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Articles 1 - 30 of 158
Full-Text Articles in Law
Duties Regarding Duties, Ronald J. Colombo
Duties Regarding Duties, Ronald J. Colombo
Marquette Law Review
Corporate directors are subject to the fiduciary duties of care and loyalty
in the discharge of their responsibilities. The demands of these duties, from
their precise contours to their application under a particular set of
circumstances, is oftentimes far from obvious.
In order to properly fulfill their duties of care and loyalty, corporate
directors necessarily depend upon corporate counsel: specialized attorneys,
whether in-house or external to the corporation, retained to advise and
represent the corporation. As attorneys, corporate counsel are themselves
subject to a wide array of professional responsibilities, ranging from the
exhortations of codes of ethics to duties the …
Expanding Mfw: Delaware Law Should Offer A Business Judgment Rule Safe Harbor For All Conflicted Controller Transactions, Alex Lindsey
Expanding Mfw: Delaware Law Should Offer A Business Judgment Rule Safe Harbor For All Conflicted Controller Transactions, Alex Lindsey
Fordham Journal of Corporate & Financial Law
While courts usually defer to a board’s business decisions under the business judgment rule, courts will apply a much less deferential standard of review due to loyalty concerns if a conflicted controller is involved in a business decision such as a merger. However, in Kahn v. M & F Worldwide (“MFW”) when a squeeze out merger was challenged by a minority stockholder, the Delaware Supreme Court reviewed the transaction under the deferential business judgment rule standard because the Court found that the structure of the transaction neutralized the controller loyalty concerns. Building on this reasoning, the Court developed a checklist …
Cleaning Up The Corporate Opportunity Doctrine Mess: A First Principles Approach, Yifat Naftali Ben Zion
Cleaning Up The Corporate Opportunity Doctrine Mess: A First Principles Approach, Yifat Naftali Ben Zion
Washington and Lee Law Review
Almost a century ago, a legal dispute over who is the rightful owner of Pepsi-Cola, at the time an unknown syrup company on the verge of bankruptcy, led the Supreme Court of Delaware to develop what is now famously known as the corporate opportunity doctrine. This doctrine is the central framework Delaware courts use to this day to determine whether an officer who seized a business opportunity has breached his fiduciary duties. Despite the doctrine’s old roots, it has thus far failed to reach stable ground. For one, while many corporate law scholars have supported the rule developed following this …
Komparasi Pengalihan Objek Jaminan Fidusia Dalam Undang-Undang Nomor 42 Tahun 1999 Tentang Jaminan Fidusia Dan Fatwa Dsn-Mui Nomor 68/Dsn-Mui/Iii/2008, Ibnu Iyadh
"Dharmasisya” Jurnal Program Magister Hukum FHUI
Fiduciary institutions were born with the background of fulfilling the increasing and developing needs of the community and the many shortcomings of institutions that were previously the only institutions in fulfilling the needs of the community. which results in a person being unable to continue paying their debts, so that a debt transfer is carried out, among others, namely after paying a down payment of two or three installments in the first month, the debtor is not willing to pay the remaining installments on the grounds that he only wants to experience new goods and, due to frequent defaults committed …
The Solution To Shadow Trading Is Not Found In Current Insider Trading Law: A Proposed Amendment To Rule 10b5-2, Jamel Gross-Cassel
The Solution To Shadow Trading Is Not Found In Current Insider Trading Law: A Proposed Amendment To Rule 10b5-2, Jamel Gross-Cassel
Fordham Journal of Corporate & Financial Law
Shadow trading is a lucrative way to exploit a loophole in insider trading law. Insiders abuse this loophole to make six-figure profits and escape liability when done at the right companies. Those who shadow trade use material, nonpublic information to trade not in the securities of their own company, which would be illegal, but in the securities of a closely related company where the information is just as impactful. Efforts to close this loophole rely on the individual insider trading policies of the involved companies. These policies vary in language, making liability for shadow trading dependent on specific language or …
Are People In Federal Territories Part Of “We The People Of The United States”?, Gary S. Lawson, Guy Seidman
Are People In Federal Territories Part Of “We The People Of The United States”?, Gary S. Lawson, Guy Seidman
Faculty Scholarship
In 1820, a unanimous Supreme Court proclaimed: “The United States is the name given to our great republic, which is composed of states and territories.” While that key point is simple, and perhaps even obvious, the constitutional implications of such a construction of “the United States” as including federal territories are potentially far reaching. In particular, the Constitution’s Preamble announces that the Constitution is authored by “We the People of the United States” and that the document is designed to “secure the Blessings of Liberty” to the author and its “Posterity.” If inhabitants of federal territory are among “We the …
Legislating Data Loyalty, Woodrow Hartzog, Neil Richards
Legislating Data Loyalty, Woodrow Hartzog, Neil Richards
Faculty Scholarship
Lawmakers looking to embolden privacy law have begun to consider imposing duties of loyalty on organizations trusted with people’s data and online experiences. The idea behind loyalty is simple: organizations should not process data or design technologies that conflict with the best interests of trusting parties. But the logistics and implementation of data loyalty need to be developed if the concept is going to be capable of moving privacy law beyond its “notice and consent” roots to confront people’s vulnerabilities in their relationship with powerful data collectors.
In this short Essay, we propose a model for legislating data loyalty. Our …
The Surprising Virtues Of Data Loyalty, Woodrow Hartzog, Neil M. Richards
The Surprising Virtues Of Data Loyalty, Woodrow Hartzog, Neil M. Richards
Faculty Scholarship
Lawmakers in the United States and Europe are seriously considering imposing duties of data loyalty that implement ideas from privacy law scholarship, but critics claim such duties are unnecessary, unworkable, overly individualistic, and indeterminately vague. This paper takes those criticisms seriously, and its analysis of them reveals that duties of data loyalty have surprising virtues. Loyalty, it turns out, can support collective well-being by embracing privacy’s relational turn; it can be a powerful state of mind for reenergizing privacy reform; it prioritizes human values rather than potentially empty formalism; and it offers solutions that are flexible and clear rather than …
Comment On Proposed Regulation: Prudence And Loyalty In Selecting Plan Investments And Exercising Shareholder Rights, David H. Webber
Comment On Proposed Regulation: Prudence And Loyalty In Selecting Plan Investments And Exercising Shareholder Rights, David H. Webber
Shorter Faculty Works
In my view, while it is a significant improvement over its predecessor, the proposed rule’s persistent relegation of job creation/preservation to the status of mere “collateral benefit” is a mistake and undermines ERISA’s duty of loyalty. In reality, job creation and preservation are inextricably linked to fund financial health. Relegating that fact to a mere collateral benefit means trustees fail to consider the effect on a pension of investing in projects that eliminate the jobs of the fund’s own participants, or ignore the benefit of creating new jobs and thereby new pension contributors. This runs counter to President Biden’s executive …
The Measure Of A Monitor's Role, Alejandro E. Gonzalez
The Measure Of A Monitor's Role, Alejandro E. Gonzalez
Electronic Thesis and Dissertation Repository
This study examines the monitor, a court-appointed officer under the Companies’ Creditors Arrangement Act, in order to determine whether and how to best secure its independence. Concerns over the role are increasingly over whether it can maintain its supposed impartiality and avoid conflicts of interest. This study centers on its fiduciary duty, long discussed in the courts, as both problematic because it is not conclusively defined, and as the best means of establishing the monitor as a fair and impartial guardian of public confidence in Canadian insolvency law. By examining leading insolvency law theories, international and Canadian insolvency policy, and …
Hapusnya Lembaga Parate Eksekusisebagai Akibat Hukum Putusan Mahkamah Konstitusi Nomor 18/Puu-Xvii/2019, Antonius Budi
Hapusnya Lembaga Parate Eksekusisebagai Akibat Hukum Putusan Mahkamah Konstitusi Nomor 18/Puu-Xvii/2019, Antonius Budi
Jurnal Hukum & Pembangunan
A security rights holder has 2 methods of carrying out executions without resorting to a lawsuit so that they can carry out executions quickly and easily: parate executie or executorial titles. In the Constitutional Court Ruling Number 18/PUU-XVII/2019, parate executie is considered as a continuation of theexecutorial titles. This causes the abolition of parate executie in fiduciary agreement, because now creditor who wishes to exercise parate executie must do so withthe consensus of the debtor or through legal methods. This is contrary to the legal theoryand function of parate executie which is summary execution outside the court system under creditors …
Changemakers: Finding The Perfect Niche, Michael Bowden
Changemakers: Finding The Perfect Niche, Michael Bowden
Life of the Law School (1993- )
No abstract provided.
Fiduciary Law And The Law Of Public Office, Ethan J. Leib, Andrew Kent
Fiduciary Law And The Law Of Public Office, Ethan J. Leib, Andrew Kent
Faculty Scholarship
A law of public office crystallized in Anglo-American law in the seventeenth and eighteenth centuries. This body of law—defined and enforced through a mix of oaths, statutes, criminal and civil case law, impeachments, and legislative investigations—imposed core duties on holders of public executive offices: officials needed to serve the public good, not their own private interests; were barred from acting ultra vires; could often be required to account to the public for their conduct in office; and needed to act with impartiality, honesty, and diligence. Officeholding came to be viewed as conditional, with officers removable for misdeeds. These substantive duties …
A Duty Of Loyalty For Privacy Law, Neil M. Richards, Woodrow Hartzog
A Duty Of Loyalty For Privacy Law, Neil M. Richards, Woodrow Hartzog
Faculty Scholarship
Data privacy law fails to stop companies from engaging in self-serving, opportunistic behavior at the expense of those who trust them with their data. This is a problem. Modern tech companies are so entrenched in our lives and have so much control over what we see and click that the self-dealing exploitation of people has become a major element of the internet’s business model.
Academics and policymakers have recently proposed a possible solution: require those entrusted with people’s data and online experiences to be loyal to those who trust them. But many have concerns about a duty of loyalty. What, …
Corporate Adolescence: Why Did “We” Not Work?, Donald C. Langevoort, Hillary A. Sale
Corporate Adolescence: Why Did “We” Not Work?, Donald C. Langevoort, Hillary A. Sale
Georgetown Law Faculty Publications and Other Works
This article explores a series of rent-seeking behaviors and fiduciary deficits that are playing a role in the “growth” and demise of U.S. companies. Start-up financing occurs through exemptions that remove disclosure obligations required in public markets, assuming that private ordering suffices. The exemptive-privilege premise is that parties to financing rounds will be faithful agents, i.e., fiduciaries, to their sources of capital. Where there are conflicts of interest, fiduciary deficits will arise unless either the threat of litigation for breaches of duty sufficiently deters the resulting opportunism or the sources of capital are themselves sufficiently watchful and savvy to combat …
Real Insider Trading, Michael A. Perino
Real Insider Trading, Michael A. Perino
Washington and Lee Law Review
In popular rhetoric, insider trading cases are about leveling the playing field between elite market participants and ordinary investors. Academic critiques vary. Some depict an untethered insider trading doctrine that enforcers use to expand their power and enhance their discretion. Others see enforcers beset with agency cost problems who bring predominantly simple, easily resolved cases to create the veneer of vigorous enforcement. The debate has, to this point, been based mostly on anecdote and conjecture rather than empirical evidence. This Article addresses that gap by collecting extensive data on 465 individual defendants in civil, criminal, and administrative actions to assess …
Klaim Asuransi Pesawat Udara Sewa Guna Usaha (Operating Lease) Sebagai Objek Jaminan Fidusia, Sukarmi Sukarmi, M. Sudirman, Dwi Egawati
Klaim Asuransi Pesawat Udara Sewa Guna Usaha (Operating Lease) Sebagai Objek Jaminan Fidusia, Sukarmi Sukarmi, M. Sudirman, Dwi Egawati
Jurnal Hukum & Pembangunan
Airlines in the process of procurement of an Aircraft, one of which is through Operating Lease with the Leasing Company. The Leasing Company (Lessor) in purchasing an Aircraft with funding mechanism from the Bank shall encumber the Aircraft with a mortgage as its securities. In the Aircraft Lease Agreement, Insurance Claim over the Aircraft shall also be encumbered with fiduciary by Airlines. Nevertheless, under Article 10 paragraph b Law of The Republic of Indonesia Number 42 of 1999 on Fiduciary (hereinafter referred to as UUJF) states that unless otherwise agreed, Fiduciary includes the Insurance Claims in the event that the …
Developing Fiduciary Culture In Vietnam, Brian Jm Quinn
Developing Fiduciary Culture In Vietnam, Brian Jm Quinn
Seattle University Law Review
This Article examines Vietnam’s efforts during the past two and a half decades to build up its legal infrastructure during its transition from a centrally planned to a market economy. In particular, this Article will focus on the development of legal and regulatory infrastructure to support the development of the corporate sector and fiduciary culture in Vietnam. In thinking about corporate law, I do not intend to single out this particular area of law as somehow special in the context of transition. In fact, its commonness and generality are what makes the experience of the development of corporate law and …
Caveat Emptor: Real Property Law’S “Get Out Of Jail Free” Card V. The Property Condition Disclosure Act, Alessandra E. Albano
Caveat Emptor: Real Property Law’S “Get Out Of Jail Free” Card V. The Property Condition Disclosure Act, Alessandra E. Albano
Touro Law Review
No abstract provided.
Motives And Fiduciary Loyalty, Stephen R. Galoob, Ethan J. Leib
Motives And Fiduciary Loyalty, Stephen R. Galoob, Ethan J. Leib
Faculty Scholarship
How, if at all, do motives matter to loyalty? We have argued that loyalty (and the duty of loyalty in fiduciary law) has a cognitive dimension. This kind of “cognitivist” account invites the counterargument that, because most commercial fiduciary relationships involve financial considerations, purity of motive cannot be central to loyalty in the fiduciary context. We contend that this counterargument depends on a flawed understanding of the significance of motive to loyalty. We defend a view of the importance of motivation to loyalty that we call the compatibility account. On this view, A acts loyally toward B only if …
Fiduciary Legal Ethics, Zeal, And Moral Activism, David Luban
Fiduciary Legal Ethics, Zeal, And Moral Activism, David Luban
Georgetown Law Faculty Publications and Other Works
The recent turn to fiduciary theory among private lawyer scholars suggests that "lawyer as fiduciary" may provide a fresh justification for legal ethics distinct from moral and political accounts propounded by theorists in recent decades. This Article examines the justification and limits of fiduciary legal ethics. In the course of the investigation, it argues that the fiduciary relation of lawyer to client as defined in the ethics codes does not align perfectly with fiduciary principles in other legal domains, such as agency, trust, or corporate law. Lawyers are fiduciaries of their clients. Does that mean lawyers can never throttle back …
The Fiduciary Obligations Of Public Officials, Vincent R. Johnson
The Fiduciary Obligations Of Public Officials, Vincent R. Johnson
St. Mary's Journal on Legal Malpractice & Ethics
At various levels of government, the conduct of public officials is often regulated by ethical standards laid down by legislative enactments, such as federal or state statutes or municipal ordinances. These rules of government ethics are important landmarks in the field of law that defines the legal and ethical obligations of public officials. Such provisions can form the basis for the kinds of government ethics training that helps to minimize wrongful conduct by public servants and reduces the risk that the performance of official duties will be clouded by appearances of impropriety. Codified government ethics rules also frequently provide mechanisms …
Time To Act: Response To Questions Posed By The Expert Panel On Sustainable Finance On Fiduciary Obligation And Effective Climate-Related Financial Disclosures, Cynthia Williams, Janis P. Sarra
Time To Act: Response To Questions Posed By The Expert Panel On Sustainable Finance On Fiduciary Obligation And Effective Climate-Related Financial Disclosures, Cynthia Williams, Janis P. Sarra
Cynthia A. Williams
The Expert Panel on Sustainable Finance has been commissioned by the Canadian Government to determine how best to generate sustainable finance, a significant challenge given the carbon intensity of Canada’s economy. The Expert Panel has defined sustainable finance as capital flows, risk management activities and financial processes that assimilate environmental and social factors as a means of promoting sustainable economic growth and the long-term stability of the financial system. While there are numerous strategies to be deployed to move Canada to a financially sustainable future, this report addresses two critically important issues: fiduciary obligation of corporate- and pension-fiduciaries, and national …
Authors’ Response: An Enquiry Concerning Constitutional Understanding, Gary S. Lawson, Guy I. Seidman
Authors’ Response: An Enquiry Concerning Constitutional Understanding, Gary S. Lawson, Guy I. Seidman
Faculty Scholarship
One of Professor Lawson’s first students, alluding to a 1985 article with the provocative title “Why Professor [Marty] Redish Is Wrong about Abstention,” declared that his ambition was to inspire someone to write an article entitled “Why [the student] Is Wrong about XXX.” The student claimed that, regardless of what filled in the “XXX,” this event would be the pinnacle of academic accomplishment.
If that view is even close to the mark, then having an entire conference devoted to explaining why Professors Lawson and Seidman are wrong about the Constitution is an extraordinary honor. In all seriousness, we are genuinely …
Are Literary Agents (Really) Fiduciaries?, Jacqueline Lipton
Are Literary Agents (Really) Fiduciaries?, Jacqueline Lipton
Articles
2018 was a big year for “bad agents” in the publishing world. In July, children’s literature agent Danielle Smith was exposed for lying to her clients about submissions and publication offers. In December, major literary agency Donadio & Olson, which represented a number of bestselling authors, including Chuck Palahnuik (Fight Club), filed for bankruptcy in the wake of an accounting scandal involving their bookkeeper, Darin Webb. Webb had embezzled over $3 million of client funds. Around the same time, Australian literary agent Selwa Anthony lost a battle in the New South Wales Supreme Court involving royalties she owed to her …
Designing Deregulation: The Potus's Place In The Process, Joan Macleod Heminway
Designing Deregulation: The Potus's Place In The Process, Joan Macleod Heminway
Scholarly Works
Candidates for U.S. president — like those for any elected office or leadership position — make promises about what they will do if they are elected to office. If we take time to think through what must be done to fulfill those promises, however, we may find that the action or forbearance of Congress, the federal courts, or others is required to achieve the pledged objectives. Nevertheless, we expect the president to make good on those campaign commitments — and more. Our current president, for example, ran a campaign in which deregulation was a centerpiece.
This essay interrogates the role …
Time To Act: Response To Questions Posed By The Expert Panel On Sustainable Finance On Fiduciary Obligation And Effective Climate-Related Financial Disclosures, Cynthia Williams, Janis P. Sarra
Time To Act: Response To Questions Posed By The Expert Panel On Sustainable Finance On Fiduciary Obligation And Effective Climate-Related Financial Disclosures, Cynthia Williams, Janis P. Sarra
Commissioned Reports, Studies and Public Policy Documents
The Expert Panel on Sustainable Finance has been commissioned by the Canadian Government to determine how best to generate sustainable finance, a significant challenge given the carbon intensity of Canada’s economy. The Expert Panel has defined sustainable finance as capital flows, risk management activities and financial processes that assimilate environmental and social factors as a means of promoting sustainable economic growth and the long-term stability of the financial system. While there are numerous strategies to be deployed to move Canada to a financially sustainable future, this report addresses two critically important issues: fiduciary obligation of corporate- and pension-fiduciaries, and national …
Time To Act: Response To Questions Posed By The Expert Panel On Sustainable Finance On Fiduciary Obligation And Effective Climate-Related Financial Disclosures, Janis P. Sarra, Cynthia Williams
Time To Act: Response To Questions Posed By The Expert Panel On Sustainable Finance On Fiduciary Obligation And Effective Climate-Related Financial Disclosures, Janis P. Sarra, Cynthia Williams
All Faculty Publications
While there are numerous strategies to be deployed to move Canada to a financially sustainable future, this study addresses two critically important issues: fiduciary obligation of corporate- and pension-fiduciaries, and national action on environmental, social and governance (“ESG”) financial disclosure, including climate-related financial risk disclosure. The Canadian economy is facing significant challenges and disruptions in the transition to a lower carbon world. Absent clear and innovative steps to ensure our corporations and financial institutions act to address carbon emissions and other environmental, social and governance risks and opportunities, we will be seriously prejudiced in a world that is rapidly moving …
Enhanced Scrutiny On The Buy-Side, Afra Afsharipour, J. T. Laster
Enhanced Scrutiny On The Buy-Side, Afra Afsharipour, J. T. Laster
Georgia Law Review
Empirical studies of acquisitions consistently find
that public company bidders often overpay for targets,
imposing significant losses on bidder shareholders.
Numerous studies have connected bidder overpayment
with managerial agency costs and behavioral biases that
reflect management self-interest. For purposes of
corporate law, these concerns implicate the behavior of
fiduciaries—the officers and directors of the acquiring
entity—and raise questions about whether those
fiduciaries are fulfilling their duty of loyalty. To address
comparable sell-side concerns, the Delaware courts
developed an intermediate standard of review known as
enhanced scrutiny. There has been little exploration,
however, of whether the rationales for applying
enhanced scrutiny …
A Fiduciary Theory Of Prosecution, Bruce A. Green, Rebecca Roiphe
A Fiduciary Theory Of Prosecution, Bruce A. Green, Rebecca Roiphe
Faculty Scholarship
Scholars have failed to arrive at a unifying theory of prosecution, one that explains the complex role that prosecutors play in our democratic system. This Article draws on a developing body of legal scholarship on fiduciary theory to offer a new paradigm that grounds prosecutors’ obligations in their historical role as fiduciaries. Casting prosecutors as fiduciaries clarifies the prosecutor’s obligation to seek justice, focuses attention on the duties of care and loyalty, and prioritizes criminal justice considerations over other public policy interests in prosecutorial charging and plea-bargaining decisions. As fiduciaries, prosecutors are required to engage in an explicit deliberative process …