Law Commons^™

The Extraterritorial Effect Of Foreign Exchange Control Laws, F. David Trickey

Michigan Law Review

Article VIII section 2(b) of the International Monetary Fund Articles of Agreement makes "exchange contracts" which are contrary to approved foreign exchange regulations of members "unenforceable" and provides that member nations may further agree upon measures to enforce each other's foreign exchange laws. The recent New York Court of Appeals decision in Banco do Brasil, S.A. v. A. C. Israel Commodity Co. illustrates the serious shortcomings of IMF provisions for enforcing foreign exchange controls. The case also suggests that general conflict of laws rules can be used to effectuate the policies underlying exchange control laws.

Rationale Of Valuation Of Foreign Money Obligations, Charles Evan

Michigan Law Review

What then should a creditor of a foreign money obligation collect where there was a delay in payment? When are damages for depreciation of foreign money recoverable? As of what time and in what currency are they to be computed? How is the value of a foreign money obligation to be measured where no damages may be had? The answers to these and other incidental questions require a thorough analysis of certain features peculiar to the law of money.

It is the purpose of this article to clarify these problems, to sum up the primary principles by which they are …