Banking Law Prof Blog

Edge Act Jurisdiction

Here's a forthcoming article to watch for:

"The 'Technicalities' of Edge Act Jurisdiction: Advocating for the Federal Courts' Adoption of and Adherence to a Uniform and Narrow Interpretation of 12 U.S.C. § 632," by Elizabeth Sheyn --  to be published in the University of Toledo Law Review. 

Abstract:  This article proposes a new (uniform and narrow) standard for interpreting the Edge Act of 1919, which provides a basis for original federal district court jurisdiction over civil suits arising out of “transactions involving international or foreign banking” or “out of other international or foreign financial operations."  Under the Edge Act, any defendant in a suit mentioned above may remove the suit from state court to federal district court.  This standard will remedy the federal courts’ recent adoption of a broad construction of the Edge Act, which has resulted in the consideration of cases that would ordinarily have no business being before a federal court, such as suits involving purely state law claims without any diversity of citizenship.

The abstract is available on SSRN: http://ssrn.com/abstract=1461823.

(ag) August 30, 2009, in International Banking

Letters of Credit & UCP 600 - Get Ready!

Get ready for new standards governing letters of credit!  A new version of Uniform Customs and Practice for Documentary Credits (UCP), published by the International Chamber of Commerce, will be effective July 1, 2007. 

Here's a link to order copies of UCP 600.  Unfortunately, due to printing errors, copies may not be available until the end of February:  http://www.iccbookshop.com/

(ag) Jan. 28, 2007, in International Banking