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 "identifier": "kaal:entity:transactional-test",
 "name": "Transactional test",
 "termCode": "transactional-test",
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 "author": {
  "@type": "Person",
  "name": "Wulf A. Kaal",
  "identifier": "https://orcid.org/0000-0003-0757-275X"
 },
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 "subjectOf": [
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2029983-010",
   "identifier": "kaal:claim:2029983-010",
   "text": "Defined geographic borders for securities transactions, the overarching assumption behind Morrison, are an unstable basis for limiting the extraterritorial reach of either private litigation or government regulation.",
   "abstract": "Defined geographic borders for securities transactions—the overarching assumption behind the Morrison decision—are an unstable basis for limiting the extraterritorial reach of both private litigation and government regulation.",
   "citation": "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",
   "datePublished": "2012",
   "claim_type": "failure",
   "confidence": "argued",
   "is_failure_mode": true,
   "scope_conditions": [
    "securities transactions whose location is contestable",
    "applies to both private suits and regulatory enforcement"
   ],
   "source_pdf_sha256": "fde2ff611420eb283cbb49a6b681a2ae8efa2b4603ae71480e2d91483f0295f2",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2029983-015",
   "identifier": "kaal:claim:2029983-015",
   "text": "Geographic tests create the risk of a no man's land transaction: defendants may persuade the courts of every jurisdiction that the transaction took place outside their borders, leaving the transaction governed by no law and with no available forum.",
   "abstract": "Alternatively, defendants might successfully persuade courts in all jurisdictions that a transaction took place outside their borders or for some other reason outside their jurisdictions. Such a \"no man's land\" transaction would be governed by no law and there would be no forum.",
   "citation": "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",
   "datePublished": "2012",
   "claim_type": "failure",
   "confidence": "argued",
   "is_failure_mode": true,
   "scope_conditions": [
    "transactions whose geographic location is ambiguous",
    "courts in all candidate jurisdictions apply geographic tests"
   ],
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   "status": "current"
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  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2029983-031",
   "identifier": "kaal:claim:2029983-031",
   "text": "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.",
   "abstract": "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.",
   "citation": "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",
   "datePublished": "2012",
   "claim_type": "predictive",
   "confidence": "argued",
   "is_failure_mode": true,
   "scope_conditions": [
    "transactions off organized exchanges and on exchanges that cross borders"
   ],
   "source_pdf_sha256": "fde2ff611420eb283cbb49a6b681a2ae8efa2b4603ae71480e2d91483f0295f2",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2029983-032",
   "identifier": "kaal:claim:2029983-032",
   "text": "The Second Circuit's Absolute Activist test, locating a transaction where title transfers or irrevocable liability is incurred, is easy to manipulate: parties can arrange for irrevocable liability to arise outside the United States, for example by conditioning liability on approval by an agent located abroad.",
   "abstract": "this test is easy to ma- nipulate by agreeing that one or both parties will take steps to create irrevocable liability outside the United States, for exam- ple, by making liability on the transaction contingent upon ap- proval of the transaction by an agent located outside the United States.",
   "citation": "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",
   "datePublished": "2012",
   "claim_type": "failure",
   "confidence": "argued",
   "is_failure_mode": true,
   "scope_conditions": [
    "private securities transactions off organized exchanges"
   ],
   "source_pdf_sha256": "fde2ff611420eb283cbb49a6b681a2ae8efa2b4603ae71480e2d91483f0295f2",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2029983-038",
   "identifier": "kaal:claim:2029983-038",
   "text": "Choice of law should replace the geographically based transactional test in those circumstances where geography is ambiguous.",
   "abstract": "In sum, choice of law should replace the geographically- based transactional test in those circumstances where geogra- phy is ambiguous.",
   "citation": "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",
   "datePublished": "2012",
   "claim_type": "normative",
   "confidence": "argued",
   "is_failure_mode": false,
   "scope_conditions": [
    "limited to transactions whose geographic location is ambiguous"
   ],
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   "status": "current"
  }
 ],
 "description": "5 claims in the published works of Wulf A. Kaal carry the concept tag 'transactional-test'. Derived node: a roster, not an adjudicated definition."
}