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| TITLE | Supreme Court Decision 2008Da54587 Decided January 28, 2010 [Redemption of Bonds] [full Text] |
|---|---|
| Summary | |
| [1] The method of determining/interpreting the substance/meaning of a foreign law applicable to the legal relations containing foreign elements [2] The case holding that when a domestic corporation issued registered overseas convertible bonds with the laws of England as the governing law, signed a trust deed designating a foreign corporation as the trustee, and issued European global certificates pursuant to the trust deed, individual investors who opened their accounts with an institutional investor/account holder which had opened its account in a bond clearing system can neither assert a bondholder's status nor make a direct claim for payment as against the issuing company and that as such, legal arguments based on Articles 174-3 and 174-4 of the former Securities and Exchange Act and the like cannot be applied to interpreting the trust deed at issue | |
