# kaal:claim:1765901-014

**Claim.** Locating a private transaction by the location of the parties is often unworkable, because the parties are frequently institutions simultaneously present in the United States and abroad, and individual parties are often in transit.

**Type.** failure  **Support.** argued

**Holds when.**

- private transactions in conventional securities
- institutional and mobile parties

**Source quote.**

> Parties to a private transaction are often institutions having a simultaneous presence in the U.S. and abroad. Individual parties to a private transaction are often in transit.

**From.** Kaal and Painter, *The Aftermath of Morrison v. National Australia Bank and Elliott Associates v. Porsche* (2011), II. Open Questions After Morrison; 3. When Does a Private Transaction Take Place in the U.S.?, page 15

**Cite as.** Kaal and Painter, The Aftermath of Morrison v. National Australia Bank and Elliott Associates v. Porsche (2011). SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1765901

**Verify.** sha256 of source PDF `7b08b8a15f7d72b4eeed41be2d17c20428cb4727269077a6575c5d22e31ecdc5` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20and%20Painter%20-%202011%20-%20The%20Aftermath%20of%20Morrison%20v.%20National%20Australia%20Bank%20and%20Elliott%20Associates%20v.%20Porsche.pdf

**Failure mode.** party-location-indeterminacy  (family: other)

**Topics.** institutional-design

**Keywords.** transaction-location, private-transactions, party-location-test

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