From Feudal Land Contracts to Financial Derivatives: The Treatment of Status Through Specific Relief

52 Pages Posted: 21 Sep 2009 Last revised: 24 Sep 2015

See all articles by John J. Chung

John J. Chung

Roger Williams University School of Law

Date Written: September 21, 2009

Abstract

This paper is about financial derivatives in light of the economic collapse. Specifically, it examines why derivatives were singled out for special and favored treatment by Congress. For example, derivatives are accorded special treatment under the Bankruptcy Code that is not available to other kinds of contracts. Unlike other papers on this topic which may address the mechanics of derivatives or proposals to reform the derivatives market, this paper takes a bird's eye view of the matter to explore the reasons why derivatives enjoy such special treatment. In doing so, this paper examines the parallels between derivatives and feudal land contracts. Despite their dissimilarity, the comparison is helpful because both types of contracts are (or were) protected by specific relief. This paper contends that the reason why such an extraordinary remedy is the available relief is because both of these types of contracts embody and solidify status and status relationships.

Suggested Citation

Chung, John J., From Feudal Land Contracts to Financial Derivatives: The Treatment of Status Through Specific Relief (September 21, 2009). Review of Banking & Financial Law, Vol. 29, p. 107, 2010; Roger Williams University Legal Studies Paper No. 83. Available at SSRN: https://ssrn.com/abstract=1476478

John J. Chung (Contact Author)

Roger Williams University School of Law ( email )

10 Metacom Avenue
Bristol, RI 02809
United States
(401) 254-4688 (Phone)

Register to save articles to
your library

Register

Paper statistics

Downloads
90
Abstract Views
632
rank
282,124
PlumX Metrics