A day late and a dollar unsecured?
The U.S. Supreme Court decision in Nobelman v. American Savings Bank deals with only one rationale for lien stripping and therefore will not completely settle the issue. Courts that tend to side with debtors rather than lenders will be able to allow lien stripping under the 'additional security' rationale. Furthermore, the decision appears to sanction different treatment of first and second mortgages, allowing first mortgages to be treated as secured and second mortgages to be treated as unsecured. Lien stripping is a form of debt modification that divides a home mortgage into secured and unsecured portions.
Publication Name: Bankruptcy Developments Journal
The euro takes on the dollar
Although the euro is the main currency of the European single market, its introduction will have a global impact. The euro will become an international currency and as such, a possible rival to the dollar. 36% of world trade is currently invoiced in European currencies, compared to 48% in dollars and 5% in yen. The EU represents 20% of world trade and a large proportion will immediately be invoiced in euros.
Publication Name: European Policy Analyst
The European Monetary Union launched in May 1998 with 11 member states and will have significant impact on the world's capital markets. Legal issues facing capital markets with the beginning of the Euro include contract continuity, price sources disappearing, market conventions, and redenomination. Participating states aim to transition from national currencies to Europ bills and coins by 2002.
Publication Name: Annual Institute on Securities Regulation
- Abstracts: Gun self-defense and deterrence. The fallout from FAS 133. Uncle Sam does not want you to organize: the 1977 Senate Armed Services Committee hearings on outlawing military unionization
- Abstracts: Universal access to health care. Reinsurer's access to cedent's records. New law on access to criminal records
- Abstracts: Allocation of the joint return marriage penalty and bonus. Islamic marriage law. No Palestinian 'return' to Israel
- Abstracts: Politics and cynicism dominate UN biotech deliberations. Financial issues. Encyclopedic knowledge about financial gerontology
- Abstracts: Clan and superclan: loyalty, identity and community in law and practice. Recent practice of the Inspection Panel of the World Bank