2d Circuit bars suits by 'offshore' corporations; decision precludes Hong Kong, Caribbean companies from bringing suits in federal court
Article Abstract:
The US Court of Appeals for the 2d Circuit ruled in Matimak Trading Co. v. Khalily on Jun 27, 1997 that a Hong Kong corporation is barred from suing in federal court under alienage jurisdiction. The court, whose ruling could affect companies from other dependent territories of the UK, decided that Hong Kong corporations lack the necessary status, as citizens or subjects of an independent foreign state, to qualify for alienage jurisdiction. This decision conflicts with an earlier, unrelated appellate court ruling. The US Supreme Court should resolve the issue for this kind of foreign corporation.
Publication Name: The National Law Journal
Subject: Law
ISSN: 0162-7325
Year: 1997
User Contributions:
Comment about this article or add new information about this topic:
U.S. laws take priority over U.C.C.; Art. 9 of the U.C.C. excludes 13 types of collateral, including IP and federal government debts
Article Abstract:
Uniform Commercial Code (UCC) 9 applies generally to all transactions intended to create a security interest in personal property or fixtures, but UCC 9-104 excludes 13 types of transactions and collateral from the scope of Article 9. Section 9-104(a) states that Article 9 does not govern security interests subject to any US law. This paragraph's exclusionary language governs all security interests to the extent that federal law governs the parties' rights. This concept of preemption of the UCC derives from the Constitution's supremacy clause.
Publication Name: The National Law Journal
Subject: Law
ISSN: 0162-7325
Year: 1998
User Contributions:
Comment about this article or add new information about this topic:
- Abstracts: The 3d Circuit weighs in on the debate over the McCarran-Ferguson Act's preclusion of RICO and other federal claims for insurance-related fraud
- Abstracts: Dividing a closely held corporation when a couple divorce. New disclaimer regs. and other rules affecting jointly owned property
- Abstracts: Gaming spurs Indian country land ventures; real estate transactions with Indian tribes involve untangling some complex issues of state, tribal, federal and international law
- Abstracts: Is it time to give the S corporation a proper burial? The partnership allocation rules of section 704(b): to be or not to be
- Abstracts: Cash-poor employers have options; before giving employees a piece of the pie, company founders should know all ramifications