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Wagoner Doctrine
The Wagoner Doctrine is an American United States Court of Appeals for the Second Circuit legal principle applying the longstanding common law ''in pari delicto'' (roughly translated "in equal fault") rule in the bankruptcy setting. Though controversial due to its willingness to bar recovery in what is typically considered an equitable proceeding (''i.e.'', bankruptcy) and thus not well accepted in other circuits, ''Wagoner'' holds that "a claim against a third party for defrauding a corporation with the cooperation of corporate management accrues to the creditors, and not to the guilty corporation." ''See'' ''in pari delicto ''In pari delicto (potior/melior est conditio possidentis)'', Latin for "in equal fault (better is the condition of the possessor)", is a legal term used to refer to two persons or entities who are equally at fault, whether the malfeasance in que ...'' for more information. References {{US-law-stub United States bankruptcy law Legal doctrines and princ ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States Court Of Appeals For The Second Circuit
The United States Court of Appeals for the Second Circuit (in case citations, 2d Cir.) is one of the thirteen United States Courts of Appeals. Its territory comprises the states of Connecticut, New York and Vermont. The court has appellate jurisdiction over the district courts in the following districts: * District of Connecticut * Eastern District of New York * Northern District of New York * Southern District of New York * Western District of New York * District of Vermont The Second Circuit has its clerk's office and hears oral arguments at the Thurgood Marshall United States Courthouse at 40 Foley Square in Lower Manhattan. Due to renovations at that building, from 2006 until early 2013, the court temporarily relocated to the Daniel Patrick Moynihan United States Courthouse across Pearl Street from Foley Square; certain court offices temporarily relocated to the Woolworth Building at 233 Broadway. Because the Second Circuit includes New York City, it has long been one ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Common Law
In law, common law (also known as judicial precedent, judge-made law, or case law) is the body of law created by judges and similar quasi-judicial tribunals by virtue of being stated in written opinions."The common law is not a brooding omnipresence in the sky, but the articulate voice of some sovereign or quasi sovereign that can be identified," ''Southern Pacific Company v. Jensen'', 244 U.S. 205, 222 (1917) (Oliver Wendell Holmes, dissenting). By the early 20th century, legal professionals had come to reject any idea of a higher or natural law, or a law above the law. The law arises through the act of a sovereign, whether that sovereign speaks through a legislature, executive, or judicial officer. The defining characteristic of common law is that it arises as precedent. Common law courts look to the past decisions of courts to synthesize the legal principles of past cases. '' Stare decisis'', the principle that cases should be decided according to consistent principled rules so ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
In Pari Delicto
''In pari delicto (potior/melior est conditio possidentis)'', Latin for "in equal fault (better is the condition of the possessor)", is a legal term used to refer to two persons or entities who are equally at fault, whether the malfeasance in question is a crime or tort. The doctrine is subject to a number of exceptions, including that the plaintiff must be an active, voluntary participant in the wrongful conduct, the plaintiff's wrongdoing must be at least substantially equal to or greater than that of the defendant,James M. Fischer (2010)''Understanding Remedies, ''. the "adverse interest" exception, and the "innocent insider" exception. The doctrine The phrase is most commonly used by courts when relief is being denied to both parties in a civil action because of equal wrongdoing by both parties, or greater culpability on the part of the plaintiff. The phrase means, in essence, that if both parties are equally at fault or the plaintiff is at greater fault, the court will not inv ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bankruptcy
Bankruptcy is a legal process through which people or other entities who cannot repay debts to creditors may seek relief from some or all of their debts. In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the debtor. Bankrupt is not the only legal status that an insolvent person may have, and the term ''bankruptcy'' is therefore not a synonym for insolvency. Etymology The word ''bankruptcy'' is derived from Italian ''banca rotta'', literally meaning "broken bank". The term is often described as having originated in renaissance Italy, where there allegedly existed the tradition of smashing a banker's bench if he defaulted on payment so that the public could see that the banker, the owner of the bench, was no longer in a condition to continue his business, although some dismiss this as a false etymology. History In Ancient Greece, bankruptcy did not exist. If a man owed and he could not pay, he and his wife, children or servants were forced into " ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States Bankruptcy Law
In the United States, bankruptcy is largely governed by federal law, commonly referred to as the "Bankruptcy Code" ("Code"). The United States Constitution (Article 1, Section 8, Clause 4) authorizes Congress to enact "uniform Laws on the subject of Bankruptcies throughout the United States". Congress has exercised this authority several times since 1801, including through adoption of the Bankruptcy Reform Act of 1978, as amended, codified in Title 11 of the United States Code and the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA). Some laws relevant to bankruptcy are found in other parts of the United States Code. For example, bankruptcy crimes are found in Title 18 of the United States Code (Crimes). Tax implications of bankruptcy are found in Title 26 of the United States Code (Internal Revenue Code), and the creation and jurisdiction of bankruptcy courts are found in Title 28 of the United States Code (Judiciary and Judicial procedure). Bankrupt ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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