{"title":"Attempting to Collect on Barred Mortgages","authors":"R. Bernhardt","doi":"10.2139/SSRN.2653897","DOIUrl":"https://doi.org/10.2139/SSRN.2653897","url":null,"abstract":"Analysis of a decision holding that attempts to collect on debts barred by antideficiency laws violated fair debt collection acts.","PeriodicalId":137765,"journal":{"name":"Law & Society: Private Law - Financial Law eJournal","volume":"4 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127981877","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Law and Practice Relating to Money Recovery Actions in Sri Lanka","authors":"Ishan Rathnapala","doi":"10.2139/SSRN.2598345","DOIUrl":"https://doi.org/10.2139/SSRN.2598345","url":null,"abstract":"The law relating to recovery of money is set out in several statutes such including the Debt Recovery (Special Provisions) Act, Recovery of Loans by Banks Act and Mortgage Act. These specialized acts also set out the procedure that should be followed when action is instituted under such Acts. Additionally, the Civil Procedure Code sets out the debt recovery procedures, i.e., regular and summary procedure that could be followed when instituting action for recovery of debt. This article discusses in detail the current law, money recovery procedures and practices and the surfeit of judicial authorities of Sri Lanka on the issues under discussion.","PeriodicalId":137765,"journal":{"name":"Law & Society: Private Law - Financial Law eJournal","volume":"87 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-04-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121661619","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Rules of Thumb for Intercreditor Agreements","authors":"E. Morrison","doi":"10.2139/ssrn.2845424","DOIUrl":"https://doi.org/10.2139/ssrn.2845424","url":null,"abstract":"Intercreditor agreements frequently restrict the extent to which subordinated creditors can participate in the bankruptcy process by, for example, contesting liens of senior lenders, objecting to a cash collateral motion, or even exercising the right to vote on a plan of reorganization. Because intercreditor agreements can reorder the bargaining environment in bankruptcy, some judges have been unsure about their enforceability. Other judges have not hesitated to enforce the agreements, at least when they do not restrict the voting rights of subordinated creditors. This essay argues that intercreditor agreements are controversial because they pose a trade-off: they reduce bargaining costs (by limiting the participatory rights of subordinated creditors), but can give senior lenders outsized influence over the bankruptcy process, to the detriment of investors who were not party to the intercreditor agreement. The essay proposes several rules of thumb that might help judges navigate this trade-off.","PeriodicalId":137765,"journal":{"name":"Law & Society: Private Law - Financial Law eJournal","volume":"181 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-02-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124539613","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"European Banking Union B: The Single Resolution Mechanism","authors":"Rosalind Z. Wiggins, M. Wedow, Andrew Metrick","doi":"10.2139/ssrn.2577347","DOIUrl":"https://doi.org/10.2139/ssrn.2577347","url":null,"abstract":"The options available to European governments to respond to a multinational bank in financial trouble have been severely limited since each country has its own unique laws and authority applicable to banks operating within its borders. The Bank Recovery & Resolution Directive (BRRD), which was adopted in 2013 and scheduled to go into effect January 2015, harmonizes rules across EU countries for how to restructure and resolve failing banks. However, the directive would maintain the existing system of individual national resolution authorities and resolution funds. To better secure the Eurozone banks and to compliment the Single Supervisory Mechanism, which was enacted in April 2014, the European Parliament approved the Single Resolution Mechanism (SRM). The SRM establishes a Single Resolution Board and a single Resolution Fund that will handle bank failures in all EU countries participating in the SSM. This case reviews the changes in Eurozone bank resolution resulting from the BRRD and the SRM.","PeriodicalId":137765,"journal":{"name":"Law & Society: Private Law - Financial Law eJournal","volume":"151 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122574605","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Rachel Berkness, Margaret Dreschel, L. Talbot, Jeffrey Selbin
{"title":"Model Fair Debt Buying Practices Act","authors":"Rachel Berkness, Margaret Dreschel, L. Talbot, Jeffrey Selbin","doi":"10.2139/SSRN.2403061","DOIUrl":"https://doi.org/10.2139/SSRN.2403061","url":null,"abstract":"The Model Fair Debt Buying Practices Act would regulate the activities of a person or entity that has purchased charged-off debt. It would establish clear procedures, minimum documentation requirements, and affirmative obligations before a debt buyer can: (1) contact a debtor, (2) initiate a lawsuit, and (3) obtain and collect on a judgment. The Act will help to curb some of the worst abuses in the debt buying industry, ensure that consumers are not forced to pay debts they do not owe, and reduce frivolous lawsuits in state courts.","PeriodicalId":137765,"journal":{"name":"Law & Society: Private Law - Financial Law eJournal","volume":"2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-02-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130769222","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Rollover Risk: Ideating a U.S. Debt Default","authors":"S. Schwarcz","doi":"10.2139/SSRN.2307569","DOIUrl":"https://doi.org/10.2139/SSRN.2307569","url":null,"abstract":"This article examines how a U.S. debt default might occur, how it could be avoided, its potential consequences if not avoided, and how those consequences could be mitigated. To that end, the article differentiates defaults caused by insolvency from defaults caused by illiquidity. The latter, which are potentiated by rollover risk (the risk that the government will be temporarily unable to borrow sufficient funds to repay its maturing debt), are not only plausible but have occurred in the past. Moreover, the ongoing controversy over the federal debt ceiling and the rise of the shadow-banking system make these types of defaults even more likely today. The article also examines how a U.S. debt default could be avoided, discussing steps — including monetizing debt and printing money to pay maturing debt — that the government could take to facilitate debt repayment, as well as limits on the government’s ability to avoid defaulting. The article then examines the consequences of a U.S. debt default, demonstrating that even a temporary default caused by illiquidity would have severe economic and systemic consequences, significantly raising the cost of borrowing and causing securities markets to plummet. Such a default would also raise a host of legal issues, including constitutional questions of first impression under the Fourteenth Amendment. Finally, the article explores how the negative consequences of a default might be mitigated, potentially through a debt restructuring or even a possible IMF bailout.","PeriodicalId":137765,"journal":{"name":"Law & Society: Private Law - Financial Law eJournal","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-01-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130746847","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Insolvency Bonds: Practice and Reform","authors":"Stephen. Hunt, J. Tribe","doi":"10.2139/SSRN.2359125","DOIUrl":"https://doi.org/10.2139/SSRN.2359125","url":null,"abstract":"This is the second article in a series of articles examining insolvency bonds. In the first we examined the historical and policy background to the bonding scheme. Insolvency practitioner (IP) misconduct and the compulsory requirement for bonding has continued since that first contribution. Despite being a small and often overlooked area of the insolvency legislation bonding continues to yield much uncertainty, conflict and misunderstanding. In this article we examine current practice and potential reform ideas with a view to alleviating some of that uncertainty. Part A of the article examines current bonding legislation and its problems and the current bond claim process. Part B examines reform ideas and potential movements forward. All parts consider the obstacles for a successor practitioner in recovering the losses.","PeriodicalId":137765,"journal":{"name":"Law & Society: Private Law - Financial Law eJournal","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-11-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129945839","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"The Effect of Regulatory Regimes on the Provision of Retail Investment Advice","authors":"Matthew Kozora","doi":"10.2139/ssrn.2323519","DOIUrl":"https://doi.org/10.2139/ssrn.2323519","url":null,"abstract":"Broker-dealers and investment advisers are two separate types of financial intermediaries subject to different regulatory regimes that can provide personalized investment advice about securities to investors. In this paper, I investigate whether differences between the broker-dealer regulatory regime and the investment adviser regulatory regime may be significant to retail investment advice by examining the principal transactions of investment grade municipal bonds. The results in this paper indicate that the advice retail investors receive may be dependent on the legal framework governing its provision. In particular, I find evidence of a potential relationship between the standards under which broker-dealers and investment advisers provide advice and the sale of investment grade municipal bonds to retail investors.","PeriodicalId":137765,"journal":{"name":"Law & Society: Private Law - Financial Law eJournal","volume":"81 5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-09-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125889041","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Shadow Banking and Financial Distress: The Treatment of 'Money-Claims' in Bankruptcy","authors":"Chrystin D. Ondersma","doi":"10.2139/SSRN.2196703","DOIUrl":"https://doi.org/10.2139/SSRN.2196703","url":null,"abstract":"Despite the panic in the money market in 2008 that required a $3 trillion Treasury guarantee to stave off a full-fledged run on money market funds, Dodd-Frank did not shut down shadow banking, nor did it make shadow banking safe. After Dodd-Frank, distressed financial institutions are subject to a number of conflicting legal regimes, one of which continues to be the Bankruptcy Code. This Article suggests that the Bankruptcy Code in its current form does not adequately account for the unique nature of claims in the money market (or “money-claims”). Investors in the money market are similar to depositors in traditional bank — individuals, corporations, and municipalities store funds that will need to be used in the near term for payroll, municipal services, or other operational needs. In other words, money-market investors make short-term loans for the purpose of cash management rather than investment. Because of this crucial difference between money-claims and ordinary debt obligations, defaults on money-claims are uniquely problematic — corporations may not be able to make payroll or pay suppliers, municipalities may be forced to cut planned services. This Article explains the treatment of money-claims under the current bankruptcy rules, argues that these rules exacerbate the risks associated with money-claims in the shadow-banking sector, and proposes that bankruptcy rules be altered to better reflect the unique nature of money-claims. Specifically, it proposes an abbreviated stay for money-claimants as well as an alternative opportunity for prompt payment of money-claims.","PeriodicalId":137765,"journal":{"name":"Law & Society: Private Law - Financial Law eJournal","volume":"22 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-01-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128788510","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Access to Collateral and Corporate Debt Structure: Evidence from a Natural Experiment","authors":"Vikrant Vig","doi":"10.2139/ssrn.965992","DOIUrl":"https://doi.org/10.2139/ssrn.965992","url":null,"abstract":"We investigate how firms respond to strengthening of creditor rights by examining their financial decisions following a securitization reform in India. We find that the reform led to a reduction in secured debt, total debt, debt maturity, asset growth and an increase in liquidity hoarding by firms. Moreover, the effects are more pronounced for firms that have a higher proportion of tangible assets, since these firms are more affected by the secured transactions law. These results suggest that strengthening of creditor rights introduces a liquidation bias and documents how firms alter their debt structures to contract around it.","PeriodicalId":137765,"journal":{"name":"Law & Society: Private Law - Financial Law eJournal","volume":"11 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-03-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132556820","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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