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.

United Kingdom, China, Cases, Foreign corporations, Hong Kong

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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.

Laws, regulations and rules, Secured transactions

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