Abstract

http://ssrn.com/abstract=176567
 


 



Making Something Out of Nothing: The Law of Takings and 'Phillips v. Washington Legal Foundation'


Michael A. Heller


Columbia University - Columbia Law School

James E. Krier


University of Michigan Law School


Supreme Court Economic Review, Vol. 7, pp. 285-301, 1999

Abstract:     
Phillips v. Washington Legal Foundation, 118 S Ct 1925 (1998), held that interest generated by the Texas Interest on Lawyers Trust Account (IOLTA) program is the "private property" of the clients who handed over the principal; the Court did not decide whether the IOLTA program worked a "taking," or, if it did, what "just compensation" was due. The debates among the justices about the meaning of private property, argued in terms of contextual and conceptual severance, are unlikely to prove fruitful. We elaborate a better approach that looks to the underlying purposes of just compensation: efficiency and justice are best served by uncoupling matters and methods of deterrence from matters and methods of distribution.

Note: A companion article, "Deterrence and Distribution in the Law of Takings," appears at 112 Harv. L. Rev. 997 (1999). Reprints of both articles are available from the authors.

JEL Classification: K1

Accepted Paper Series


Not Available For Download

Date posted: September 15, 1999  

Suggested Citation

Heller, Michael A. and Krier, James E., Making Something Out of Nothing: The Law of Takings and 'Phillips v. Washington Legal Foundation'. Supreme Court Economic Review, Vol. 7, pp. 285-301, 1999. Available at SSRN: http://ssrn.com/abstract=176567

Contact Information

Michael A. Heller (Contact Author)
Columbia University - Columbia Law School ( email )
435 West 116th Street
New York, NY 10025
United States
James E. Krier
University of Michigan Law School ( email )
625 South State Street
1039 Legal Research Building
Ann Arbor, MI 48109-1215
United States
734-764-4701 (Phone)
734-764-8309 (Fax)
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