# kaal:claim:2029983-037

**Claim.** A contract selecting non-U.S. securities law can fail entirely: if the chosen jurisdiction's courts decline jurisdiction because the transaction did not clear there or the parties lack a local presence, the contract may as a practical matter mean that no law applies.

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

**Holds when.**

- the chosen foreign jurisdiction must actually accept jurisdiction and apply its law
- one party may be better informed about this risk than the other

**Source quote.**

> If so, the contract to apply non- U.S. law might as a practical matter mean that no law applies.

**From.** Wulf A. Kaal, Richard W. Painter, *Forum Competition and Choice of Law Competition in Securities Law after Morrison v. National Austral* (2012), III.C. Integrating Choice of Law into Post-Morrison Securities Law, page 68

**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.** chosen-law-not-applied  (family: jurisdictional-conflict)

**Topics.** law-and-legal-systems, risk-and-incentives

**Keywords.** choice-of-law, no-mans-land, contract-risk, jurisdiction

**Canonical form.** This markdown file is the canonical hashed representation of the claim. Its sha256 is the content hash used for attestation.