Commercial Law Commons^™

The Role Of The Corn Products Doctrine In Foreign Exchange Transactions, Charles H. Manning

Vanderbilt Journal of Transnational Law

Exchange rate gain or loss may result from fluctuations of exchange rates or from formal governmental action such as revaluation and devaluation. In evaluating the significance of foreign exchange transactions and their tax consequences, the types of transactions that produce exchange rate gain or loss must be distinguished. The first type of transaction is currency speculation in which exchange rate gain or loss is the only profit or loss realized. The second type of transaction involves the purchase and sale of inventory in which the exchange rate gain or loss is ancillary to the monetary gain or loss realized on …

Recent Decisions, Dennis L. Bryant, Kurt H. Decker, Paul S. Parker, Charles M. Jackson, Daniel A. Green, Douglass H. Mori

Vanderbilt Journal of Transnational Law

ADMIRALTY--NON-LIEN MARITIME CLAIM--SALVOR WAIVED SALVAGE LIEN BY SEIZING VESSEL PRIOR TO EXPIRATION OF AGREED PAYMENT PERIOD BUT SALVAGE CLAIM COULD BE SATISFIED FROM REMNANTS AND SURPLUS

Dennis L. Bryant Lt., US. Coast Guard

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COMPTROLLER GENERAL--ATTORNEY GENERAL'S OPINION BINDING ON COMPTROLLER GENERAL IN EXIMBANK CREDIT EXTENSIONS TO COMMUNIST COUNTRIES

Kurt H. Decker

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FOREIGN RELATIONS LAW--ACQUISITION OF CONTROL OF DOMESTIC MULTINATIONAL CORPORATION BY A WHOLLY OWNED FOREIGN GOVERNMENTAL CORPORATION DOES NOT PER SE CREATE AN UNREASONABLE CONFLICT OF INTEREST BETWEEN THE OBJECTIVES OF THE ACQUIRER AND ITS DUTIES TO THE DOMESTIC CORPORATION AND ITS SHAREHOLDERS; NOR IS THE ACQUISITION CONTRARY …

An Evaluation Of The Need For Further Statutory Controls On Foreign Direct Investment In The United States, Gregory E. Andrews

Vanderbilt Journal of Transnational Law

Negative opinions about the expansion of direct foreign participation in the American economy have ranged from xenophobic fears of a foreign economic takeover of the United States to more responsible concerns for the possible need to inhibit foreign penetration of certain critical industries and raw material sectors. These fears and negative reactions have been exacerbated by a paucity of available information to verify or rebut them. A number of congressional committees, therefore, have responded by scheduling investigatory hearings on foreign direct investment, while several members of Congress recently have sponsored legislation in this area. Senator Daniel Inouye (D-Hawaii), has introduced …

Establishing An International Commercial Arbitration Council: A Preliminary Proposal, Martin Domke

Vanderbilt Journal of Transnational Law

There has been, in recent years, a substantial growth of international trade. This phenomenon has not confined itself to the more economically developed nations of the world. The developing countries, with different economic and social structures, have also participated in the increased trade activity. Moreover, it can be expected that this trend will continue in the coming years, steadily forging more and more links between countries in all parts of the world.

Growth of trade activity is necessarily accompanied by a corresponding increase in the number of disputes between parties to commercial agreements. The business community is in general accord …

The Import Surcharge Of 1971: A Case Study Of Executive Power In Foreign Commerce, David Pollard, David A. Boillot

Vanderbilt Journal of Transnational Law

The importance of foreign trade in the conduct of foreign affairs demonstrates that many foreign commerce questions contain foreign affairs overtones. For example, President Nixon has recently noted that congressional restrictions on granting the Soviet Union most-favored-nation treatment would be "a hurdle to further detente." Although article I, section 8 of the Constitution vests the power to regulate foreign commerce in the legislative branch, the Congress has delegated a great deal of that power to the Executive. Moreover, it appears that the President possesses certain inherent powers in foreign commerce as a result of his extensive, albeit undefined, authority in …

Editor's Foreword, Harold G. Maier

Vanderbilt Journal of Transnational Law

This issue of the Vanderbilt Journal of Transnational Law includes two presentations to the 1972 Symposium of the Vanderbilt International Law Society and Regional Meeting of the American Society of International Law. First, Henry Harfield of the New York Bar discusses the relevance of international and transnational law to international commercial transactions, with a special emphasis on the usefulness of the Uniform Customs and Practices for Commercial Documentary Credits. Secondly, Sheldon S. Cohen, a member of the District of Columbia Bar and past Commissioner of Internal Revenue, focuses on the United States tax implications of changing currency values. While four …

The Andean Common Market's Common Regime For Foreign Investments, Dale B. Furnish

Vanderbilt Journal of Transnational Law

The ACM's Common Regime of Treatment of Foreign Capital seems to be a well-balanced set of rules representing an ambitious attempt at reconciling national and regional development interests with the need for foreign capital and technology on terms equitable and remunerative to those who supply them. As in the case of virtually every piece of development legislation based heavily on economic theory and aimed at wholesale change of an existing situation, the Common Regime has plunged into largely uncharted areas in which its ultimate effects are impossible to predict. It is not, however, a "lyrical" piece of drafting. Because it …

The Disc Provisions: Tax Incentive To Increase Exports, William J. Chadwick

Vanderbilt Journal of Transnational Law

The significant tax incentive afforded by the DISC provisions requires all United States companies selling or leasing goods abroad, or rendering services abroad, to reappraise their present corporate and tax structures. Those companies that have not exported in the past or have done so on a limited basis should reconsider their prior positions and calculate the benefits to be derived from export transactions. Notwithstanding inherent complexities and uncertainties in the new law from a tax standpoint, export transactions are now more profitable to a United States company than comparable sales made within the United States. Additionally, the DISC provisions remove …

Report On The Regional Meeting At The Vanderbilt University School Of Law, Harold G. Maier

Vanderbilt Journal of Transnational Law

This issue of the Vanderbilt Journal of Transnational Law includes two articles that are based on papers presented at the Regional Meeting by Henry Harfield and Sheldon Cohen. Both articles deal with current and timely questions in the international commercial field. As an introduction to those papers it may be useful to comment briefly on several of the more important questions that were raised during the panel discussion of the papers which closed the conference. This may be particularly helpful in view of the fact that Professor Friedmann's untimely death prevented him from completing the revision of his remarks for …

The Common Commercial Policy Of The Eec: Developments In The Final Stage, Joseph J. Norton

Vanderbilt Journal of Transnational Law

The free movement of goods, persons and capital and the freedom of establishment and services throughout the EEC were the four fundamental objectives the Treaty of Rome sought to accomplish in establishing the Community. In addition, the Treaty provided for the implementation of common Community policies toward agriculture, as well as transport and commercial relations with third countries. It also outlined specific rules for competition. Through the attainment of these freedoms and the implementations of these sectoral policies during a twelve year transitional period, the full measure of integration envisioned by the Treaty of Rome was to be achieved.

The …

Recent Cases, Journal Staff

Vanderbilt Journal of Transnational Law

Plaintiff, a West German foundation, sued to enjoin infringement of United States trademarks by defendant, an East German "peoples-owned enterprise." The original Carl Zeiss Stiftung was created at Jena in 1889 with the required approval of the Duchy of Saxe-Weimar-Eisenach for the purpose of owning and operating an optical business for profit. In 1945, before Jena became part of the Soviet Zone, United States military authorities evacuated all members of the Zeiss Board of Management, as well as key personnel, to Heidenheim, Wuerttemberg, in the United States zone. In 1948, the Soviet Union expropriated all Zeiss assets in Jena, including …

Case Comments--International Law--Corporations--State Denied Standing To Sue For Injury, Journal Staff

Vanderbilt Journal of Transnational Law

The Barcelona Traction, Light and Power Company, Ltd.,(hereinafter referred to as Barcelona Traction) was incorporated under Canadian law in 1911 with its main office in Toronto. Several subsidiaries were formed, all under Canadian law, to develop, produce, and distribute electric power in the vicinity of Catalonia, Spain. To finance these operations, the company issued both peseta and sterling bonds, the shares in some of the subsidiaries providing security to a Canadian bank for the sterling bonds. Revenue produced by the subsidiaries from their operations in Spain was used to service the bond interest. Servicing was suspended for the duration of …

The Problems: An Overview, Mark S. Massel

Vanderbilt Journal of Transnational Law

Securities regulation -- domestic and foreign -- has a technical fascination for the lawyer, whether he be a practicing attorney, corporate counsel, government regulator, or legal scholar. The intricate detail of the primary regulations and of their subsidiary byways provide opportunities for stimulating mental gymnastics. The piecing together of the various phases provides interesting occasions for experimentation, speculation, and analyzation.

Yet, a preoccupation with securities regulation which overlooks the setting can produce mere academic exercise. The need for an appreciation of the setting is all-important in examining foreign securities regulation. In considering United States securities regulation we do not need …

Securities Regulation In Selected European Countries, Mitchell Brock

Vanderbilt Journal of Transnational Law

In approaching the subject of securities regulation in selected European countries, I will not attempt to provide a detailed description of the existing arrangements in the principal European countries. I shall of course to some degree descend to the "nitty gritty" of concrete details to give to airy generalizations a local reality, but my principal objective will be to discuss the economic context, the structure of the capital markets in which the regulatory authorities are performing their functions.

This economic context is pertinent to an understanding of why the pattern of regulation differs in many respects from that existing in …