00a0228p.06

99-3257Court of Appeals for the Sixth Circuit14.07.2000

Gesamter Gesetzestext


5(&200(1'(' )25 )8//7(;7 38%/,&$7,21
3XUVXDQW WR 6L[WK &LUFXLW 5XOH
(/(&7521,& &,7$7,21 )(' $SS 3 WK &LU
)LOH 1DPH DS
81,7('67$7(6&28572)$33($/6
)257+(6,;7+&,5&8,7
BBBBBBBBBBBBBBBBB
,QUH-$0(6 &857,6 3$/0(5
'HEWRU

-$0(6 &857,6 3$/0(5
$SSHOODQW
Y
81,7(' 67$7(6 2) $0(5,&$
,17(51$/ 5(9(18( 6(59,&(
$SSHOOHH
;!

1
1R
$SSHDOIURPWKH%DQNUXSWF\$SSHOODWH3DQHO
RIWKH6L[WK&LUFXLW
1R²0DULO\Q6KHD6WRQXP%DQNUXSWF\-XGJH
$UJXHG)HEUXDU\
'HFLGHGDQG)LOHG-XO\
%HIRUH1(/621&2/(DQG&/$<&LUFXLW-XGJHV

-- 1 of 8 --

,QUH3DOPHU 1R
BBBBBBBBBBBBBBBBB
&2816(/
$5*8(' 5REHUW 0 :KLWWLQJWRQ (/. (/.
:+,77,1*721$NURQ2KLRIRU$SSHOODQW7KRPDV-
6DZ\HU86'(3$570(172)-867,&($33(//$7(
6(&7,217$;',9,6,21:DVKLQJWRQ'&IRU$SSHOOHH
21 %5,() 5REHUW 0 :KLWWLQJWRQ (/. (/.
:+,77,1*721 $NURQ 2KLR IRU $SSHOODQW %UXFH 5
(OOLVHQ 7KRPDV - 6DZ\HU 86 '(3$570(17 2)
-867,&( $33(//$7( 6(&7,21 7$; ',9,6,21
:DVKLQJWRQ'&IRU$SSHOOHH
BBBBBBBBBBBBBBBBB
23,1,21
BBBBBBBBBBBBBBBBB
5 *8< &2/( -5 &LUFXLW -XGJH 3ODLQWLII$SSHOODQW
-DPHV &XUWLV 3DOPHU D &KDSWHU GHEWRU LQ EDQNUXSWF\
DSSHDOVWKHGHFLVLRQRIWKH%DQNUXSWF\$SSHOODWH3DQHORIWKH
6L[WK&LUFXLW ³%$3´ ZKLFKUHYHUVHGWKHEDQNUXSWF\FRXUW¶V
KROGLQJ WKDW 3DOPHU¶V DQG WD[ GHEWV DUH
GLVFKDUJHDEOH6HH3DOPHUY,QWHUQDO5HYHQXH6HUY ,QUH
3DOPHU %5 %$3 WK &LU )RU WKH
UHDVRQVGLVFXVVHGEHORZZH5(9(56(WKHGHFLVLRQRIWKH
%$3DQG$)),50WKHKROGLQJRIWKHEDQNUXSWF\FRXUW
,%$&.*5281'
7KHSDUWLHVGRQRWGLVSXWHWKHUHOHYDQWIDFWVRIWKLVFDVH
3DOPHUILOHGD&KDSWHUEDQNUXSWF\SHWLWLRQLQWKH8QLWHG
6WDWHV%DQNUXSWF\&RXUWIRUWKH1RUWKHUQ'LVWULFWRI2KLRRQ
)HEUXDU\'XULQJWKHSHQGHQF\RI3DOPHU¶V&KDSWHU
FDVHWKH,QWHUQDO5HYHQXH6HUYLFH ³,56´ ILOHGDSURRIRI
FODLP LQGLFDWLQJ WKDW 3DOPHU RZHG LQFRPH WD[HV
3DOPHUYROXQWDULO\GLVPLVVHGWKH&KDSWHUFDVHRQ-XQH
EHIRUHFRPSOHWLQJDOOKLVSODQSD\PHQWV3DOPHUKDG
SDLGRIIRQO\DVPDOOSRUWLRQRIKLVWD[GHEWDWWKHWLPH
WKDWKLV&KDSWHUFDVHZDVGLVPLVVHG'XULQJWKHWLPHWKDW

-- 2 of 8 --

,QUH3DOPHU 1R
PDQLSXODWLRQRIWKHEDQNUXSWF\V\VWHPWKHEDQNUXSWF\FRXUW
ZDV FRUUHFW WR GLVFKDUJH WKH WD[ GHEWV SXUVXDQW WR
† D $ :H$)),50WKHKROGLQJRIWKHEDQNUXSWF\
FRXUWDQG5(9(56(WKHKROGLQJRIWKH%$3
1R ,QUH3DOPHU
7KH ,56 DOVR DUJXHG DQG FRQWLQXHV WR DUJXH WKDW LWV WLPH SHULRG IRU
FROOHFWLQJ 3DOPHU¶V WD[ GHEWV LV H[WHQGHG DQ DGGLWLRQDO VL[ PRQWKV WKDW
LV LQ DGGLWLRQ WR WKH WLPH WKDW LW DOOHJHV WKDW WKH † D $ L SHULRG
ZDV WROOHG GXULQJ WKH SHQGHQF\ RI 3DOPHU¶V &KDSWHU EDQNUXSWF\
SXUVXDQW WR ,5& † K %HFDXVH RXU KROGLQJ WKDW QRWKLQJ
RSHUDWHV WR WROO DXWRPDWLFDOO\ WKH † D $ L ORRNEDFN SHULRG
PHDQV WKDW WKH GHEWV DW LVVXH LQ WKLV FDVH DURVH PRUH WKDQ WKUHH \HDUV DQG
VL[ PRQWKV SULRU WR WKH UXQQLQJ RI WKH ORRNEDFN SHULRG ZH QHHG QRW
DGGUHVV WKH DSSOLFDWLRQ RI † K WR WKH VSHFLILF IDFWV SUHVHQWHG KHUH
3DOPHU¶V&KDSWHUFDVHZDVSHQGLQJWKH,56ZDVVWD\HG
IURPHLWKHUDVVHVVLQJRUFROOHFWLQJRQ3DOPHU¶VWD[GHEWVE\
86&† D
2Q $XJXVW PRUH WKDQ WZR \HDUV DIWHU WKH
GLVPLVVDORIKLV&KDSWHUFDVH3DOPHUILOHGD&KDSWHU
EDQNUXSWF\SHWLWLRQ'XULQJWKHWZHQW\VHYHQPRQWKSHULRG
EHWZHHQWKHGLVPLVVDORI3DOPHU¶V&KDSWHUFDVHDQGWKH
ILOLQJRIKLV&KDSWHUSHWLWLRQWKH,56DVVHVVHG3DOPHU¶V
WD[REOLJDWLRQVDVZHOODVWD[REOLJDWLRQVIURP,Q
2FWREHUWKH,56ILOHGIHGHUDOWD[OLHQVDJDLQVW3DOPHU
IRU WKH RXWVWDQGLQJ DQG WD[ OLDELOLWLHV 'HVSLWH
DVVHVVLQJWKHWD[REOLJDWLRQVDQGILOLQJWKHOLHQVWKH,56GLG
QRWPRYHWRJDUQHU3DOPHU¶VZDJHVRUWRFROOHFWRQKLVWD[
GHEWV
$IWHU3DOPHUILOHGKLV&KDSWHUSHWLWLRQWKH,56ILOHGD
QHZSURRIRIFODLPIRUWKHDQGWD[GHEWV3DOPHU
ILOHG D FRPSODLQW LQ DQ DGYHUVDU\ SURFHHGLQJ VHHNLQJ WKH
FRXUW¶VGHWHUPLQDWLRQWKDWKLVDQGWD[GHEWVZHUH
GLVFKDUJHDEOH%RWKSDUWLHVPRYHGIRUVXPPDU\MXGJPHQW
3DOPHU DUJXHG WKDW KLV DQG WD[ GHEWV ZHUH
GLVFKDUJHDEOHEHFDXVHWKH\DURVHSULRUWRWKHWKUHH\HDUORRN
EDFN SHULRG SUHVFULEHG E\ † D $ L 6HH
86&†† D $ D $ L 7KH,56DUJXHG
WKDW3DOPHU¶VWD[GHEWVZHUHQRWGLVFKDUJHDEOHEHFDXVHWKH\
IHOO ZLWKLQ WKH WKUHH\HDU SHULRG DVVXPLQJ DV WKH ,56
PDLQWDLQHGWKDWWKHSHULRGZDVμWROOHG¶RUH[WHQGHGGXULQJ
3DOPHU¶V &KDSWHU EDQNUXSWF\ 7KH EDQNUXSWF\ FRXUW
UHMHFWHG WKH ,56¶V DUJXPHQW WKDW WKH WKUHH\HDU SHULRG LQ
† D $ L ZDVWROOHGDVDPDWWHURIODZE\3DOPHU¶V

-- 3 of 8 --

,QUH3DOPHU 1R
7LWOH 86& † SUHVHUYHV WKH HTXLW\ SRZHUV RI D EDQNUXSWF\
FRXUW 6HH 0RUJDQ Y ,QWHUQDO 5HYHQXH 6HUY ,Q UH 0RUJDQ )G
WK &LU 6HFWLRQ D SURYLGHV
D 7KH FRXUW PD\ LVVXH DQ\ RUGHU SURFHVV RU MXGJPHQW WKDW
LV QHFHVVDU\ RU DSSURSULDWH WR FDUU\ RXW WKH SURYLVLRQV RI WKLV
WLWOH 1R SURYLVLRQ RI WKLV WLWOH SURYLGLQJ IRU WKH UDLVLQJ RI DQ
LVVXH E\ D SDUW\ LQ LQWHUHVW VKDOO EH FRQVWUXHG WR SUHFOXGH WKH
FRXUW IURP VXD VSRQWH WDNLQJ DQ\ DFWLRQ RU PDNLQJ DQ\
GHWHUPLQDWLRQ QHFHVVDU\ RU DSSURSULDWH WR HQIRUFH RU LPSOHPHQW
FRXUW RUGHUV RU UXOHV RU WR SUHYHQW DQ DEXVH RI SURFHVV
SULRU &KDSWHU EDQNUXSWF\ EXW KHOG WKDW LW GLG KDYH WKH
HTXLWDEOHSRZHUWRWROOWKHSHULRGXQGHU86&†LI
WKH ,56 FRXOG SURYH GHEWRU PLVFRQGXFW $FFRUGLQJO\ WKH
FRXUWGHQLHGVXPPDU\MXGJPHQWLQRUGHUWRKHDUHYLGHQFHDW
WULDORI3DOPHU¶VFRQGXFW$WWULDOWKHFRXUWIRXQGWKDWWKH
,56IDLOHGWRVKRZDQ\HYLGHQFHRIPLVFRQGXFWE\3DOPHU
7KHFRXUWDOVRIRXQGWKDWWKH,56KDGGHFOLQHGLWVLQYLWDWLRQ
WRSUHVHQWHYLGHQFHSXUVXDQWWR86&† D & RI
3DOPHU¶V PDQLSXODWLRQ WR DYRLG WD[HV 6HH 7RWL Y 8QLWHG
6WDWHV ,QUH7RWL )G WK&LU %HFDXVH
WKH,56IDLOHGWRVKRZHLWKHUPLVFRQGXFWRUPDQLSXODWLRQRI
WKHEDQNUXSWF\SURFHVVE\3DOPHUWKHFRXUWIRXQGWKDWWKHUH
ZDVQRUHDVRQWRWROOWKH† D $ L SHULRGDQGKHOG
WKDW3DOPHU¶VDQGWD[GHEWVZHUHGLVFKDUJHDEOH
7KHJRYHUQPHQWDSSHDOHGWKHEDQNUXSWF\FRXUW¶VGHFLVLRQ
UHJDUGLQJWKHGLVFKDUJHDELOLW\RI3DOPHU¶VDQGWD[
GHEWVWRWKH%$3,QDGHFLVLRQWKH%$3UHYHUVHGWKH
EDQNUXSWF\ FRXUW KROGLQJ WKDW DOWKRXJK WKH WH[W RI
† D $ L FRQWDLQHGQRWROOLQJSURYLVLRQWKHSODLQWH[W
RIWKHVWDWXWHVKRXOGQRWEHDSSOLHGEHFDXVHLWFRQIOLFWHGZLWK
&RQJUHVV¶VLQWHQWWRSURYLGHWKH,56ZLWKDIXOOWKUHH\HDUVLQ
ZKLFK WR FROOHFW D WD[ GHEW EHIRUH WKH WD[ GHEW EHFRPHV
GLVFKDUJHDEOH LQ EDQNUXSWF\ 3DOPHU %5 DW
3DOPHUILOHGDWLPHO\QRWLFHRIDSSHDO
1R ,QUH3DOPHU
%RWK WKH ,56 DQG WKH %$3 UDLVH FRQFHUQV WKDW WKH DEVHQFH RI DQ
DXWRPDWLF WROOLQJ UXOH LQ † D $ L FUHDWHV WKH SRVVLELOLW\ WKDW D
GHEWRU ZLOO PDQLSXODWH WKH EDQNUXSWF\ V\VWHP E\ ILUVW ILOLQJ D &KDSWHU
SHWLWLRQ WR LQYRNH WKH DXWRPDWLF VWD\ DJDLQVW FROOHFWLRQ RI KLV WD[ GHEWV
VHH 86& † DQG ODWHU ILOLQJ D &KDSWHU SHWLWLRQ ZKHQ WKH WKUHH
\HDU ORRNEDFN SHULRG RI † D $ L KDV SDVVHG 6HH 3DOPHU
%5 DW )LUVW ZH QRWH WKDW WKLV DUJXPHQW LV RSHQ WR GHEDWH 6HH LG
DW 6WRVEHUJ - GLVVHQWLQJ 0RUH LPSRUWDQW ZH GHFOLQH WR HQWHU
WKH GHEDWH EHFDXVH LW FRQFHUQV D PDWWHU RI SROLF\ WKDW ZH PD\ QRW UHDFK LQ
WKH DEVHQFH RI DQ DPELJXRXV VWDWXWH 6HH .RHQLJ 6SRUWLQJ *RRGV
)G DW /DXUDLQ )G DW :H IXUWKHU QRWH WKDW DV WKH
EDQNUXSWF\ FRXUW KHOG † D DQG † D & SURYLGH VXIILFLHQW
PHDQV IRU D EDQNUXSWF\ FRXUW WR DGGUHVV PDQLSXODWLRQ E\ D GHEWRU LQ D
JLYHQ FDVH
UHMHFWHGWKH,56¶VHIIRUWVWRDYRLGWKHSODLQODQJXDJHRIWKH
%DQNUXSWF\&RGH
³,W LV QRW WKH &RXUW¶V UROH WR DGGUHVV SHUFHLYHG
LQDGHTXDFLHVLQ>DVWDWXWH@:KDWWKHSHWLWLRQHUDVNVLV
QRW D FRQVWUXFWLRQ RI D VWDWXWH EXW LQ HIIHFW DQ
HQODUJHPHQWRILWE\WKHFRXUWVRWKDWZKDWZDVRPLWWHG
SUHVXPDEO\E\LQDGYHUWHQFHPD\EHLQFOXGHGZLWKLQLWV
VFRSH 7R VXSSO\ RPLVVLRQV WUDQVFHQGV WKH MXGLFLDO
IXQFWLRQ´
)GDW TXRWLQJ:ROI&UHHN&ROOLHULHVY5RELQVRQ
)G WK &LU LQWHUQDO TXRWDWLRQ
RPLWWHGEUDFNHWVLQRULJLQDO
9&21&/86,21
7KH EDQNUXSWF\ FRXUW¶V OHJDO DQDO\VLV LQ WKLV FDVH ZDV
VRXQG :H KROG WKDW WKH WKUHH\HDU ORRNEDFN SHULRG RI
† D $ L LVQRWDXWRPDWLFDOO\WROOHGE\WKHILOLQJRID
SULRUEDQNUXSWF\SHWLWLRQEXWWKDWWKHJRYHUQPHQWLVIUHHWR
DUJXHWKDWRWKHUSURYLVLRQVRIWKH&RGHLQFOXGLQJ† D
DQG† D & UHTXLUHWROOLQJRIWKHORRNEDFNSHULRG
LQDSDUWLFXODUFDVH%HFDXVH3DOPHU¶VDQGWD[
GHEWVDURVHPRUHWKDQWKUHH\HDUVSULRUWRWKHILOLQJRIKLV
&KDSWHUEDQNUXSWF\SHWLWLRQDQGEHFDXVHWKH,56IDLOHGWR
VKRZ WKDW 3DOPHU ZDV JXLOW\ RI DQ\ PLVFRQGXFW RU

-- 4 of 8 --

,QUH3DOPHU 1R
6HH VXSUD QRWH
SURGXFWRIVXEVWDQWLDOFRQVLGHUDWLRQE\&RQJUHVVDQGLVQRW
SURQH WR MXGLFLDO WLQNHULQJ ³LW LV ZRUWK UHFDOOLQJ WKDW
&RQJUHVVZRUNHGRQWKHIRUPXODWLRQRIWKH&RGHIRUQHDUO\D
GHFDGH>$@VORQJDVWKHVWDWXWRU\VFKHPHLVFRKHUHQWDQG
FRQVLVWHQWWKHUHJHQHUDOO\LVQRQHHGIRUDFRXUWWRLQTXLUH
EH\RQGWKHSODLQODQJXDJHRIWKHVWDWXWH´5RQ3DLU(QWHUV
86DW
/LNHZLVH RXU RZQ FDVHV KDYH H[SUHVVHG DQ H[WUHPH
UHOXFWDQFHWRDPHQGWKH%DQNUXSWF\&RGHIURPWKHEHQFK
5DWKHU RXU FDVHV GHPRQVWUDWH WKDW ZH ZLOO UHDG WKH
%DQNUXSWF\&RGH³LQDμVWUDLJKWIRUZDUG¶PDQQHU´6PLWKY
8QLWHG6WDWHV ,QUH6PLWK )G WK&LU
TXRWLQJ%DUWOLNY8QLWHG6WDWHV'HSWRI/DERU)G
WK&LU DQGDSSO\WKHSODLQPHDQLQJRIWKH&RGH
ZKHUHYHUSRVVLEOH6HH'XEOLQ6HFXULWLHV,QFY+HOPHU ,Q
UH'XEOLQ6HFXULWLHV,QF )G1RV
:/ DW WK &LU -XQH DSSO\LQJ
SODLQODQJXDJHRI† D RI%DQNUXSWF\&RGHWRILQGWKDW
WZR\HDUOLPLWDWLRQVSHULRGEHJLQVUXQQLQJXSRQDSSRLQWPHQW
RIWUXVWHH )RUHPRVW0IJ)GDW FLWLQJ5RQ3DLU
(QWHUV86DWDQGDSSO\LQJSODLQPHDQLQJRI
† F RI%DQNUXSWF\&RGHWRUHYHUVHEDQNUXSWF\FRXUW¶V
LPSRVLWLRQRIDGPLQLVWUDWLYHVXUFKDUJHV 5RJHUVY/DXUDLQ
,QUH/DXUDLQ )G WK&LU DSSO\LQJ
SODLQPHDQLQJRI)HG5%DQNU3 E WRGD\SHULRG
GXULQJZKLFKFRXUWPD\JUDQWPRWLRQWRH[WHQGWLPHIRUILOLQJ
REMHFWLRQ WR GHEWRU¶V FODLP RI H[HPSWLRQ HYHQ WKRXJK ³D
OLWHUDO UHDGLQJ RI 5XOH E PD\ EH LPSUDFWLFDO DQG
XQIDLU´ 6PLWK )G DW LQWHUSUHWLQJ WZR\HDU
OLPLWDWLRQVSHULRGRI† D % LL VWULFWO\DQGGHFOLQLQJ
WRDSSO\³PDLOER[UXOH´WRILOLQJRIWD[UHWXUQV $EHUO
)GDW DSSO\LQJSODLQODQJXDJHRI† D $ LL WR
UHMHFW ,56¶V DUJXPHQW WKDW SUHDVVHVVPHQW RIIHU LQ
FRPSURPLVHWROOVUXQQLQJRIGD\OLPLWDWLRQVSHULRG $V
ZHUHLWHUDWHGLQ$EHUODQRWKHUEDQNUXSWF\FDVHLQZKLFKZH
1R ,QUH3DOPHU
,,67$78725<29(59,(:
$VD&KDSWHUGHEWRU3DOPHULVHQWLWOHGWRGLVFKDUJHRI
PRVWGHEWVKHLQFXUUHGSULRUWRILOLQJIRUEDQNUXSWF\6HH
86& † +RZHYHU 86& † SURYLGHV IRU
H[FHSWLRQVWRWKHGLVFKDUJHUXOH2QHRIWKH†H[FHSWLRQV
LV IRU FHUWDLQ WD[ GHEWV DV GHILQHG LQ † D 6HH
86&† D $ 6HFWLRQ D $ L GHVFULEHV
XQVHFXUHGWD[FODLPVIRUZKLFKWKHGHEWRU¶VWD[UHWXUQZDV
GXH ZLWKLQ WKUHH \HDUV SULRU WR WKH ILOLQJ RI WKH GHEWRU¶V
EDQNUXSWF\SHWLWLRQ7KXVLQWKHQRUPDOFRXUVHRIHYHQWV
† D $ LQFRUSRUDWHV† D $ L WRSUHYHQWWKH
GLVFKDUJHRIDGHEWRU¶VWD[REOLJDWLRQVLIWKHWD[HVZHUHGXH
ZLWKLQ WKUHH \HDUV SULRU WR WKH ILOLQJ RI WKH GHEWRU¶V
EDQNUXSWF\SHWLWLRQ
$WLVVXHLQ3DOPHU¶VFXUUHQW&KDSWHUFDVHLVZKHWKHUWKH
³WKUHH\HDU ORRNEDFN SHULRG´RI † D $ L UXQV
XQKLQGHUHGRULVWROOHGE\DSULRUEDQNUXSWF\:KLOH3DOPHU¶V
&KDSWHUFDVHZDVSHQGLQJWKHJRYHUQPHQWDORQJ
ZLWKRWKHUFUHGLWRUVZDVDXWRPDWLFDOO\VWD\HGIURPFROOHFWLQJ
RQ3DOPHU¶VGHEWV6HH86&†7KH%$3IRXQGWKDW
† D $ L ¶VWKUHH\HDUORRNEDFNSHULRGIRUXQVHFXUHG
,56FODLPVZDVWROOHGGXULQJWKLVWLPH3DOPHU%5DW
,Q VR GRLQJ 3DOPHU DUJXHV WKH %$3 HUURQHRXVO\
LJQRUHG WKH SODLQ PHDQLQJ RI † D DQG
† D $ L
,,,67$1'$5'2)5(9,(:
³:KHWKHUDQDSSHDOFRPHVWRRXUFRXUWE\ZD\RIDGLVWULFW
FRXUW RU WKH %$3 RXU UHYLHZ LV RI WKH EDQNUXSWF\ FRXUW¶V
GHFLVLRQ´&RU]LQY)RUGX ,QUH)RUGX )G
Q WK &LU :H UHYLHZ WKH EDQNUXSWF\ FRXUW¶V
FRQFOXVLRQVRIODZGHQRYRDQGLWVIDFWXDOGHWHUPLQDWLRQVIRU
FOHDU HUURU 6HH LG )XUWKHU VWDWXWRU\ LQWHUSUHWDWLRQ LV D
TXHVWLRQ RIODZZHUHYLHZGHQRYR6HH.RHQLJ6SRUWLQJ
*RRGV,QFY0RUVH5RDG&R ,QUH.RHQLJ6SRUWLQJ*RRGV
,QF )G WK&LU

-- 5 of 8 --

,QUH3DOPHU 1R
,9',6&866,21
3DOPHUDUJXHVWKDWWKH%$3HUUHGE\IDLOLQJWRDSSO\WKH
SODLQPHDQLQJRI† D $ L WRKLVDQGWD[
GHEWV 7KH ,56 DFNQRZOHGJHV WKDW WKH SODLQ ZRUGLQJ RI
† D $ L GRHVQRWUHTXLUHWROOLQJRIWKHWKUHH\HDU
SHULRG 7KH %$3 DOVR DFNQRZOHGJHG WKDW ³WKH WH[W RI
† D $ L VXSSRUWV>3DOPHU¶V@SRVLWLRQ´3DOPHU
%5DWEXWIRXQGDVWKH,56DUJXHVWKDWWKHOHJLVODWLYH
KLVWRU\RIWKH%DQNUXSWF\&RGHVKRZV&RQJUHVV¶VLQWHQWWKDW
† D $ L EHWROOHGE\WKHILOLQJRIDSULRUEDQNUXSWF\
SHWLWLRQ%HFDXVH3DOPHU¶VWD[GHEWVDUHFOHDUO\GLVFKDUJHDEOH
LIZHDSSO\WKHSODLQZRUGLQJRIWKH%DQNUXSWF\&RGHZH
PXVWGHWHUPLQHZKHWKHUWKHUHLVDQ\UHDVRQWRORRNEH\RQG
WKHSODLQPHDQLQJRI† D $ L
$
:HEHJLQRXUDQDO\VLVRIWKHPHDQLQJRI† D $ L
³ZKHUHDOOVXFKLQTXLULHVPXVWEHJLQZLWKWKHODQJXDJHRI
WKHVWDWXWHLWVHOI´8QLWHG6WDWHVY5RQ3DLU(QWHUV,QF
86 ,IWKHODQJXDJHRIWKHVWDWXWHLVFOHDU
WKLV FRXUW¶V LQTXLU\ LV DW DQ HQG ³ZKHUH WKH VWDWXWH¶V
ODQJXDJHLVSODLQWKHVROHIXQFWLRQRIWKHFRXUWVLVWRHQIRUFH
LWDFFRUGLQJWRLWVWHUPV´,G LQWHUQDOTXRWDWLRQRPLWWHG VHH
DOVR .RHQLJ 6SRUWLQJ *RRGV )G DW ³:KHQ D
VWDWXWHLVXQDPELJXRXVUHVRUWWROHJLVODWLYHKLVWRU\DQGSROLF\
FRQVLGHUDWLRQVLVLPSURSHU´ 2QO\LQWKRVHUDUHLQVWDQFHVLQ
ZKLFK³WKHOLWHUDODSSOLFDWLRQRIDVWDWXWHZLOOSURGXFHDUHVXOW
GHPRQVWUDEO\DWRGGVZLWKWKHLQWHQWLRQVRILWVGUDIWHUVRU
ZKHQ WKH VWDWXWRU\ ODQJXDJH LV DPELJXRXV´ ZLOO ZH ORRN
EH\RQGWKHVWDWXWH¶VSODLQZRUGLQJWRGLYLQHWKHLQWHQWRILWV
GUDIWHUV.RHQLJ6SRUWLQJ*RRGV)GDW TXRWDWLRQ
PDUNVDQGFLWDWLRQRPLWWHG VHHDOVR5RQ3DLU(QWHUV
86 DW VWDWLQJ WKDW SODLQ PHDQLQJ RI OHJLVODWLRQ LV
FRQFOXVLYH H[FHSW LQ ³UDUH FDVHV´ LQ ZKLFK OLWHUDO
LQWHUSUHWDWLRQZLOOSURGXFHUHVXOW³GHPRQVWUDEO\DWRGGVZLWK´
LQWHQWLRQV RI LWV GUDIWHUV LQWHUQDO TXRWDWLRQ PDUNV DQG
FLWDWLRQRPLWWHG
1R ,QUH3DOPHU
† D WRWROOWKH† D $ L ORRNEDFNSHULRGEXW
GHFOLQH WR KROG WKDW LW GRHV VR DV D PDWWHU RI ODZ 6HH
4XHQ]HU )G DW 1RODQ %5 DW Q
%DQNUXSWF\FRXUWVDUHFRXUWVRIHTXLW\DQGWKH\³KDYHEURDG
DXWKRULW\ WR PRGLI\ FUHGLWRUGHEWRU UHODWLRQVKLSV´ 8QLWHG
6WDWHVY(QHUJ\5HVRXUFHV&R86
$OWKRXJK WKHVH HTXLWDEOH SRZHUV DUH VXIILFLHQW WR WROO WKH
† D $ L ORRNEDFNSHULRGLIWKHIDFWVRIDJLYHQFDVH
UHTXLUHVXFKDQDFWLRQ IRULQVWDQFHLIWKHGHEWRUHQJDJHVLQ
PLVFRQGXFW WKH\DUHQRWVREURDGDVWRSHUPLWDEDQNUXSWF\
FRXUWWRFUHDWHDQDXWRPDWLFWROOLQJSURYLVLRQWKDW&RQJUHVV
H[SUHVVO\ IDLOHG WR LQFOXGH 6HH $UFKLWHFWXUDO %OGJ
&RPSRQHQWVY0F&ODUW\ ,QUH)RUHPRVW0IJ&R )G
WK &LU ³2XU SUHFHGHQW WHOOV XV WKDW
ZKDWHYHUHTXLWDEOHSRZHUVUHPDLQLQWKHEDQNUXSWF\FRXUWV
PXVWDQGFDQRQO\EHH[HUFLVHGZLWKLQWKHFRQILQHVRIWKH
%DQNUXSWF\ &RGH´ LQWHUQDO TXRWDWLRQ PDUNV DQG FLWDWLRQ
RPLWWHG VHHDOVR8QLWHG6WDWHVY1RODQG86
KROGLQJ WKDW EDQNUXSWF\ FRXUW PD\ XVH HTXLWDEOH
SRZHUVSXUVXDQWWR† F WRVXERUGLQDWHDWD[FODLPEDVHG
RQ WKH IDFWV RI D SDUWLFXODU FDVH EXW PD\ QRW HTXLWDEO\
VXERUGLQDWHVXFKFODLPVRQDFDWHJRULFDOEDVLVLQGHURJDWLRQ
RIFRQJUHVVLRQDOSULRULW\VFKHPH
&
7KH,56¶VRZQEULHISURYLGHVVXSSRUWIRURXUFRQFOXVLRQ
WKDW† F DQG† D DUHLQVXIILFLHQWWRWROODXWRPDWLFDOO\
WKH WKUHH\HDU ORRNEDFN SHULRG RI † D $ L $W
VHYHUDO SRLQWV LQ LWV EULHI WKH ,56 DVVHUWV WKDW &RQJUHVV
VLPSO\IDLOHGWRFRQVLGHUWKHLPSDFWRIPXOWLSOHEDQNUXSWF\
ILOLQJV LQ GHWHUPLQLQJ ZKHWKHU D GHEWRU¶V WD[ REOLJDWLRQV
VKRXOGEHGLVFKDUJHGXQGHU† D $ L QRQHWKHOHVVWKH
,56DUJXHVWKHRWKHUVHFWLRQVZLWKLQWKH%DQNUXSWF\&RGH
DQGWKH,5&GLVFXVVHGVXSUDHYLGHQFHFOHDUFRQJUHVVLRQDO
LQWHQWWRWROO† D $ L GXULQJSULRUEDQNUXSWFLHV:H
IDLOWRVHHKRZ&RQJUHVV¶VSXUSRUWHGIDLOXUHHYHQWRFRQVLGHU
WKHFUDIWLQJRIDVXEVWDQWLYHSURYLVLRQRIWKH%DQNUXSWF\&RGH
FRXOGSHUVXDGHXVWRZULWHLQZKDW&RQJUHVVOHIWRXW$VWKH
6XSUHPH&RXUWKDVLQVWUXFWHGWKH%DQNUXSWF\&RGHLVWKH

-- 6 of 8 --

,QUH3DOPHU 1R
7KH ,56 DUJXHV DW OHQJWK WKDW WKH OHJLVODWLYH KLVWRULHV RI 86&
†† D $ L D $ F DQG ,5& † VKRZ
&RQJUHVV¶V LQWHQW WR WROO WKH † D $ L ORRNEDFN SHULRG XSRQ WKH
ILOLQJ RI D EDQNUXSWF\ SHWLWLRQ 7KH %$3 DOVR UHOLHG RQ WKH OHJLVODWLYH
KLVWRU\ RI WKHVH SURYLVLRQV LQ ILQGLQJ FRQJUHVVLRQDO LQWHQW WR WROO WKH ORRN
EDFN SHULRG %5 DW DV KDYH RWKHU FRXUWV 6HH HJ :DXJK
)G DW 7D\ORU )G DW :H ILQG WKLV DQDO\VLV WR EH
XQZDUUDQWHG EHFDXVH WKH SODLQ ZRUGLQJ RI †† D $ DQG
D $ L LV QRW DPELJXRXV 6HH .RHQLJ 6SRUWLQJ *RRGV )G
DW
6HH VXSUD QRWH
ZRUGLQJ RI † F FRXOG QRW EH PRUH FOHDU WKDW VHFWLRQ
DSSOLHVRQO\WR³QRQEDQNUXSWF\ODZ´6HH86&† F
HPSKDVLV DGGHG 7KH SURYLVLRQV DW LVVXH LQ WKLV FDVH
†† D $ DQG D $ L DUH RI FRXUVH QRW
³QRQEDQNUXSWF\ODZ´$VVXFKWKH\DUHRXWVLGHWKHSXUYLHZ
RI†6HH0RUJDQ)GDW4XHQ]HUY8QLWHG
6WDWHV ,Q UH 4XHQ]HU )G WK &LU
1RODQ %5 DW )XUWKHU WKH IDFW WKDW &RQJUHVV
SURYLGHG IRU YDULRXV WROOLQJ SURYLVLRQV WR WKH OLPLWDWLRQV
SHULRGLWFUDIWHGIRUSXUSRVHVRIWKH,5&IDLOVWRFRQYLQFHXV
WKDW&RQJUHVVLQWHQGHGWRFUDIWDVLPLODUWROOLQJSURYLVLRQLQ
† D $ L ZKHQWKHSODLQODQJXDJHRIWKH%DQNUXSWF\
&RGHVWDWHVRWKHUZLVH6HH1RODQ%5DW KROGLQJ
WKDW ³>W@KH WKUHH \HDU ORRN EDFN LQ † D $ L LV D
VXEVWDQWLYH HOHPHQW RI WKH JRYHUQPHQW¶V FDXVH RI DFWLRQ
XQGHU† D $ QRWDVWDWXWHRIOLPLWDWLRQV´DQGVWDWLQJ
WKDW³>W@KHFRXUWVWKDWKDYHDOORZHGμHTXLWDEOHWROOLQJ¶ZLWKRXW
SURRIRIGHEWRUPLVFRQGXFWKDYHPLVWDNHQWKHWKUHH\HDUORRN
EDFNIRUDVWDWXWHRIOLPLWDWLRQV´
7KH,56DOVRSRLQWVWRDVHFRQGJURXSRIFDVHVZKLFKIRFXV
RQ† D WRVXSSRUWLWVDUJXPHQWWKDWWKH† D $ L
ORRNEDFN SHULRG LV DXWRPDWLFDOO\ WROOHG E\ D SULRU
EDQNUXSWF\ 6HH 0RUJDQ )G 8QLWHG 6WDWHV Y
5LFKDUGV ,Q UH 5LFKDUGV )G WK &LU
DSSO\LQJ† D WRVXVSHQGGD\DVVHVVPHQWSHULRGRI
86&† D $ LL GXULQJWLPHGHEWRUZDVLQSULRU
EDQNUXSWF\ :HDJUHHWKDWDEDQNUXSWF\FRXUWPD\LQYRNH
1R ,QUH3DOPHU
6HFWLRQ D $ SURYLGHVWKDWWD[GHEWVDVGHILQHGE\
† D DUHH[FHSWHGIURPGLVFKDUJHLQD&KDSWHUFDVH
$GLVFKDUJHXQGHUVHFWLRQRIWKLVWLWOHGRHVQRW
GLVFKDUJHDQLQGLYLGXDOGHEWRUIURPDQ\GHEWIRUDWD[
RIWKHNLQGDQGIRUWKHSHULRGVVSHFLILHGLQVHFWLRQ
D RU D RIWKLVWLWOHZKHWKHURUQRWDFODLP
IRUVXFKWD[ZDVILOHGRUDOORZHG
86&† D $ 6HFWLRQ D $ L GHVFULEHV
WD[HVVXFKDVWKHLQFRPHWD[HVDWLVVXHLQWKLVFDVH7KH\DUH
DOORZHGXQVHFXUHGFODLPVRIJRYHUQPHQWDOXQLWVRQO\WR
WKH H[WHQW WKDW VXFK FODLPV DUH IRU D WD[ RQ RU
PHDVXUHGE\LQFRPHRUJURVVUHFHLSWV L IRUDWD[DEOH
\HDU HQGLQJ RQ RU EHIRUH WKH GDWH RI WKH ILOLQJ RI WKH
SHWLWLRQ IRU ZKLFK D UHWXUQ LI UHTXLUHG LV ODVW GXH
LQFOXGLQJH[WHQVLRQVDIWHUWKUHH\HDUVEHIRUHWKHGDWHRI
WKHILOLQJRIWKHSHWLWLRQ
86&† D $ L :HILQGWKHPHDQLQJRIWKHVH
VHFWLRQVWREHFOHDUDQGXQDPELJXRXV6HH1RODQY8QLWHG
6WDWHV,QWHUQDO5HYHQXH6HUY ,QUH1RODQ %5
%DQNU0'7HQQ 7KH\GLUHFWWKDWLQFRPHWD[HV
IRUZKLFKDGHEWRU¶VUHWXUQZDVGXHZLWKLQWKHWKUHH\HDUV
SUHFHGLQJ WKH ILOLQJ RI D EDQNUXSWF\ SHWLWLRQ DUH QRW
GLVFKDUJHDEOHDQGWD[HVIRUZKLFKWKHUHWXUQZDVGXHPRUH
WKDQWKUHH\HDUVSULRUWRWKHILOLQJRIDEDQNUXSWF\SHWLWLRQDUH
GLVFKDUJHDEOH6HH:DXJKY,QWHUQDO5HYHQXH6HUY ,QUH
:DXJK )G WK&LU 7KHUHLVQRRWKHU
SURYLVLRQZLWKLQWKH%DQNUXSWF\&RGHWKDWH[SOLFLWO\H[WHQGV
† D $ L ¶V WKUHH\HDU SHULRG ZKLOH D GHEWRU LV
HQJDJHGLQDEDQNUXSWF\SURFHHGLQJ6HHLGDW7KXV
WKH SODLQ PHDQLQJ RI WKH %DQNUXSWF\ &RGH SURYLGHV WKDW
LQFRPHWD[GHEWVDUHGLVFKDUJHDEOHLQD&KDSWHUEDQNUXSWF\
LIWKH\DULVHIURPDWD[UHWXUQGXHPRUHWKDQWKUHH\HDUVSULRU
WRWKHILOLQJRIWKH&KDSWHUSHWLWLRQ

-- 7 of 8 --

,QUH3DOPHU 1R
:HVW ZDV GHFLGHG EHIRUH † D $ LL ZDV UHODEHOHG DV
† D $ LL E\ WKH %DQNUXSWF\ $FW RI 6HH 8QLWHG 6WDWHV Y
$EHUO ,Q UH $EHUO )G Q WK &LU )RUPHU
† D $ L WKH VXEMHFW RI WKH LQVWDQW FDVH ZDV UHODEHOHG DV
† D $ L ,G
7LWOH 86& † F SURYLGHV
F ([FHSW DV SURYLGHG LQ VHFWLRQ RI WKLV WLWOH LI
DSSOLFDEOH QRQEDQNUXSWF\ ODZ DQ RUGHU HQWHUHG LQ D
QRQEDQNUXSWF\ SURFHHGLQJ RU DQ DJUHHPHQW IL[HV D SHULRG IRU
FRPPHQFLQJ RU FRQWLQXLQJ D FLYLO DFWLRQ LQ D FRXUW RWKHU WKDQ D
EDQNUXSWF\ FRXUW RQ D FODLP DJDLQVW WKH GHEWRU DQG VXFK
SHULRG KDV QRW H[SLUHG EHIRUH WKH GDWH RI WKH ILOLQJ RI WKH
SHWLWLRQ WKHQ VXFK SHULRG GRHV QRW H[SLUH XQWLO WKH ODWHU RI
WKH HQG RI VXFK SHULRG LQFOXGLQJ DQ\ VXVSHQVLRQ RI
VXFK SHULRG RFFXUULQJ RQ RU DIWHU WKH FRPPHQFHPHQW RI WKH
FDVH RU
GD\V DIWHU QRWLFH RI WKH WHUPLQDWLRQ RU H[SLUDWLRQ
RI WKH VWD\ XQGHU VHFWLRQ RU RI WKLV
WLWOH DV WKH FDVH PD\ EH ZLWK UHVSHFW WR VXFK FODLP
%
'HVSLWHWKHODFNRIDPELJXLW\LQWKHWKUHH\HDUORRNEDFN
UXOHWKH,56SRLQWVWRVHYHUDOFRXUWVWKDWKDYHIRXQGDZD\
DURXQG WKH SODLQ PHDQLQJ RI †† D $ DQG
D $ L 7KHILUVWJURXSRIFDVHVKROGWKDW86&
† F LQFRQMXQFWLRQZLWK†RIWKH,QWHUQDO5HYHQXH
&RGH ³,5&´ VKRZV&RQJUHVV¶VLQWHQWWRWROOWKHWKUHH\HDU
ORRNEDFNSHULRG6HH:DXJK)G,QUH7D\ORU
)G G &LU 0RQWR\D Y 8QLWHG 6WDWHV ,Q UH
0RQWR\D )G WK &LU VHH DOVR :HVW Y
8QLWHG6WDWHV ,QUH:HVW )G WK&LU WROOLQJ
GD\ SULRULW\ SHULRG RI † D $ LL GXULQJ SULRU
EDQNUXSWF\ 6HFWLRQ F VXVSHQGV WKH UXQQLQJ RI D
QRQEDQNUXSWF\ODZ¶VSHULRGRIOLPLWDWLRQVGXULQJWKHWLPHWKDW
DQDXWRPDWLFVWD\LVLQSODFH6HH86&†† F
1R ,QUH3DOPHU
,5& † E SURYLGHV
E $VVHWV RI WD[SD\HU LQ FRQWURO RU FXVWRG\ RI FRXUW
7KH SHULRG RI OLPLWDWLRQV RQ FROOHFWLRQ DIWHU DVVHVVPHQW
SUHVFULEHG LQ VHFWLRQ VKDOO EH VXVSHQGHG IRU WKH SHULRG WKH
DVVHWV RI WKH WD[SD\HU DUH LQ WKH FRQWURO RU FXVWRG\ RI WKH FRXUW
LQ DQ\ SURFHHGLQJ EHIRUH DQ\ FRXUW DQG IRU PRQWKV
WKHUHDIWHU
6HFWLRQ SURYLGHV IRU D SHULRG RI OLPLWDWLRQ ZLWKLQ ZKLFK WKH ,56
PXVW PDNH FROOHFWLRQ DIWHU PDNLQJ D WD[ DVVHVVPHQW 6HH ,5& †
,5& † SURYLGHV DW VXEVHFWLRQ K
K &DVHV XQGHU WLWOH RI WKH 8QLWHG 6WDWHV &RGH7KH
UXQQLQJ RI WKH SHULRG RI OLPLWDWLRQV SURYLGHG LQ VHFWLRQ DQG
RQ WKH PDNLQJ RI DVVHVVPHQWV RU FROOHFWLRQ VKDOO LQ D FDVH
XQGHU WLWOH RI WKH 8QLWHG 6WDWHV &RGH EH VXVSHQGHG IRU WKH
SHULRG GXULQJ ZKLFK WKH 6HFUHWDU\ LV SURKLELWHG E\ UHDVRQ RI
VXFK FDVH IURP PDNLQJ WKH DVVHVVPHQW RU IURP FROOHFWLQJ DQG±
IRU DVVHVVPHQW GD\V WKHUHDIWHU DQG
IRU FROOHFWLRQ PRQWKV WKHUHDIWHU
6HFWLRQ E WROOVWKH,5&¶VSHULRGRIOLPLWDWLRQVRQ
FROOHFWLRQZKLOHDWD[SD\HU¶VDVVHWVDUHLQFRQWURORUFXVWRG\
RIDFRXUWSOXVDQDGGLWLRQDOVL[PRQWKV6HH,5&††
E 6HFWLRQ K RI WKH ,5& ZKLFK DSSOLHV
VSHFLILFDOO\ WR FDVHV EURXJKW XQGHU WKH %DQNUXSWF\ &RGH
VXVSHQGVWKH,5&¶VSHULRGRIOLPLWDWLRQVGXULQJWKHWLPH
WKDW WKH EDQNUXSWF\ FDVH SURKLELWV WKH ,56 IURP FROOHFWLQJ
IURP D WD[SD\HU SOXV VL[W\ GD\V IRU DVVHVVPHQWV DQG VL[
PRQWKVIRUFROOHFWLRQV 6HH86&† K 7KH,56
DUJXHV DV WKH %$3 KHOG WKDW † F DQG † RI WKH
,5&VKRZ&RQJUHVV¶VLQWHQWWRSUHVHUYHWKH,56¶VFDSDFLW\
WRSXUVXHFODLPVDJDLQVWGHEWRUVZKRILOHIRUEDQNUXSWF\IRU
DIXOOWKUHH\HDUVDQGWRWROOWKHWKUHH\HDU SHULRGZKHQD
EDQNUXSWF\SHWLWLRQLQWHUUXSWVLW6HH3DOPHU%5 DW

:HILQGWKHFDVHVUHO\LQJXSRQ† F DQG†WREH
XQSHUVXDVLYH EHFDXVH WKH\ LPSXWH D PHDQLQJ WR WKH
%DQNUXSWF\ &RGH WKDW FRQWUDGLFWV LWV SODLQ ODQJXDJH 7KH

-- 8 of 8 --

Setzen Sie Ihre Recherche in ChatGPT oder Claude fort

Verbinden Sie Omnilex, um den Rechtskorpus über Ihren KI-Assistenten zu durchsuchen.