Law Commons^™

The Williams Amendments: An Evaluation Of The Early Returns, M. Douglas Dunn

Vanderbilt Law Review

The purpose of this note is to examine the judicial interpretation of the Williams Amendments to the Securities Exchange Act. The background of the legislation is outlined to direct attention to its general purpose and to isolate its intended beneficiaries.' A discussion of the actual amendments will provide the informational base necessary for consideration of the recent cases. The critical discussion of the first few cases interpreting the amendments provides the foundation for a suggested approach in applying the available remedies to violators of the Williams Amendments.

Statutes Of Limitations: Their Selection And Application In Products Liability Cases, Larry T. Thrailkill

Vanderbilt Law Review

The development of products liability law has followed an arduous course, especially during the past 70 years.' Many serious problems have arisen out of consumer attempts to obtain redress from manufacturers of defective products. Many of these problems have been resolved, but the problem of selecting and applying the appropriate statute of limitations persists, causing confusion among jurists, legislators, and practitioners and yielding inconsistent and inequitable results. A hypothetical will illustrate the problem and provide a factual context within which the problem may be discussed.

In 1970, Plaintiff is injured and his home destroyed when a gas water heater explodes. …

The Supreme Court And Fundamental Rights--A Problem Of Judicial Method, James H. Wildman

Vanderbilt Law Review

Since the Constitution is a plan of written but flexible basic rights, interpreted and applied by a judiciary with few limitations upon its powers, it is necessary to avoid conferring carte blanche discretion upon the Court. This Note adopts the premises that we may be arriving at an era when "liberty" will demand constitutional protection of human interests other than those explicitly embodied within the text of the Bill of Rights; that judicial identification of those interests is often the most effective method for granting this protection; and that the function of constitutional due process is to preserve the relevancy …

Book Reviews, Samuel A. Bleicher, Nat. T. Winston, Jr., Dan B. German

Vanderbilt Law Review

Law-Making in the International Civil Aviation Organization By Thomas Buergenthal Syracuse University Press, 1969. Pp. viii,247. $10.50.

reviewer: Samuel A. Bleicher

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The Role of Psychiatry in Law By Manfred S. Guttmacher, M.D. Springfield: Charles C. Thomas, 1968. Pp. ix, 170. $7.50.

reviewer: Nat. T. Winston, Jr., M.D.

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The Development of Political Attitudes in Children By Robert D. Hess & Judith V. Torney Chicago: Aldine Publishing Co., 1967. Pp. xviii, 288. $9.75.

reviewer: Dan B. German

Recent Cases, Law Review Staff

Vanderbilt Law Review

Accountants--Auditors--Compliance with General Accounting Principles Not a Complete Defense To Criminal Fraud

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Administrative Law--Standing to Challenge Administrative Actions--Anyone Arguably Protected by Statute May Sue

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Constitutional Law--Abortion--Standard Excepting Abortions Done as "Necessary for the Preservation of the Mother's Life or Health" Held Unconstitutionally Vague

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Constitutional Law--Civil Rights--Discrimination by a Third Party in Connection with the Rental of Property Entitles the Injured Party to a Private Right of Damages Under Section 1982

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Constitutional Law--Double Jeopardy--Benton v. Maryland Applies Retroactively to State Criminal Convictions

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Copyright--Unfair Competition--Unauthorized Reproduction of Another's Recording for Resale Violates State Unfair Competition Doctrine

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Book Notes, Law Review Staff

Vanderbilt Law Review

Book Notes --

The Strength of Government--By McGeorge Bundy Cambridge:Harvard University Press, 1968. Pp. xii, 107. $3.75.

Towards a Global Federalism-- By William 0. Douglas. New York: New York University Press, 1968. Pp. xi, 177, $7.95.

Democracy, Dissent, and Disorder: The Issues and the Law-- By Robert F. Drinan New York: The Seabury Press, 1969. Pp. 152,$4.95.

The End of Obscenity: The Trials of Lady Chatterly, Tropic of Cancer, and Fanny Hill --By Charles Rembar New York: Random House, Inc., 1968. Pp. xii, 528. $8.95.

Justice on Trial-- By A.L. Todd Chicago: The University of Chicago Press, 1964. Pp. ix, …

Judicial Creation Of Direct Actions Against Automobile Liability Insurers: Shingleton V. Bussey, Jason G. Reynolds

Vanderbilt Law Review

Elizabeth R. Bussey commenced a negligence action in a Florida state trial court against Frances R.B. Shingleton for damages sustained in an automobile mishap. The accident itself was a rather ordinary rear-end collision. Out of the ordinary, however, was the fact that the plaintiff joined as a party defendant Shingleton's liability insurer, Nationwide Mutual Insurance Company. The trial judge, following the insurance policy's non-joinder provisions' and the weight of authority in Florida and elsewhere, granted Nationwide's motion that it be dismissed as a party defendant. Plaintiff appealed this order to the Florida District Court of Appeal on the theory that, …

Introduction To Symposium On Securities, Manuel F. Cohen

Vanderbilt Law Review

Students of the securities markets, and of relevant law and regulation, will wonder whether another symposium is worthwhile. Recent years have seen a proliferation of symposia, meetings, conferences, taped messages, books, pamphlets, and other materials designed to educate the uninitiated or to provide an opportunity for debate among the sophisticated concerning the important issues of the day. This, of course, assumes that there are important issues, and merit in the continued effort at education...This symposium does not reach all the issues. It does, however, deal with certain important ones and suggests quite emphatically the need for re-examination of all. To …

Reform Of The Blue Sky Laws, James S. Mofsky

Vanderbilt Law Review

Some constructive recommendations can be made to generate meaningful reform of the blue sky laws within the states themselves. In this regard, it is important to separate those persons who would be in favor of revision as discussed in this article from those who would be opposed. As previously mentioned, corporate officials and businessmen associated with small firms directly affected by the blue sky laws would probably advocate reform, as would the investment bankers who underwrite such firms. These persons and firms must have substantial political muscle if they are to achieve significant results in the state capitols. Such strength …

The Case Against Insider Trading: A Response To Professor Manne, David Ferber

Vanderbilt Law Review

Professor Manne's article appears to be largely an attack on critics of his book Insider Trading and the Stock Market. I must confess I have not read his book. I did, however, read an earlier article by Professor Manne attacking the position of the Commission in the Texas Gulf case, and I once participated in a forum at which Professor Manne expressed his view that inside information should be something that a corporate official might sell. I disagree with Professor Manne's basic position that "[t]he debatable aspects of insider trading are capable of resolution through tools of economic analysis,"' as …

A Rejoinder To Mr. Ferber, Henry G. Manne

Vanderbilt Law Review

No congressman would tell his constituents, "you may be losing money by SEC regulation, but that is irrelevant, since the men down there are serving a higher moral order." The truth of the matter is that there need be no conflict between good economics and good morality. The confusion arises when the attempt is made to substitute superficial ideas of morality for fundamental economic doctrine. Clearly every decision has an economic impact just as it has moral implications. But how can one judge the moral content or desirability of an act of economic regulation without knowing the effects of it?

Book Reviews, Maurice H. Merrill, Tom C. Clark, Anthony Platt

Vanderbilt Law Review

Discretionary Justice: A Preliminary Inquiry

By Kenneth Culp Davis Baton Rouge: Louisiana State University Press. 1969. Pp. xii,233. $8.50

reviewer: Maurice H. Merrill

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Gambling and Organized Crime

By Rufus King Washington:Public Affairs Press, 1969. Pp. viii, 239. $6.00

reviewer: Tom C. Clark

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The Throwaway Children

By Lisa Aversa Richette New York:J.B. Lippincott, 1969. Pp. x, 342. $6.95

reviewer: Anthony Platt

Codification And Rule 10b-5, Lewis D. Lowenfels

Vanderbilt Law Review

One of the most interesting as well as controversial areas of the securities laws has been the growth of implied liabilities under section 10(b) of the Securities Exchange Act of 1934 and Rule l0(b)-5 promulgated there under. Any attempt to codify the securities laws would probably include an attempt to codify this entire l0b-5 area.' Once the codifiers move into this area, however, there is a strong likelihood that codification will result in reform and revision, and the present scope as well as the future growth and development of "federal corporation law" under Rule l0b-5 will be profoundly altered.' Thus …

Insider Trading And The Law Professors, Henry G. Manne

Vanderbilt Law Review

When Insider Trading and the Stock Market' appeared in November, 1966, I was fully prepared for a goodly amount of disagreement. I was not prepared however for the emotional, almost hostile response my book received from some members of the academic community. This is not to say that all the reviews by law professors were unsympathetic and emotional in tone. Indeed the majority of them were not, and while critical reviews outnumbered favorable ones, most were in some degree mixed, and the tone was generally scholarly, impersonal, and in many cases constructive But the response to my book in the …

The Warren Court: Completion Of A Constitutional Revolution, William F. Swindler

Vanderbilt Law Review

In the final weeks of its sixteen year history, the subject matter of the Warren Court's opinions ranged over most of the major constitutional issues with which it had concerned itself since 1953, and out of which it developed the seminal decisions for which it will be remembered. For example, it upheld an Alabama desegregation plan which provided for proportional racial representation on public school faculties,' and found a snack bar in a privately owned recreational facility to be within the "public accomodations" definition of the Civil Rights Act of 1964. It rejected a North Carolina county's request to reinstate …

The Supreme Court: Viable Fallibilism Or Fatal Infallibility, Bernard Goodwin

Vanderbilt Law Review

The recent growth in the importance and apparent power of the Supreme Court has been one result of our rapidly changing twentieth century society. In the social ferment of the last two decades, the Court, more than Congress, has expressed the conscience and intellectual consensus of American culture. Speaking as a practicing attorney and concerned citizen, the author of this article does not criticize the Court for stepping into this gap in our governmental structure, but he feels that the possibility of increased activism on the part of the Court indicates a serious breakdown in governmental checks and balances and …

The Haynsworth Affair Reconsidered: The Significance Of Conflicting Perceptions Of The Judicial Role, Edward N. Beiser

Vanderbilt Law Review

Between 1900 and 1968, the Senate had refused to confirm an appointee to the Supreme Court on only one occasion. Then, within a two year period, the Senate twice refused to confirm an appointment: Associate Justice Abe Fortas, nominated as Chief Justice in 1968, was never acted upon because of a Senate filibuster,and his name was withdrawn; and Judge Clement Haynsworth, whose nomination provoked a great deal of debate and controversy, was ultimately rejected by the Senate by a vote of 55 to 45. These two incidents marked a distinct change from the traditional custom of Senatorial acquiescence to Presidential …

Condominiums: Incorporation Of The Common Elements--A Proposal, John H. Bailery, Iii, Lawrence C. Ashby

Vanderbilt Law Review

Although the establishment of a common element corporation will provide the unit owners with some relief from major legal problems,close examination clearly reveals that such a proposal is not a ready cure for the condominium's many drawbacks. Among the proposal's chief benefits is the elimination of unlimited, joint and several liability for the unit owners. At the same time, responsibility for liability and casualty insurance coverage will be more clearly defined with the consequent elimination of double coverage. A variety of procedural questions will also be resolved since the corporation will be directly responsible for the common areas and facilities …

Recent Cases, Law Review Staff

Vanderbilt Law Review

Antitrust--Burden of Proof--"Clear Proof" Standard Applied to Union Liability Under Sherman Act

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Antitrust--Robinson-Patman Act--Private Litigants Need Not Show Consequential Damages in Order to Recover Treble Damages for Price Discrimination Violations

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Antitrust Remedies--State Given Standing to Sue as Parens Patriae

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Civil Rights--State Action Not Required Under Sections 1981,1982, and 1985(3) of Title 42; Action "Under Color of State Constitutional Right" Satisfies the "Color of Law" Requirement of Section 1983

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Conflict of Laws--"Contacts" Approach Rejected--Lex LociDelicti Applied Until Undeniably Better Rule is Found

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Conflict of Laws--Criminal Procedure--Law of Forum Applies to Search and Seizure in Accused's Out-of-State …

A Model Bill On The Reporting Of Campaign Contributions And Expenditures, William H. Rodgers, Jr.

Vanderbilt Law Review

Public demand for strict and effective accountability of public officials engaged in political election campaigns has increased dramatically in recent times. Development of concrete measures to implement the objective, however, has been less quick to materialize. In this article, Professor Rodgers proposes model state legislation to require reporting of campaign contributions and expenditures by most political candidates and committees. The controlling principle of the proposed legislation is total disclosure of all aspects of political campaign financing. The Model Bill contains an effective procedure for administration and enforcement of its pro visions.

Book Reviews, Stanley D. Rose, Robert M. Anderson, Robert J. Harris, Harry Holloway, Robert L. Birmingham

Vanderbilt Law Review

Cardozo and Frontiers of Legal Thinking By Beryl Harold Levy Cleveland: The Press of Case Western Reserve University, 1969.Pp. xi, 365. $9.95.

reviewer: Stanley D. Rose

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City Politics and Planning By Francine F. Rabinovitz New York: Atherton Press, Inc. 1969. Pp. 192. $6.95

reviewer: Robert M. Anderson

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Everyman's Constitution: Historical Essays on the Fourteenth Amendment, the "Conspiracy Theory," and American Constitutionalism By Howard Jay Graham Madison: State Historical Society of Wisconsin, 1968. Pp. xiv, 631. $12.95

reviewer: Robert J. Harris

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The Impact of Negro Voting: The Role of the Vote in the Quest for Equality By William …

Better Days In Court For A New Day's Problems, Roger J. Traynor

Vanderbilt Law Review

We do not lack first-rate proposals for court organization and administration and procedures that would befit a new day. Neither do we lack well-conceived plans for the selection and retention of judges that would attract able and independent men to the bench. Nevertheless, the few states that have undertaken substantial reforms are far outnumbered by those that have not. It is high time to inquire why there has been such a woeful lack of will in the legal profession throughout the country to have done with ways so antiquated as chronically to impede the just operation of the laws. It …

Book Notes, Law Review Staff

Vanderbilt Law Review

Debtors in Court: The Consumption of Government Services

By Herbert Jacobs. Chicago: American Politics Research Series, Rand McNally & Co., 1969, Pp. xv, 244.

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The Infamous of Nuremberg

By Col. Burton C. Andrus

London: Leslie Frewin, 1969. Pp. 211. $4.00

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Labor and the Legal Process

By Harry H. Wellington

NewHaven: Yale University Press, 1968. Pp. viii, 409. $10.00.

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Obscenity and Public Morality

By Harry M. Clor

Chicago:University of Chicago Press, 1969. Pp. xii, 315. $9.50.

Recent Cases, Law Review Staff

Vanderbilt Law Review

Bar Admissions-The Character Investigation as an Unconstitutional Scheme to Promote Conformity: Comment on "LSCRRC v. Wadmond"

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Civil Rights--Desegregation--HEW is Required to Make a Program-by-Program Finding of Discrimination in Order to Terminate Federal Funds Under Title VI of the Civil Rights Act of 1964

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Constitutional Law--Civil Rights-Section 1985(3) Does Not Reach Private Conspiracies

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Constitutional Law--Criminal Procedure--Sixth Amendment Does Not Require Right to Counsel for In-Custody Suspects at Photographic Identifications

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Constitutional Law--Equal Protection--States May Not Require More Than a Simple Majority to Authorize Local Bond Issues and Tax Levies Through Popular Election

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Constitutional Law--Reapportionment--Multi-Member Districts Which Minimize …

The Multinational Corporation As A Challenge To The Nation-State: A Need To Coordinate National Competition Policies, G. Philip Nowak

Vanderbilt Law Review

The recent growth and development of the multinational corporation presents the international community with a unique challenge. For the first time man has an instrument which enables him to use the world's resources with maximum efficiency. He is no longer restricted by national boundaries, but is able to allocate resources on a world wide basis. In addition, the multinational enterprise provides a means for linking the developing countries to an international productive scheme. These countries are now able to undertake production of goods in which they have a comparative advantage and more rapidly increase their rate of economic development.Since the …

Income Tax Deductions For Estate Planning Fees, Stephen E. Gilhuley

Vanderbilt Law Review

The need to engage the services of a lawyer may arise in a variety of situations, and the possibility of deducting the fees for a lawyer's services from the client's personal taxable income will ultimately depend on which one of several competing policies of the tax law is properly applicable under the particular circumstances. Taxpayers and their attorneys should be aware of the deductibility of expenses incurred for legal services rendered in connection with the planning of the taxpayer's estate. Such estate planning services include the drafting of a will, the arrangement of inter vivos and testamentary gifts, the creation …

Taxation Of Preferred Stock In Corporate Reorganizations, Bruce E. Gagnon

Vanderbilt Law Review

Among the sections added to the revised version of the Internal Revenue Code of 1954 was section 306, designed to close a gaping loophole which might have permitted many taxpayers to withdraw earnings and profits from a corporation through the distribution and sale of preferred stock and to receive capital gains treatment at the shareholder level rather than the dividend treatment ordinarily applicable to such distributions. In this article, Professor Gagnon argues that, as applied to corporate reorganizations, section 306 falls far from its mark. After discussing the purpose and operation of section 306 and related sections, the author suggests …

Dependency In Workmen's Compensation:Letting The Expectations And Conduct Of Affected Parties Play A More Significant Role, Clifford Davis

Vanderbilt Law Review

The death benefits provided by compensation legislation must satisfy two tests. First, the benefits should cover the net economic loss resulting from occupational death.' Second, those survivors who could have expected to benefit from future earnings ought to share appropriately in the sum total of the benefits provided. This article focuses primarily upon this second question. The inadequacy of available benefits, however, may require the exclusion as beneficiaries of some survivors with expectations of support in order more adequately to provide for others. Thus, inadequacy of total benefits will be considered when it is relevant to the determination of who …

The Public Offering And A Quest For Alternatives, Bart A. Brown, Jr., Clifford A. Roe, Jr., Scott B. Crooks

Vanderbilt Law Review

The year 1969 has seen a continuation of the strong new issues market that has commanded a significant portion of the attention of the investing public over the past few years. As a result, more and more closely held companies are seeking to raise funds through public offerings of their stock and thus share in the successes of this strong market. While the market conditions have been most encouraging,there have been other developments that have made the managements of some closely held companies reconsider the relative advantages and disadvantages of going public. Recent court decisions have strictly defined the legal …

Book Reviews, Law Review Staff

Vanderbilt Law Review

This is a deceptive book. It appears to be one more friendly appraisal of the work of the Warren Court--this time from the recent Solicitor General-surveying in giant steps and broad strokes its decisions in six major areas within the short space of 135 pages. On close reading it turns out to be a tough-minded essay written with notable lucidity, analytical density, and high professional competence. Moreover, it confronts directly and steadily the well-worn paradox or dilemma of the Supreme Court of the United States which must be both court and political institution, and it seriously attempts to appraise the …