. Though Congress has passed legislation providing causes of action to U.S. victims of terrorism, compensation of victims is often difficult and terrorists are rarely deterred. Attempts to provide such recourse include the Antiterrorism Act of 1991 ("ATA"), the Antiterrorism and Effective Death Penalty Act of 1996 ("AEDPA"), and the Flatow Amendment to the Foreign Sovereign Immunities Act ("FSIA"). These attempts, however, are not enough.
Airline Liability For Loss, Damage, Or Delay Of Passenger Baggage, M. R. Franks
Airline Liability For Loss, Damage, Or Delay Of Passenger Baggage, M. R. Franks
Fordham Journal of Corporate & Financial Law
No abstract provided.
Ethics: Inherent In Islamic Finance Through Shari'a Law; Resisted In American Business Despite Sarbanes-Oxley, Christine Walsh
Ethics: Inherent In Islamic Finance Through Shari'a Law; Resisted In American Business Despite Sarbanes-Oxley, Christine Walsh
Fordham Journal of Corporate & Financial Law
No abstract provided.
A Tangled Web: Compliance Director Liability Under The Securities Laws, Anthony Pirraglia
A Tangled Web: Compliance Director Liability Under The Securities Laws, Anthony Pirraglia
Fordham Journal of Corporate & Financial Law
No abstract provided.
Financial Account Aggregation: The Liability Perspective, Ann S. Spiotto
Financial Account Aggregation: The Liability Perspective, Ann S. Spiotto
Fordham Journal of Corporate & Financial Law
No abstract provided.
Leach Keynote Address, James A. Leach
Leach Keynote Address, James A. Leach
Fordham Journal of Corporate & Financial Law
No abstract provided.
Comparative Negligence Under The Code: Protecting Negligent Banks Against Negligent Customers, Julianna J. Zekan
Comparative Negligence Under The Code: Protecting Negligent Banks Against Negligent Customers, Julianna J. Zekan
University of Michigan Journal of Law Reform
This Article will examine modern banking practices with respect to processing checks and the effect of technology on liability for forged or altered checks. Part I describes the magnetic ink character-recognition system. Part II discusses check truncation. Part III recounts the evolution of contract and tort theories of liability from traditional to modern bank practices. Part IV analyzes the new comparative negligence provisions. Part V investigates the standards of ordinary care. Part VI evaluates the respective duties of the banks and their customers in light of the provisions that reflect the banking industry's transformation from the Paper Age to the …
The Liability Of Officers And Directors Under The Financial Institutions Reform, Recovery And Enforcement Act Of 1989, Jon Shepherd
The Liability Of Officers And Directors Under The Financial Institutions Reform, Recovery And Enforcement Act Of 1989, Jon Shepherd
Michigan Law Review
This Note argues that FIRREA's gross negligence standard implements a minimum federal requirement that preempts state law only to the extent state law provides a more relaxed criterion. Part I examines the plain meaning of the statute and concludes that FIRREA preempts state law only to the extent the state law standard of care is lower than gross negligence. Part II scrutinizes FIRREA's legislative history and demonstrates that Congress did not intend to prevent states from imposing more stringent standards of liability. Part III analyzes the policies behind FIRREA and argues that the statute's purposes are best served by allowing …
Liability And Responsibility Of Bank Directors: Being Alert To Troubled Times, Lawrence K. Banks, Paula S. Hoskins
Liability And Responsibility Of Bank Directors: Being Alert To Troubled Times, Lawrence K. Banks, Paula S. Hoskins
Kentucky Law Journal
No abstract provided.
Banks And Banking-Bank's Liability For Breach Of Its Duty To Corporate Depositor-Maley V. East Side Bank Of Chicago, Michigan Law Review
Banks And Banking-Bank's Liability For Breach Of Its Duty To Corporate Depositor-Maley V. East Side Bank Of Chicago, Michigan Law Review
Michigan Law Review
The three stockholders of a close corporation contracted to sell all of the corporate stock to Shulman for $5,000 down and a balance of $17,000 in two notes payable in thirty days. A resolution filed with the defendant depositary bank provided that Paul, the former president, was to act as the interim treasurer for the corporation and was to cosign, with Shulman, all checks drawn on the corporate account until the balance of the purchase price was tendered. Approximately one week after the agreement was made, the bank received an inordinate number of inquiries regarding the credit of the corporation, …
Bills And Notes-Payees By Impersonation And By Assumption Of A Name-Drawer's Intent And Commercial Policy, Stuart S. Gunckel S. Ed.
Bills And Notes-Payees By Impersonation And By Assumption Of A Name-Drawer's Intent And Commercial Policy, Stuart S. Gunckel S. Ed.
Michigan Law Review
Consider the following scheme for fraudulently obtaining money: A, a stranger to D, personally appears before D, represents himself as B and requests a loan. There is an existing person named B. For D's security a mortgage is produced in the name of B, but it has actually been penned by A. A check of the land records by D verifies that the land described in the mortgage is in fact owned by B. D, having satisfied himself as to the existence of B, draws a check payable to the …
Corporations - Liabilites - Inadequate Capitalization As Ground For Disregarding Corporate Entity, Lewis L. Clum
Corporations - Liabilites - Inadequate Capitalization As Ground For Disregarding Corporate Entity, Lewis L. Clum
Michigan Law Review
Defendant Resnick, meeting minimum statutory incorporation requirements, organized a corporation and thereafter persuaded defendants Cowan to join him in operating a used car enterprise under the corporate name. No stock was issued, nor capital paid in, although a checking account was opened for use by the business. Car purchases were financed through loans made or guaranteed by the elder Cowan, who held title until resale. Proceeds from resale transactions were deposited in the checking account, from which defendant Resnick reimbursed Cowan for money advanced. Sales volume averaged from $100,000 to $150,000 monthly. Assured that the elder Cowan was "backing" the …
Corporations - Shareholders - Majority Liability For Improper Stock Redemption By Corporation And For Misrepresentations In Private Stock Purchases From Minority Holders, James M. Tobin
Michigan Law Review
In 1942 a seemingly innocuous suit was brought against the Axton-Fisher Tobacco Corporation to determine the propriety of the alteration of a stock redemption. In 1955 Judge Leahy of the Federal District Court for Delaware handed down an opinion on the damages and relief to be given in the case in what he hopefully termed was the final phase of this famous litigation. It is the purpose of this comment to appraise the basis of the recovery allowed by Judge Leahy. Two readily distinguishable problems will be treated: (1) the nature of relief from a stock redemption called by fiduciaries …
Gifts--Banking--Gift Of Joint Savings Bank Deposits, Ira M. Price, Ii
Gifts--Banking--Gift Of Joint Savings Bank Deposits, Ira M. Price, Ii
Michigan Law Review
A, the mother of B, transferred three savings bank deposits from her sole account to the account of "A or B-either or survivor." Two of the depositors' signature cards contained this language: ''We hereby certify that this account and all moneys to be credited to it belong to us as joint tenants, and will be the absolute property of the survivor of us." There was evidence that one of the reasons for A's transferring her deposits to the joint account was to enable B to draw money therefrom for A while A was in the …
Banks And Banking-Night Depository-Relation Created Between Bank And Depositor, Irving Slifkin
Banks And Banking-Night Depository-Relation Created Between Bank And Depositor, Irving Slifkin
Michigan Law Review
By payment of a nominal charge, the plaintiff became entitled to use the night depository service offered to its customers by the defendant bank. On Christmas day, 1942, plaintiff made use of this service by depositing some currency, coins, and a check which were placed in a canvas bag supplied by the defendant bank for this purpose. Plaintiff never received credit for this deposit. Defendant bank was unable to find the bag which the plaintiff had deposited, and plaintiff sued to recover the value of its contents, obtaining a judgment in the trial court. Defendant bank appealed. Held, judgment …
Bills And Notes-Assent By Indorser To Release Of Maker As Undertaking By Former To Continue Liable-Section 120, N.I.L., Bruce L. Moore
Bills And Notes-Assent By Indorser To Release Of Maker As Undertaking By Former To Continue Liable-Section 120, N.I.L., Bruce L. Moore
Michigan Law Review
The indorser on the note in suit gave his assent to the holder's release of the insolvent maker in return for a deed to certain real estate given by the maker. In reply to demands of the holder for the balance remaining due after sale of the real estate, the indorser stated he would pay the note, but asked for time. On failure of the indorser to pay, this suit was brought. Held, for the plaintiff. Consent of the indorser to release of the maker is not equivalent to an express reservation of rights as required by section 120(5) …