# kaal:claim:2029983-031

**Claim.** Morrison's transactional test could prove relatively short lived because it is rooted in geography while an increasing number of securities transactions defy geographical boundaries.

**Type.** predictive  **Support.** argued

**Holds when.**

- transactions off organized exchanges and on exchanges that cross borders

**Source quote.**

> The transactional test in Morrison could be relatively short lived because it is rooted in geography and an increasing num- ber of securities transactions defy geographical boundaries.

**From.** Wulf A. Kaal, Richard W. Painter, *Forum Competition and Choice of Law Competition in Securities Law after Morrison v. National Austral* (2012), III. Choice of Law Competition After Morrison, page 61

**Cite as.** Wulf A. Kaal, Richard W. Painter, Forum Competition and Choice of Law Competition in Securities Law after Morrison v. National Austral (2012). SSRN: https://ssrn.com/abstract=2029983

**Verify.** sha256 of source PDF `fde2ff611420eb283cbb49a6b681a2ae8efa2b4603ae71480e2d91483f0295f2` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20and%20Painter%20-%202012%20-%20Forum%20Competition%20and%20Choice%20of%20Law%20Competition%20in%20Securities%20Law%20after%20Morrison%20v.%20National%20Austral.pdf

**Failure mode.** geography-based-test-obsolescence  (family: rule-obsolescence-and-ossification)

**Topics.** citation-and-knowledge, securities-law

**Keywords.** transactional-test, morrison, geography, securities-law

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