Law Commons^™

The Insider Trading Sanctions Act Of 1984 And Its Effect On Existing Law, Donald C. Langevoort

Vanderbilt Law Review

The legislative history of the Act shows that its principal drafters regarded those who trade on material confidential information as "thieves," deserving substantial penalties. The adoption of the Act is an expression that the existing laws should be used aggressively to curb the misuse of information. Unfortunately, such a result-oriented direction fits uncomfortably within the confining conceptual structure for rule 10b-5 built in recent years by the Supreme Court. Lower courts therefore must flesh out the law of insider trading based on inconsistent mandates, which will make the future path of the law both unpredictable and interesting.

Tension Between The First And Twenty-First Amendments In State Regulation Of Alcohol Advertising, Brian S. Steffey

Vanderbilt Law Review

This Recent Development examines the tension between the first and twenty-first amendments when a state uses its twenty-first amendment power to regulate advertisements of alcoholic beverages that qualify for first amendment protection. Part II of this Recent Development explores the Court's standard of review in cases in which the twenty-first amendment impinges upon a fourteenth amendment right. Part II also reviews the scope of constitutional protection that the first amendment accords commercial speech. Part III examines three recent cases in which states have regulated alcohol advertising. Part IV criticizes these decisions for misapplying the appropriate standard and for relying extensively …

Criminal Prosecution Of Bank Personnel Under The Misapplication Statute: The Proper Mens Rea Standard For Establishing Intent, William J. Holley, Ii

Vanderbilt Law Review

This Recent Development advocates legislative adoption of a new Misapplication Statute as a long range solution to the courts'continued debate over the appropriate mens rea standard and judicial adoption of a uniform approach as a short run alternative. Part II of this Recent Development traces the various mens rea standards that courts have applied under the Misapplication Statute. Part III discusses the current confusion over the appropriate section 656 mens rea standard by looking at three recent circuit court decisions.' Part IV advocates the adoption of a new Misapplication Statute similar to the approach that the National Com-mission on Reform …

The Tax Benefit Rule -- A Judicially Broadened Tool For Transactional Tax Equity, Jerry N. Smith

Vanderbilt Law Review

In light of the recent Supreme Court holding in United States v. Bliss Dairy, Inc.10 that the tax benefit rule requires income recognition by a corporation when it distributes previously expensed assets in complete liquidation, this Note assesses the dubious continued vitality of the tax benefit rule's single taxpayer construct-that is, the requirement that the same individual or entity serve as both the deducting and the recovering taxpayer. As the following analysis indicates, expansion of the tax benefit rule into a multiple taxpayer construct potentially requires some form of "recapture" in numerous factual settings previously considered non-taxable under existing nonrecognition …

Ambivalent Legacy: A Legal History Of The South, Herbert A. Johnson

Vanderbilt Law Review

This volume of essays generated by a February 1983 conference at the University of Southern Mississippi represents a major step in the advancement of the legal history of the South.' Not only does the collection raise challenging questions concerning the history of law in the South, but it also presents outstanding examples of what can be accomplished when legal historians turn their attention to this region and the states that comprise it. Covering abroad geographical and topical range in individualistic fashion, the essays are, for the most part, well researched and written with clarity and style. This Review will address …

Customer Rights Under The Commodity Exchange Act, Jerry W. Markham, Kyra K. Bergin

Vanderbilt Law Review

This Article reviews customer rights and remedies now available under the CEA. Specifically, part II of this Article explores the scope of transactions covered by the CEA, part III addresses the antifraud provisions of the CEA, and part IV discusses the standard of intent required to prove that fraud has been committed under CEA provisions. Part V of this Article examines the secondary liability of brokerage firms and others for the fraudulent acts of its employees, part VI discusses fiduciary liability under the CEA, and part VII enumerates the various forums available for customer remedies." This Article concludes in part …

Working Class Hero: A New Strategy For Labor, David L. Gregory

Vanderbilt Law Review

It is very rare to find a worthwhile book so fraught with fundamental weaknesses. Fortunately, Aronowitz' flawed conclusions readily can be separated from his fine historical and political analysis of the American labor movement. The first two sections of the book are a legitimate contribution to historical progressive labor scholarship. The broader perspective posited by Aronowitz, the union organizer, may enhance future labor scholarship. The crucial task, however, remains: Progressive labor scholars must move from criticism of conventional labor relations modalities to a formulation of realistic plans for the achievement of full human dignity in the employment environment. Working Class …

When Religious Exercise Is Not Free: Deprogramming And The Constitutional Status Of Coercively Induced Belief, Richard Delgado

Vanderbilt Law Review

The present Article offers a defense of deprogramming and a reply to its critics, particularly Shapiro. Part II reviews what hap-pens in many instances of cult joining and offers a conceptual account that justifies deprogramming of cult members who are unable to comprehend or surmount the coercive and deceptive influences that led to their commitment. Part III addresses constitutional problems that are triggered in the event that deprogramming should affect religious belief-an event that is by no means inevitable. Part IV discusses deprogramming and whether some variant of it is capable of remedying the type of situation ad-dressed in part …

The Continuing Puzzle Of Secured Debt, Alan Schwartz

Vanderbilt Law Review

In 1981, I wrote an article showing that no good answer had been given to the question why corporations issue some debt on a secured basis and other debt on an unsecured basis.' This showing had normative implications because claims that the institution of personal property security is efficient or otherwise desirable must be impeached if the actual purposes that security serves are unknown. Consequently, the law's favorable treatment of secured debt-for example, giving it first place in bankruptcy distributions--is without plausible support. My article did not advocate repealing the privileges attached to secured debt, however, because then--current knowledge also …

The National Labor Relations Act Does Not Preempt A Discharged Permanent Replacement Worker's State Cause Of Action, Stephanie L. Stromire

Vanderbilt Law Review

The purpose of this Recent Development is to examine the issues surrounding discharged permanent replacement workers and to discuss problems confronting state courts that try to implement the Belknap decision. Part II of this Recent Development analyzes the legal background leading up to Belknap. Part III examines the Belknap opinion. Part IV criticizes the decision on three fronts and suggests possible ways of addressing the problems that Belknap presents.

Automatic And Indefinite Commitment Of Insanity Acquittees: A Procedural Straitjacket, John B. Scherling

Vanderbilt Law Review

This Recent Development suggests that the Court erroneously decided Jones. Part II examines the Supreme Court's constitutional analysis of commitment procedures and discusses postacquittal commitment in state and lower federal courts. Part III analyzes the Jones decision and the exception that it allows for the commitment of insanity acquittees. Part IV contends that prior to involuntary and indefinite commitment an insanity acquittee deserves the same standard of proof as a civil commitment candidate-proof of mental illness and dangerousness by clear and convincing evidence. Part IV also argues that absent proof by clear and convincing evidence of the acquittee's need for …

Punitive Damages: A Relic That Has Outlived Its Origins, James B. Sales, Kenneth B. Cole, Jr.

Vanderbilt Law Review

The doctrine of punitive damages truly is an ancient legal concept that inexplicably has evaded commitment to the archives of history. Irrespective of the questionable validity of the doctrine at early common law, the simple fact remains that none of the historical justifications supports the punitive damage theory in today's tort reparations system. The quest to bestow increasing compensation no longer can justify punitive damage awards because actual damages currently recoverable compensate plaintiffs more than adequately for every conceivable element of physical, emotional, or imagined injury. The desire to inflict punishment, likewise, represents an insupportable basis for awarding quasi-criminal fines …

The Lemon Test Soured: The Supreme Court's New Establishment Clause Analysis, Kenneth M. Cox

Vanderbilt Law Review

This Recent Development argues that the Court's apparent trend toward basing establishment clause analysis on the pervasiveness or historical significance of government-supported religious activities represents an undesirable move away from strict examination of the questionable law or activity under the Lemon test. Part II briefly examines the theoretical bases of the establishment clause, then traces the Court's applications of each element of the Lemon analysis. Part III discusses the Marsh and Lynch decisions as the most recent Supreme Court additions to establishment clause doctrine. Finally, part IV analyzes two major effects of these decisions: first, the emergence of the historical …

Dying With The "Living" (Or"Revocable") Trust: Federal Tax Consequences Of Testamentary Dispositions Compared, C. Douglas Miller, R. Alan Rainey

Vanderbilt Law Review

The purpose of this Article is to examine the federal tax consequences of the revocable trust to the grantor and to his estate.Principally due to the grantor's power to revoke the trust and re-vest the trust assets in himself the federal tax consequences to the grantor are in effect, if not in cause, insignificant. The perception that creation of a revocable trust has no federal tax consequences,therefore, is at least to that extent essentially correct, and the discussion herein is merely a summary review of the tax consequences to the grantor upon the trust's creation and during its administration. Perhaps …

Book Review: Louis D. Brandeis And The Progressive Tradition; Brandeis, Paul Brickner

Vanderbilt Law Review

Urofsky has captured the essence of Brandeis in his excellent and informative volume. Urofsky often demonstrates a fine facility for clarifying points and positions with meaningful factual details.His book reveals the depth of scholarship that one would expect from a co-editor of the five volume collection of Brandeis' letters."He recognized the importance of the relationship between Brandeis and Frankfurter and devoted an entire small chapter to their efforts to promulgate their views as described by Bruce Murphy. For a concise but telling biography of Brandeis, from the "people's attorney" to one of the Supreme Court's " nine old men", Urofsky's …

Self-Help: Extrajudicial Rights, Privileges And Remedies In Contemporary American Society, Douglas I. Brandon, Melinda L. Cooper, Jeremy H. Greshin, Alvin L. Harris, James M. Head, Jr., Keith R. Jacques, Lea Wiggins

Vanderbilt Law Review

This Special Project examines the myriad forms of self-help currently available to persons in American society. It groups and discusses notable self-help rights, privileges, and remedies under topical classifications that parallel traditional jurisprudential categories. Parts H through VI of the Special Project sketch the legally fashioned contours and explore the legal, social, and political consequences of self-help methods in tort law, criminal law and law enforcement, commercial transactions, landlord-tenant relations,and family law matters. Part VII explores the attorney's role in the development and implementation of curative self-help procedures such as mediation. Special Project concludes by examining the function, mechanisms, and …

Concealing Legislative Reform In The Common-Law Tradition: The Advancements Doctrine And The Uniform Probate Code, Mary L. Fellows

Vanderbilt Law Review

This essay first sets forth the doctrine of advancements and includes a discussion of its suitability for a study of statutory reform and the purpose and origin of the doctrine. The essay then demonstrates how a presumption against finding an advancement that can be rebutted only by a writing showing a contrary intent operates as a practical repeal of advancements. Next, the essay explores the rationales of the drafters of the Uniform Probate Code(UPC) in repealing the advancements doctrine by subterfuge and analyzes the costs of reform by subterfuge. Finally, the essay recommends an alternative approach to reforming the advancements …

Relatives By Blood, Adoption, And Association: Who Should Get What And Why, Jan E. Rein

Vanderbilt Law Review

This Article explores the questions that courts and legislatures must address in order to integrate the social phenomenon of adoption into our succession laws, monitors the progress that has and has not been made in dealing with these questions, and proposes a comprehensive approach to the treatment of adoptees in matters of succession. Specifically, part I introduces the traditional approach to relationship by adoption, while part HI compares the past and present goals of adoption. Part IV discusses the legal status of adoptees in the context of intestate succession. This discussion explores past and present trends and examines the special …

The Winds Of Change In Wills, Trusts, And Estate Planning Law, The Editor

Vanderbilt Law Review

The articles in this Symposium illustrate three different aspects of change. The essay by Professor Fellows provides an analysis and criticism of one very important change, the trend toward the use of a legislative rather than judicial forum to create new law. In the second article, Professor Rein discusses adoption and proposes a mechanism by which the laws of succession can be modernized better to reflect the social phenomenon of adoption,whether of children or adults, legal or equitable. Professor Miller and Mr. Rainey in their article examine the premises that have prompted the increasing use of a revocable trust rather …

Rule 10b-5-Application Of The In Pari Delicto Defense In Suits Brought Against Securities Brokers By Customers Who Have Traded On Inside Information, Mark G. Strauch

Vanderbilt Law Review

This Note advocates that courts should permit tipper defendants to assert the in pari delicto defense in private 10b-5 cases against tippee plaintiffs unless one of the first three exceptions to the analytical framework applies. Part II of this Note discusses the purpose and application of the in pari delicto defense and the four situations in which courts have rejected it. Part II also illustrate show courts analyze the in pari delicto defense in contract, anti-trust, and non-10b-5 securities cases. Part III provides a general background on the purpose of the Securities and Exchange Act of 1934 and rule 10b-5, …

Forced Disclosure Of Academic Research, J. Graham Matherne

Vanderbilt Law Review

This Note advocates that courts follow the procedures that rule 45 and its progeny provide to evaluate the special concerns of academic researchers, rather than rely on the Constitution to shield the academic researcher under the mystical guise of academic freedom. Part II of this Note examines the four cases in which federal courts have decided whether to force an academic to disclose his research. Part III focuses on the guidelines that the relevant Federal Rules establish for forced disclosure. Part IV discusses the academic freedom approach to forced disclosure and the common law and constitutional arguments that favor academic …

Book Reviews, David E. Kendall

Vanderbilt Law Review

The "violent human-interest story,"" that is, the crime story,has always been a great popular favorite: it is "news which appeals to the average person as the most interesting and exciting in the paper and on television."' In the past two decades, reporting on crime and the criminal justice process has ensnarled the press in a number of running battles with the courts. J. Edward Gerald's News of Crime: Courts and Press in Conflict recounts some of these conflicts. Gerald, who has taught journalism at a number of different universities, assays a short history of the controversies over prejudicial pretrial publicity, …

Judicial Review Of Agency Deregulation: Alternatives And Problems For The Courts, James T. O'Reilly

Vanderbilt Law Review

This Article takes a preliminary look at how deregulation has fared in the courts and at the significance of the evolving federal appellate and United States Supreme Court case law for future agency rule making decisions.

Part II of this Article examines the various categories of regulation and the aspects of each category that may be subject to deregulation.

Part III defines deregulation and explores some of the reasons why an agency may wish to deregulate. Part IV examines the utility of judicial oversight of deregulation, and part V then discusses the mechanics of deregulation, focusing on the various means …

The Taxation Of Defamation Recoveries: Toward Establishing Its Reputation, David D. Willoughby

Vanderbilt Law Review

This Recent Development advocates that courts adopt the Ninth Circuit's Roemer approach to determine the nature of dam-ages for injury to reputation by focusing on the attack rather than the effects of the injury, but suggests that courts replace the Ninth Circuit's reliance on state law with a uniform standard. Part II of this Recent Development traces the evolution of the personal in-jury exemption and the confusing judicial treatment that courts have accorded economic damages which result from personal injuries. Part III of this Recent Development discusses the most recent treatment of economic damages by examining the Tax Court's decisions …

The Tort Liability Of Investigative Reporters, John W. Wade

Vanderbilt Law Review

One of the most significant developments in recent years, in both constitutional and tort law, began with the holding in New York Times v. Sullivan that the first amendment places substantial restrictions on the common law tort action for defamation. Although the ramifications of New York Times are still developing,that continuing reform of the law of defamation will result is to be expected. The readjustment of the balancing of conflicting interests that New York Times represents came about at the behest of the press,and the press have been the primary beneficiaries of these developments. Indeed, some commentators contend that the …

Lifting The Cloud Of Uncertainty Over The Repo Market: Characterization Of Repos As Separate Purchases And Sales Of Securities, William F. Hagerty, Iv

Vanderbilt Law Review

In light of the actual and potential financial harm that repo investors faced after failures of several repo market participants,this Note proposes a new legal characterization of repos and argues for adoption of proposed Bankruptcy Code amendments pertaining to repos. Both of these suggestions would give repo investors significant future financial protection without destroying the financially attractive characteristics of repurchase agreements.

Part II of this Note begins laying the foundation for this proposal by discussing current repo market problems that the failures of several repoissiers have exposed.

Part II discusses new policies concerning the appropriate uses of the collateral securities …

Efficiency Justifications For Personal Property Security, James J. White

Vanderbilt Law Review

It is always more interesting to challenge the received wisdom than to defend it. Yet in this case, a careful analysis of the facile assertions about the expansion of credit by the granting of security and about the other presumed efficiencies of security produces arguments and evidence that strengthen rather than weaken the efficiency arguments. In the first place, it appears that the granting of security does in fact expand the credit granted to risky debtors and thus that any efficiency equation must consider the probable benefits of such expansion. Second, a close examination of the actual experience not only …

Some Order Out Of Chaos In Wrongful Death Law, T. A. Smedley

Vanderbilt Law Review

In this Article, the author endeavors to outline a fair and manageable uniform law on wrongful death. Part II of this Article summarizes the historical development and inadequacies of the diverse types of wrongful death and survival laws in the United States.Part III explores the damages recoverable under the existing statutes. Part IV examines two significant proposals for reforming this area of the law. Finally, parts V and VI contain the author's suggestions for a fair yet manageable wrongful death statute that may serve all jurisdictions.

The Measure Of Recovery Under Rule 10b-5: A Restitution Alternative To Tort Damages, Robert B. Thompson

Vanderbilt Law Review

The thesis of the Article is that much of the confusion about rule 10b-5 remedies turns on the courts' failure to recognize adequately that the rule derives from two separate and independent sources at common law. Rule 10b-5 draws primarily on tort concepts that focus on harm to the plaintiff and limit recovery by principles of legal causation. In addition, the rule, like common-law fraud, traces its lineage to principles based on unjust enrichment. This second source focuses on the defendant's gain and requires the defendant to return all benefit received through the fraudulent transaction, even if that gain exceeds …

Rethinking Exclusion--The Rights Of Cuban Refugees Facing Indefinite Detention In The United States, Richard A. Boswell

Vanderbilt Journal of Transnational Law

This Article will build upon the stable foundation presented in the arguments that challenged, the "Nishimura" maxim, and will discuss major flaws in the practice of indefinitely detaining excludable aliens in the context of the Cubans who have been detained in various parts of the United States since their arrival in 1980. First, the Article focuses on the practical merits of the use of indefinite detention as a means of immigration policy. The Article concludes that the practice, which is extremely expensive, does not appear to limit mass migrations, and offers, at best, only a few benefits. Second, the Article …