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7/28/2019 Bank of New York Mellon V. Deane
http://slidepdf.com/reader/full/bank-of-new-york-mellon-v-deane 1/15
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A`je gb J*Y* Hcffgj v Kc`jc
U/0X A`je gb J*Y* Hcffgj v Kc`jc 140> JY ^fip Gp 1>11; Kcnikck gj Oufy 00& 140> ^uprchc
Ngurt& Eijls Ngujty A`tt`lfi`& O* Tuafismck ay Jcw Ygre ^t`tc F`w Qcpgrtijl Aurc`u pursu`jt tg
Oukini`ry F`w § ;>0* [mis gpijigj is ujngrrcntck `jk suaocnt tg rcvisigj acbgrc puafin`tigj ij tmc
prijtck Gbbini`f Qcpgrts*
Kcnikck gj Oufy 00& 140>
^uprchc Ngurt& Eijls Ngujty
[mc A`je gb Jcw Ygre Hcffgj B'E'@ [MC A@JE GB JC\ YGQE >;<2 ^t`tcvicw Agufcv`rk Bt* Hiff&
^N 19<03& Tf`ijtibb&
`l`ijst
N`rf Kc`jc& OC^^C KC@JC& HGQ[L@LC CFCN[QGJIN QCLI^[Q@[IGJ ̂ Y^[CH^& IJN* @^
JGHIJCC BGQ QAN HGQ[L@LC NGHT@JY& JC\ YGQE NI[Y CJRIQGJHCJ[@F NGJ[QGF AG@QK&
JC\ YGQE NI[Y [Q@J^I[ @KOSKIN@[IGJ ASQC@S& JC\ YGQE HCQNM@J[^ TQG[CN[IRC NG*&
IJN*& OGMJ KGC -^`ik j`hc acijl bintitigus& it acijl tmc ijtcjtigj gb Tf`ijtibb tg kcsilj`tc `jy
`jk `ff gnnup`jts gb prchiscs acijl bgrcnfgsck mcrcij& `jk `jy p`rtics& ngrpgr`tigjs gr cjtitics&
ib `jy& m`vijl gr nf`ihijl `j ijtcrcst gr ficj upgj tmc hgrtl`lck prchiscs*)& Kcbcjk`jts*
023=>'49
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FFT*
O`ne H* A`tt`lfi`& O*
7/28/2019 Bank of New York Mellon V. Deane
http://slidepdf.com/reader/full/bank-of-new-york-mellon-v-deane 2/15
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Qcnit`tigj ij `nngrk`jnc witm NTFQ 1109-`) gb tmc p`pcrs suahittck gj Tf`ijtibb,s hgtigj bgr `j
grkcr& `hgjl gtmcr tmijls& lr`jtijl suhh`ry ouklhcjt& ouklhcjt ay kcb`uft& `jk `j grkcr gb rcbcrcjnc?
(Grkcr Lr`jtijl ̂ uhh`ry Ouklhcjt ̀ jk @ppgijtijl Qcbcrcc tg Nghputc -Trgpgsck)
(@bbirh`tigj -@4'3;='045 @4';>0'00)
(Jgtinc gb Hgtigj
@bbik`vit gb @jlcf` Bryc U/1X
Cxmiaits 0(04
@bbirh`tigj gb Fc`m Q`aijgwitz
Cxmiaits @(C
(Tf`ijtibb,s Hchgr`jkuh ij ^uppgrt gb Its Hgtigj bgr ^uhh`ry Ouklhcjt `jk tg @hcjk tmc
N`ptigj Jujn Trg [ujn
Ij tmis hgrtl`lc bgrcnfgsurc `ntigj nghhcjnck gj Oufy 1& 1449& pf`ijtibb [mc A`je gb Jcw Ygre
Hcffgj b'e'` [mc A`je gb Jcw Ygre hgvcs bgr `j grkcr& `hgjl gtmcr tmijls& lr`jtijl suhh`ry
ouklhcjt gj its Nghpf`ijt `s `l`ijst kcbcjk`jts N`rf Kc`jc `jk Ocssc Kc`jc& tmc hgrtl`lgrs
gb tmc suaocnt prgpcrty5 ouklhcjt ay kcb`uft `l`ijst jgj(`ppc`rijl kcbcjk`jts Hgrtl`lc
Cfcntrgjin Qclistr`tigj ^ystchs& Ijn* `s Jghijcc bgr QA^ Hgrtl`lc Nghp`jy& Jcw Ygre NityCjvirgjhcjt`f Ngjtrgf Ag`rk& Jcw Ygre Nity [r`jsit @koukin`tigj Aurc`u& Jcw Ygre Hcrnm`jts
Trgtcntivc Ng*& Ijn*& `jk Ogmj Kgc5 `jk issuijl `j grkcr gb rcbcrcjnc*
!Ij grkcr tg cst`afism prih` b`nic cjtitfchcjt tg suhh`ry ouklhcjt ij ` bgrcnfgsurc `ntigj& `
pf`ijtibb hust suahit tmc hgrtl`lc `jk ujp`ik jgtc& `fgjl witm cvikcjnc gb kcb`uft*! -N`pstgjc
Aus Nrckit& FFN v Ihpcri` B`hify Qc`fty& FFN& <4 @K>k ==1& ==> U1k Kcpt 1404X5 scc `fsg LQT
Fg`j& FFN v [`yfgr& 93 @K>k 00<1& 00<>(<; U1k Kcpt 1401X5 S*^* J`tf* @ssj* [r S'^ 2'40'9=
UMghc Cquity Fg`j [rust 099=(1X v @fv`rcz& ;9 @K>k <00& <00 U1k Kcpt 144=X*) Tf`ijtibb !hust
h`ec ` prih` b`nic smgwijl gb cjtitfchcjt tg ouklhcjt `s ` h`ttcr gb f`w& tcjkcrijl subbinicjt
cvikcjnc tg kchgjstr`tc tmc `ascjnc gb `jy h`tcri`f issucs gb b`nt*! -^cc @fv`rcz v TrgspcntMgsp*& 2= JY1k >14& >1; U09=2X*) Tf`ijtibb hust tcjkcr !cvikcjti`ry prggb ij `khissiafc bgrh*!
-^cc _unecrh`j v Jcw Ygre& ;9 JY1k 33<& 321 U09=4X*)
!\mcj tmc issuc gb st`jkijl is r`isck ay ` kcbcjk`jt& ` pf`ijtibb hust prgvc its st`jkijl ij grkcr
tg ac cjtitfck tg rcficb*! -LQT Fg`j& FFN v [`yfgr& 93 @K>k `t 00<>*) Mcrc& ij tmcir Rcribick
@jswcr& kcbcjk`jts N`rf Kc`jc `jk Ocssc Kc`jc -tmc !Kc`jc Kcbcjk`jts!) `ffclc `s ` ^cngjk
7/28/2019 Bank of New York Mellon V. Deane
http://slidepdf.com/reader/full/bank-of-new-york-mellon-v-deane 3/15
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@bbirh`tivc Kcbcjsc tm`t !Tf`ijtibbs UsinX * * * f`ne st`jkijl `jk n`p`nity tg suc `jk `rc ujejgwj
nrckitgrs tg Kcbcjk`jts! -scc Rcribick @jswcr ² 3*)
!Gj `jy `ppfin`tigj bgr ouklhcjt ay kcb`uft& tmc `ppfin`jt sm`ff bifc prggb gb scrvinc gb tmc
suhhgjs `jk nghpf`ijt& * * * `jk prggb gb tmc b`nts ngjstitutijl tmc nf`ih& tmc kcb`uft `jk tmc
`hgujt kuc*! -NTFQ >103 UbX*) [mc prggb hust cst`afism ` prih` b`nic n`sc* -^cc \`ffcy v
Fc`tmcrstgneijl Mc`ftmn`rc& FFN& <9 @K>k 01>2& 01>= U>k Kcpt 1404X5 Lrccj v Kgfpmy
Ngjstruntigj Ng*& Ijn*& 0=< @K1k 2>3& 2>< U1k Kcpt 0991X5 ^ifacrstcij v Trcsaytcri`j Mgsp* ij
tmc Nity gb JY& 92 @K1k 0492& 0492 U1k Kcpt 09=>X5 scc `fsg \ggksgj v Hcjkgj Fc`sijl Ngrp*&
044 JY1k 21& <0 U144>X U!vi`afc n`usc gb `ntigj!X*) ![mcrc is jg h`jk`tgry hijistcri`f kuty tg
cjtcr ` kcb`uft ouklhcjt `l`ijst ` kcb`uftijl p`rty*! -^upcrigr Kcjt`f N`rc& T*N* v Mgbbh`j& =0
@K>k 2>1& 2>; U1k Kcpt 1400X Uijtcrj`f qugt`tigj h`res `jk nit`tigj ghittckX*) U/>X
\mcrc ` kcbcjk`jt b`ifs tg `jswcr tmc nghpf`ijt `jk kgcs jgt h`ec ` prc(`jswcr hgtigj tg
kishiss tmc nghpf`ijt& tmc kcbcjk`jt is kcchck tg m`vc !w`ivck tmc kcbcjsc gb f`ne gb
st`jkijl*! -^cc M^AN A`je S^@& J*@* v [`mcr& 04; @K>k =03& =0< U1k Kcpt 140>X*)
Ij tmc ngjtcxt gb ` hgrtl`lc bgrcnfgsurc `ntigj& !st`jkijl! hust hc`j cjtitfchcjt tg cjbgrnc
tmc jgtc `jk hgrtl`lc* Gjc hilmt qucstigj wmctmcr ` pf`ijtibb wmg is jgt cjtitfck tg cjbgrnc tmc
jgtc `jk hgrtl`lc smgufk ac `afc tg gat`ij ` ouklhcjt ay kcb`uft& wmcrc`s tm`t pf`ijtibb wgufk
ac rcquirck tg h`ec ` prih` b`nic smgwijl gj its cjtitfchcjt tg cjbgrnc wmcrc it scces suhh`ry
ouklhcjt `l`ijst ` kcbcjk`jt wmg hcrcfy r`iscs tmc issuc* [m`t is& mgwcvcr& tmc nurrcjt f`w ij
tmc ̂ cngjk Kcp`rthcjt*
@s rcncjtfy suhh`rizck ay tmc ^cngjk Kcp`rthcjt?
!Ij grkcr tg nghhcjnc ` bgrcnfgsurc `ntigj& tmc pf`ijtibb hust m`vc ` fcl`f gr cquit`afc ijtcrcst
ij tmc suaocnt hgrtl`lc * * * @ pf`ijtibb m`s st`jkijl wmcrc it is agtm tmc mgfkcr gr `ssiljcc gb tmc
suaocnt hgrtl`lc `jk tmc mgfkcr gr `ssiljcc gb tmc ujkcrfyijl jgtc prigr tg nghhcjnchcjt gb
tmc `ntigj witm tmc bifijl gb tmc nghpf`ijt * * * Citmcr ` writtcj `ssiljhcjt gb tmc ujkcrfyijl jgtc
gr tmc pmysin`f kcfivcry gb tmc jgtc prigr tg tmc nghhcjnchcjt gb tmc bgrcnfgsurc `ntigj is
subbinicjt tg tr`jsbcr tmc gafil`tigj& `jk tmc hgrtl`lc p`sscs witm tmc kcat `s `j ijscp`r`afc
ijnikcjt*! -LQT Fg`j& FFN v [`yfgr& 93 @K>k `t 00<> Uijtcrj`f qugt`tigj h`res `jk nit`tigjsghittckX Uchpm`sis ̀ kkckX*)
!@s ` lcjcr`f h`ttcr& gjnc ` prghissgry jgtc is tcjkcrck tg `jk `nncptck ay `j `ssiljcc& tmc
hgrtl`lc p`sscs `s `j ijnikcjt tg tmc jgtc*! -A`je gb Jcw Ygre v ^ifvcracrl& =2 @K>k 1<;& 1=4
U1k Kcpt 1400*) !Ay ngjtr`st& ` tr`jsbcr gb tmc hgrtl`lc witmgut tmc kcat is ` juffity& `jk jg
ijtcrcst is `nquirck ay it,*! -Ik* Uqugtijl Hcrritt v A`rtmgfine& >2 JY ;;& ;3 -0=2<)X*) !U@Xj
7/28/2019 Bank of New York Mellon V. Deane
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`ssiljhcjt gb ` jgtc `jk hgrtl`lc jcck jgt ac ij writijl `jk n`j ac cbbcntu`tck ay pmysin`f
kcfivcry*! -Ik*)
[mis `ntigj rcsts gj `j @koust`afc Q`tc Jgtc k`tck @prif 1<& 1443 ij tmc prijnip`f `hgujt gb
+>;4&444& cxcnutck ay tmc Kc`jc Kcbcjk`jts ij b`vgr gb QAN Hgrtl`lc Nghp`jy -!Jgtc!)& `jk&
`s scnurity bgr p`yhcjt gb tmc Jgtc& ` Hgrtl`lc gb tmc s`hc k`tc gj rc`f prgpcrty `t 9>03
^nmcjne ^trcct& Arggefyj* [mc Jgtc w`s spcni`ffy ijkgrsck& witmgut ` k`tc& tg tmc grkcr gb
OTHgrl`j Nm`sc A`je& J*@*& `s [rustcc* [mc Hgrtl`lc ikcjtibick Hgrtl`lc Cfcntrgjin Qclistr`tigj
^ystchs& Ijn* -!HCQ^!) !`ntijl sgfcfy `s ` jghijcc bgr Fcjkcr `jk Fcjkcr,s sunncssgrs `jk
`ssiljs&! `jk `s !Hgrtl`lcc gb Qcngrk*!
Ij its Nghpf`ijt& pf`ijtibb [mc A`je gb Jcw Ygre Hcffgj `ffclcs tm`t it is !tmc gwjcr `jk mgfkcr gb
tmc jgtc `jk hgrtl`lc acijl bgrcnfgsck! -scc Nghpf`ijt& BIQ^[)& `jk tm`t tmc hgrtl`lc w`s
`ssiljck tg it !ay `ssiljhcjt k`tck tmc 0<tm k`y gb Oujc& 1449! -scc ik*& [MIQK*) Tf`ijtibb
suahits witm tmis hgtigj ` ngpy gb `j @ssiljhcjt gb Hgrtl`lc k`tck Oujc 0<& 1449 brgh HCQ^
tg Tf`ijtibb& tr`jsbcrrijl tmc Hgrtl`lc livcj ay tmc Kc`jc Kcbcjk`jts tg QAN Hgrtl`lc
Nghp`jy* [mc @ssiljhcjt gb Hgrtl`lc kgcs jgt purpgrt tg `ssilj tmc ujkcrfyijl Jgtc& jgr is
tmcrc `jy smgwijl tm`t HCQ^ wgufk m`vc m`k tmc pgwcr gr `utmgrity tg kg sg* -^cc A`je gb Jcw
Ygre v U/;X^ifvcracrl& =2 @K>k `t 1=0(=1*) [mcrc is jg cvikcjnc gb !HCQ^,s rilmt tg& gr
pgsscssigj gb& tmc `ntu`f ujkcrfyijl prghissgry jgtc! -scc ik* `t 1<9)& `jk& ib a`sck gjfy upgj
tmc @ssiljhcjt gb Hgrtl`lc& Tf`ijtibb wgufk f`ne st`jkijl tg h`ijt`ij tmis bgrcnfgsurc `ntigj -scc
ik* `t 1=>*)
Tf`ijtibb `fsg suahits mgwcvcr -0) cxncrpts brgh ` Tggfijl `jk ^crvinijl @lrcchcjt k`tck `s gb
Oufy 0& 1443 `hgjl ^trunturck @ssct Hgrtl`lc Ijvcsthcjts II Ijn* `s !Kcpgsitgr&! OT Hgrl`j
Nm`sc& J`tigj`f @ssgni`tigj `s ![rustcc&! \cffs B`rlg A`je& J`tigj`f @ssgni`tigj `s !H`stcr
^crvincr! `jk !^cnuritics @khijistr`tgr&! `jk CHN Hgrtl`lc Ngrpgr`tigj `s !^cffcr!5 ` ngpy gb `j
@lrcchcjt gb Qcsilj`tigj `jk @ssuhptigj k`tck `s gb Gntgacr 0& 1442 ay `jk `hgjl OTHgrl`j
Nm`sc& J`tigj`f @ssgni`tigj `s !Qcsiljijl [rustcc! `jk [mc A`je gb Jcw Ygre `s !^unncssgr
[rustcc!5 `jk `bbik`vit gb @jlcf` Bryc& kcsnriack `s !` Rinc Trcsikcjt Fg`j Kgnuhcjt`tigj bgr
\cffs B`rlg A`je& J*@* * * * k'a'` @hcrin`s ^crvinijl Nghp`jy& `s scrvinijl `lcjt bgr [mc A`je
gb Jcw Ygre Hcffgj& be` [mc A`je gb Jcw Ygre `s ^unncssgr ij ijtcrcst tg OT Hgrl`j Nm`sc A`je
J@ `s [rustcc bgr ^trunturck @ssct Hgrtl`lc Ijvcsthcjts II Ijn* Ac`r ^tcrjs @F[(@ [rust 1443(
<& Hgrtl`lc T`ss([mrgulm Ncrtibin`tcs& ̂ crics 1443(<*!)
Jcitmcr tmc `bbik`vit gb @jlcf` Bryc& jgr tmc `bbirh`tigj gb ngujscf& jgr ngujscf,s hchgr`jkuh
gb f`w& `ttchpts tg kcsnriac tmc tr`js`ntigjs purpgrtckfy rcbfcntck ij tmc suahittck `lrcchcjts&
jgr kgcs `jy gb tmch nitc tg spcnibin f`jlu`lc gr prgvisigjs tm`t purpgrtckfy m`vc tmc fcl`f
7/28/2019 Bank of New York Mellon V. Deane
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cbbcnts `snriack tg tmch ij ngjnfusgry b`smigj* Ijkcck& tmc nursgry trc`thcjt gb tmc st`jkijl
qucstigj ij tmc hchgr`jkuh gb f`w cvikcjncs ` hisujkcrst`jkijl gb tmc lcjcr`f f`w gb jclgti`afc ijstruhcjts ij its cqu`tigj gb tmc st`tus `s !mgfkcr! tg hcrc pgsscssigj gb tmc
ijstruhcjt -scc Tf`ijtibb,s Hchgr`jkuh gb F`w ij ^uppgrt gb its Hgtigj bgr ^uhh`ry Ouklhcjt
`jk tg @hcjk tmc N`ptigj Jujn Trg [ujn U!Tf`ijtibb,s Hchgr`jkuh!X `t <(=*)
[mc ngrc gb tmc f`w gb jclgti`afc ijstruhcjts is bgujk ij @rtinfc > gb tmc Sjibgrh Nghhcrni`f
Ngkc& `kgptck ij Jcw Ygre ij 0921 -!JYSNN!*) Ij 0994& [mc J`tigj`f Ngjbcrcjnc gb
Nghhissigjcrs gj Sjibgrh ^t`tc F`ws prgpgsck ` rcvisigj gb @rtinfc > tm`t m`s accj `kgptck ij
`ff gb tmc st`tcs cxncpt Jcw Ygre* @hcjkhcjts tg Qcvisck @rtinfc > wcrc prgpgsck ij 1441& `jk
m`vc accj `kgptck ij 04 st`tcs* [mc prgvisigjs gb tmcsc f`tcr vcrsigjs gb @rtinfc > -!Qcvisck
SNN!) n`j ac mcfpbuf ij ijtcrprctijl `jk `ppfyijl tmc bgrhcr vcrsigj& stiff cbbcntivc ij Jcw Ygre*-^cc F`wycrs, Bujk bgr Nficjt Trgtcntigj v A`je Fcuhi [rust Ng*& 9; JY1k >9=& ;42 U1444X5
L`aricf v Egst& 1440 JY ^fip Gp ;41== USX UNiv Nt& Eijls Ngujty 1440X*)
Jcw Ygre,s vcrsigj gb @rtinfc > kgcs jgt ij tcrhs kcbijc !st`jkijl! gr gtmcrwisc sct gut tmgsc
pcrsgjs wmg `rc cjtitfck tg cjbgrnc ` !jgtc! -scc JYSNN § >(04; U1X UkX) gr ` !kr`bt! -scc
JYSNN § >(04; U1X U`X)& tmc twg hgst nghhgj bgrhs gb jclgti`afc ijstruhcjts* Qcvisck SNN
@rtinfc > scts gut tmgsc pcrsgjs cjtitfck tg cjbgrnc `j ijstruhcjt& ijnfukijl& ij tmc birst ijst`jnc&
!tmc mgfkcr gb tmc ijstruhcjt! -scc Qcvisck SNN § >40 UiX)& `jk !` jgjmgfkcr ij pgsscssigj gb
tmc ijstruhcjt wmg m`s tmc rilmts gb ` mgfkcr! -scc Qcvisck SNN § >40 UiiX*)
[mc ngjncpt gb ` ! mgfkcr! `jk tmc rcf`tck ngjncpt gb !jclgti`tigj! `rc ncjtr`f tg gjc gb tmc
ujiquc bc`turcs gb tmc f`w gb jclgti`afc ijstruhcjts& i*c*& tmc ngjncpt gb !mgfkcr ij kuc ngursc!
-scc U/3XJYSNN § >(>41) `jk tmc ihhujity brgh nf`ihs `jk kcbcjscs tm`t nghcs witm tm`t
st`tus -scc JYSNN § >(>43*) ![mc mgfkcr gb `j ijstruhcjt * * * h`y * * * cjbgrnc p`yhcjt ij mis
gwj j`hc*! -^cc JYSNN § >(>40*)
@ !mgfkcr! is !` pcrsgj wmg is ij pgsscssigj gb * * * `j ijstruhcjt * * * issuck gr ijkgrsck tg mih
gr tg mis grkcr gr tg ac`rcr gr ij af`je*! -^cc JYSNN § 0(140 U14X*) !Jclgti`tigj is tmc tr`jsbcr
gb `j ijstruhcjt ij sunm bgrh tm`t tmc tr`jsbcrcc acnghcs ` mgfkcr*! -JYSNN § >(141 U0X*) [mc
hcnm`jish gb jclgti`tigj kcpcjks upgj tmc bgrh ij wminm tmc ijstruhcjt w`s grilij`ffy h`kc gr
kr`wj& gr ij wminm it m`s accj suascqucjtfy ijkgrsck -scc JYSNN § >(14;*) [mus& !UiXb tmc
ijstruhcjt is p`y`afc tg grkcr it is jclgti`tck ay kcfivcry witm `jy jcncss`ry ijkgrschcjt5 ib
p`y`afc tg ac`rcr it is jclgti`tck ay kcfivcry*! -JYSNN § >(141 U0X*)
Mcrc& tmc Jgtc wmcj h`kc w`s p`y`afc tg tmc grkcr gb QAN Hgrtl`lc Nghp`jy -scc JYSNN § >(
004 U0X)& `jk w`s spcni`ffy ijkgrsck tg OT Hgrl`j Nm`sc A`je& J*@* `s [rustcc -scc JYSNN § >(
14; U0X*) @ssuhijl tm`t tmc Jgtc w`s `fsg kcfivcrck tg OT Hgrl`j Nm`sc& tmc Jgtc w`s
7/28/2019 Bank of New York Mellon V. Deane
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jclgti`tck tg OT Hgrl`j Nm`sc& wminm acn`hc its mgfkcr `jk cjtitfck tg cjbgrnc it* !Kcfivcry! gb
` jclgti`afc ijstruhcjt !hc`js vgfujt`ry tr`jsbcr gb pgsscssigj*! -^cc JYSNN § 0(140 U0;X*)
!@jy ijstruhcjt spcni`ffy ijkgrsck acnghcs p`y`afc tg tmc grkcr gb tmc spcni`f ijkgrscc `jk
h`y ac burtmcr jclgti`tck gjfy ay mis ijkgrschcjt*! -JYSNN § >(14; U0X*) @ssuhijl& tmcrcbgrc&
kcfivcry tg OT Hgrl`j Nm`sc A`je& J*@*& burtmcr jclgti`tigj& `jk ngjbcrrijl gb st`tus `s mgfkcr gb
tmc Jgtc& rcquirck tmc ijkgrschcjt gb OT Hgrl`j Nm`sc A`je& J*@*& citmcr tg tmc grkcr gb
`jgtmcr spcni`f ijkgrscc& gr ij af`je& witm jg p`rtinuf`r ijkgrscc& ij tmc f`ttcr n`sc tr`jsbgrhijl
tmc Jgtc tg `j ijstruhcjt p`y`afc tg ac`rcr tm`t ngufk ac burtmcr jclgti`tck !ay kcfivcry `fgjc!
-scc JYSNN § >(14; U1X*)
It is nfc`r tm`t pf`ijtibb [mc A`je gb Jcw Ygre Hcffgj m`s jgt cst`afismck tm`t it is tmc mgfkcr gb
tmc Jgtc* [mcrc is jg ijkgrschcjt gj tmc Jgtc ay OT Hgrl`j Nm`sc A`je& J*@*& `jk Tf`ijtibb
suahits jg cvikcjnc tm`t tmc Jgtc w`s cvcr kcfivcrck ay tmc ijkgrscr& QAN Hgrtl`lc Nghp`jy&
tg tmc ijkgrscc& sg tm`t it ngufk ac burtmcr ijkgrsck `jk jclgti`tck ay tmc ijkgrscc*
It is `fsg nfc`r& mgwcvcr& tm`t ` pcrsgj jcck jgt ac tmc mgfkcr gb `j ijstruhcjt ij grkcr tg ac `
pcrsgj cjtitfck tg cjbgrnc it* @s jgtck `agvc& `j ijstruhcjt h`y `fsg ac cjbgrnck ay !`
jgjmgfkcr ij pgsscssigj * * * wmg m`s tmc rilmts gb ` mgfkcr! -scc Qcvisck SNN § >40 UiiX*)
![r`jsbcr gb `j ijstruhcjt vcsts ij tmc tr`jsbcrcc sunm rilmts `s tmc tr`jsbcrgr m`s tmcrcij*!
-JYSNN § >(140 U0X*)
Jcw Ygre,s @rtinfc > kgcs jgt ngjt`ij ` kcbijitigj gb !tr`jsbcr*! Qcvisck SNN § >(14> -`)prgvikcs& !@j ijstruhcjt is tr`jsbcrrck wmcj it is kcfivcrck ay ` pcrsgj gtmcr tm`j tmc issucr bgr
tmc purpgsc gb livijl tg tmc pcrsgj rcncivijl kcfivcry tmc rilmt tg cjbgrnc `j ijstruhcjt*! ![mc
rilmt tg cjbgrnc `j ijstruhcjt `jk gwjcrsmip gb tmc ijstruhcjt `rc twg kibbcrcjt ngjncpts&! witm
gwjcrsmip !kctcrhijck ay prijnipfcs gb tmc f`w gb prgpcrty& ijkcpcjkcjt gb @rtinfc >*! -^cc
Nghhcjt 0 tg Qcvisck SNN § >(14>*) @ssuhijl ` tr`jsbcr !bgr v`fuc! -scc JYSNN § >(>4>)& ib
tmc ijstruhcjt is jgt tmcj p`y`afc tg ac`rcr& tmc tr`jsbcrcc m`s !tmc spcnibin`ffy cjbgrnc`afc
rilmt tg U/2Xm`vc tmc ujqu`fibick ijkgrschcjt gb tmc tr`jsbcrgr&! aut !UjXclgti`tigj t`ecs cbbcnt
gjfy wmcj tmc ijkgrschcjt is h`kc `jk ujtif tm`t tihc tmcrc is jg prcsuhptigj tm`t tmc
tr`jsbcrcc is tmc gwjcr*! -^cc JYSNN § >(140 U>X5 scc `fsg JYSNN § >(>4< U1X*)
F`jlu`lc ij rcncjt ^cngjk Kcp`rthcjt kcnisigjs nrc`tcs sghc qucstigj `s tg wmctmcr kcfivcry
gb tmc ijstruhcjt ay tmc mgfkcr& `jk& tmcrcbgrc& pgsscssigj ay tmc put`tivc tr`jsbcrcc& is
jcncss`ry tg cjtitfc tmc put`tivc tr`jsbcrcc tg nf`ih tmc rilmts gb tmc mgfkcr& ijnfukijl
cjtitfchcjt tg cjbgrnc tmc ijstruhcjt* @s qugtck `agvc& it is s`ik tm`t !U`X pf`ijtibb m`s st`jkijl
wmcrc it is * * * tmc mgfkcr gr `ssiljcc gb tmc ujkcrfyijl jgtc prigr tg nghhcjnchcjt gb tmc
`ntigj! -scc LQT Fg`j& FFN v [`yfgr& 93 @K>k `t 00<> Uchpm`sis `kkckX*) \itmgut ` kcbijitigj gb
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tr`jsbcr& @rtinfc > kgcs jgt cxprcssfy `kkrcss tmc qucstigj* Sjkcr Qcvisck @rtinfc >& tmc gjfy
gnn`sigjs bgr `ffgwijl ` pcrsgj jgt ij pgsscssigj gb `j ijstruhcjt tg cjbgrnc it `rc wmcrc tmcijstruhcjt m`s accj fgst& kcstrgyck gr stgfcj& gr wmcrc tmc ijstruhcjt m`s accj p`ik ay hist`ec
`jk tmc p`yhcjt is rcngvcrck* -^cc Qcvisck SNN § >(>40 UiiiX& §§ >(>49& >(;0= UkX*)
Burtmcr nghpfin`tijl tmc issuc gb cjtitfchcjt tg cjbgrnc `j ijstruhcjt `rc tmc st`tchcjts&
qugtck `agvc& tm`t !UcXitmcr ` writtcj `ssiljhcjt gb tmc ujkcrfyijl jgtc gr tmc pmysin`f kcfivcry
gb tmc jgtc * * * is subbinicjt tg tr`jsbcr tmc gafil`tigj! -scc LQT Fg`j& FFN v [`yfgr& 93 @K>k `t
00<> Uijtcrj`f qugt`tigj h`res `jk nit`tigj ghittckX)5 `jk tm`t !`j `ssiljhcjt gb ` jgtc * * *
n`j ac cbbcntu`tck ay pmysin`f kcfivcry! -scc A`je gb Jcw Ygre v ^ifvcracrl& =2 @K>k `t ;3*)
Jcw Ygre,s Sjibgrh Nghhcrni`f Ngkc spc`es gb !tr`jsbcr! gb ` jclgti`afc ijstruhcjt tm`t is jgt
` jclgti`tigj -scc JYSNN § >(140)& `s kik tmc Jclgti`afc Ijstruhcjts F`w gj wminm it w`s
a`sck -scc Jclgti`afc Ijstruhcjts F`w § <9& qugtck ij Hcucr v Tmcjix J`t* A`je& 9; @K >>0&
>>;(>3 U0st Kcpt 094;X& `bb,k 0=> JY 300 U0943X)& wmifc Jcw Ygre ngurts m`vc spgecj prih`rify
ij tcrhs gb !`ssiljhcjt&! `s kik& `pp`rcjtfy& tmc nghhgj f`w !f`w(hcrnm`jt*! @jk sg& !UwXmcj *
* * U` jclgti`afc X ijstruhcjt is tr`jsbcrrck aut witmgut `j ijkgrschcjt& it is trc`tck `s ` nmgsc
ij `ntigj `ssiljck tg tmc purnm`scr U& wmgX * * * `nquircs `ff tmc titfc gb tmc `ssiljgr `jk h`y
h`ijt`ij `j `ntigj tmcrcgj ij mis gwj j`hc! -scc Lgsmcj J`t* A`je v Aijlm`h& 00= JY >;9&
>3; U0=94X5 scc `fsg \`ljcr v Lrihh& 029 JY ;10& ;1= U0941X*) Ijkcck& qugt`tigj gb tmc Ngkc&
gr cvcj its nit`tigj& m`s virtu`ffy kis`ppc`rck brgh tmc n`scf`w gj tmis p`rt gb jclgti`afc
ijstruhcjts f`w& `t fc`st wmcrc `kkrcssck ij hgrtl`lc bgrcnfgsurc `ntigjs*
Tcrm`ps `s ` rcsuft& tmc hc`jijl gb tcrhs tm`t m`vc p`rtinuf`r cbbcnt ij jclgti`afc ijstruhcjts
f`w n`j acnghc afurrck* Bgr cx`hpfc& ij ` rcncjt gpijigj tmc ^cngjk Kcp`rthcjt mcfk tm`t tmc
pf`ijtibb !b`ifck tg cst`afism mgw gr wmcj it acn`hc tmc f`wbuf mgfkcr gb tmc jgtc citmcr ay
kcfivcry gr v`fik `ssiljhcjt*! -^cc Nitihgrtl`lc& Ijn* v ^tgscf& =9 @K>k ==<& === U1k Kcpt
1400X5 scc `fsg Kcutsnmc A`je J`t* [rust Ng* v Qiv`s& 93 @K>k 0420 U1k Kcpt 1401X5 Hgrrisgj
v ^mch`j& 022 @K 12;& 122 U0st Kcpt 0903X U!pf`ijtibb mgfks tmc agjk `jk hgrtl`lc ay writtcj
`ssiljhcjt!X*) \m`tcvcr tmc rilmts gb ` pcrsgj tg cjbgrnc `j ijstruhcjt ay rc`sgj gb kcfivcry gr
`ssiljhcjt& ` pcrsgj is jgt ` !mgfkcr! ay rc`sgj gb kcfivcry gr `ssiljhcjt `fgjc& ujfcss kcfivcry
is h`kc gb ` ac`rcr ijstruhcjt* U/<X
Jgjctmcfcss& tmcrc `rc juhcrgus rcncjt ^cngjk Kcp`rthcjt gpijigjs ij hgrtl`lc bgrcnfgsurc
`ntigjs st`tijl tm`t ` pf`ijtibb m`s st`jkijl wmcrc& prigr tg nghhcjnchcjt gb tmc `ntigj& it is
!tmc mgfkcr gr `ssiljcc gb tmc ujkcrfyijl jgtc! `jk'gr tmcrc m`s accj !` writtcj `ssiljhcjt gb
tmc ujkcrfyijl jgtc gr tmc pmysin`f kcfivcry gb tmc jgtc*! -^cc& bgr cx`hpfc& Mghcnghijls
Bij`jni`f& FFN v Lufki& 140> JY ^fip Gp 34;= U1k Kcpt& Oufy 1& 140>X5 Kcutsnmc A`je J`t* [rust
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Ng* v \m`fcj& 140> JY ^fip Gp ;<<4 U1k Kcpt& Oujc 12& 140>X5 Kcutsnmc A`je J`t* [rust Ng* v
^p`jgs& 041 @K>k 949& 900(01 U1k Kcpt 140>X5 Kcutsnmc A`je J`t* [rust Ng* v M`ffcr& 044@K>k 2=4& 2=1 U1k Kcpt 1401X5 LQT Fg`j& FFN v [`yfgr& 93 @K>k `t 00<>5 M^AN A`je S^@ v
Mcrj`jkcz& 91 @K>k =;>& =;>(;; U1k Kcpt 1401X5 Kcutsnmc A`je J`t* [rust Ng* v A`rjctt& ==
@K>k 2>2& 2>< U1k Kcpt 1400X5 Nitihgrtl`lc& Ijn* v ^tgscf& =9 @K>k `t ===5 A`je gb Jcw Ygre
v ^ifvcracrl& =2 @K>k `t 1=05 @urgr` Fg`j ^crvincs& FFN v \cisafuh& =3 @K>k 93& 04= U1k Kcpt
1400X5 S*^* A`je& J*@* v Ngffyhgrc& 2= @K>k <31& <3>(3; U1k Kcpt 1449X5 scc `fsg F` ^`ffc
A`je J`tf* @ssj* v @mc`rj& 39 @K>k 900& 901 U>k Kcpt 1449X*)
Ib tmc pf`ijtibb `sscrts st`jkijl a`sck upgj ` writtcj `ssiljhcjt cxcnutck `btcr tmc
nghhcjnchcjt gb tmc `ntigj& tmc pf`ijtibb hust `fsg prgvc pmysin`f kcfivcry gb tmc jgtc acbgrc
nghhcjnchcjt* -^cc \cffs B`rlg A`je& J*@* v H`rnmigjc& 29 @K>k 14;& 104 U1k Kcpt 1449X5F` ^`ffc A`je J`tf* @ssj v @mc`rj& 39 @K>k `t 901*) Ijkcck& wmcrc tmc pf`ijtibb !cst`afismUcsX its
st`jkijl `s tmc mgfkcr gb tmc jgtc `jk hgrtl`lc ay pmysin`f kcfivcry prigr tg nghhcjnchcjt gb
tmc `ntigj&! it is ujjcncss`ry tg !`kkrcss tmc v`fikity gb U`X suascqucjtfy cxcnutck kgnuhcjt
`ssiljijl tmc hgrtl`lc `jk jgtc*! -^cc Kcutsnmc A`je J`t* [rust Ng* v \m`fcj& 140> JY ^fip
Gp ;<<4*) ^unm prggb hust ngjsist gb !b`ntu`f kct`ifs `s tg tmc pmysin`f kcfivcry gb tmc jgtc*!
-^cc Mghcnghijls Bij`jni`f& FFN v Lufki& 140> JY ^fip Gp 34;=5 Kcutsnmc A`je J`t* [rust Ng*
v M`ffcr& 044 @K>k `t 2=15 M^AN A`je S^@ v Mcrj`jkcz& 91 @K>k `t =;;5 Kcutsnmc A`je J`t*
[rust Ng* v Acrjctt& == @K>k `t 2>= U!b`ntu`f kct`ifs ngjncrjijl wmcj tmc pf`ijtibb rcncivck
pmysin`f pgsscssigj gb tmc jgtc!X5 scc `fsg @urgr` Fg`j ^crvincs& FFN v \cisafuh& =3 @K>k `t
0495 S*^* A`je& J*@* v Ngffyhgrc& 2= @K>k `t <3;*)
Tmysin`f kcfivcry gb ` jgtc is subbinicjt `s ` tr`jsbcr !witmgut ` writtcj ijstruhcjt gb `ssiljhcjt!
-scc Bfycr v ^uffiv`j& 1=; @K 29<& 299 U0st Kcpt 093;X)& gr& ijkcck !witmgut `jy writtcj wgrks
gb tr`jsbcr `t `ff! -scc Af`ec v \cikcj& 190 JY 0>;& 0>9 U09;>X*) Aut& `l`ij& !kcfivcry! rcquircs
!vgfujt`ry tr`jsbcr gb pgsscssigj! -scc JYSNN § 0(140 U0;X*) Hgrcgvcr& ujkcr Qcvisck @rtinfc >&
!@j ijstruhcjt is tr`jsbcrrck wmcj it is kcfivcrck * * * bgr tmc purpgsc gb livijl tg tmc pcrsgj
rcncivijl kcfivcry tmc rilmt tg cjbgrnc tmc ijstruhcjt! -scc Qcvisck SNN § >(14> U`X*) @ftmgulm
tmc qu`fibin`tigj is jgt bgujk ij Jcw Ygre,s @rtinfc >& wminm ngjt`ijs jg kcbijitigj gb !tr`jsbcr&!
tmis Ngurt m`s sccj jgtmijl tm`t wgufk sullcst tm`t sunm ` purpgsc jcck jgt `nnghp`jy tmc
!vgfujt`ry tr`jsbcr gb pgsscssigj! -scc JYSNN § 0(140 U0;X*) \mcj tmcrc is jg `ssiljhcjt gr
gtmcr !writtcj wgrks gb tr`jsbcr! -scc Af`ec v \cikcj& 190 JY `t 0>9)& cvikcjnc gb sunm purpgsc
hilmt c`sify ac bgujk ij tmc j`turc `jk strunturc gb tmc gvcr`ff gr rcf`tck tr`js`ntigj-s) actwccj
tmc tr`jsbcrgr `jk tmc tr`jsbcrcc*
Tcrm`ps ` hgrc kibbinuft qucstigj is wmctmcr `j `ssiljhcjt `fgjc& i*c*& witmgut pgsscssigj gb tmc
jgtc& is subbinicjt tg ngjstitutc ` !tr`jsbcr&! sg `s tg `ffgw tmc tr`jsbcrcc tg cjbgrnc it* @s oust
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U/=Xjgtck& Qcvisck @rtinfc > wgufk rcquirc kcfivcry gb tmc jgtc -scc Qcvisck SNN § >(14> U`X)&
`jk& `s jgtck `agvc& wgufk `ffgw cjbgrnchcjt gb ` jgtc witmgut pgsscssigj gjfy wmcj tmc jgtcis fgst& stgfcj& gr kcstrgyck& gr wmcrc it m`s accj p`ik -scc Qcvisck SNN § >40 UiiiX*) Qcncjt
^cngjk Kcp`rthcjt gpijigjs n`j ac rc`k `s mgfkijl tm`t tmc `ssiljhcjt `fgjc& witmgut
pgsscssigj& is subbinicjt* -^cc LQT Fg`j FFN v [`yfgr 93 @K>k `t 00<;5 Kcutsnmc A`je [rust Ng*
v Ngkig& 9; @K>k 04;4& 04;0 U1k Kcpt 1401X*)
[mis Ngurt is `w`rc gb gjfy gjc `ppcff`tc kcnisigj tm`t m`s rcngljizck `j `ssiljcc,s cjtitfchcjt
tg cjbgrnc ` jgtc wmifc cxprcssfy rcngljizijl ngjtijuck pgsscssigj gb tmc jgtc ay tmc `ssiljgr*
Ij tm`t n`sc& tmc pf`ijtibb m`k accj `ssiljck gjfy gjc(tmirk gb tmc `ssiljgr,s ijtcrcst ujkcr tmc
jgtc5 tmc pf`ijtibb w`s pcrhittck tg suc bgr mis ijtcrcst acn`usc mc m`k ogijck mis !ng(`ssiljccs!
ij tmc `ntigj* -^cc Ergjh`j v T`fh Hlht* @ssgns* Ftk* Tsmp*& 1<2 @K1k >>=& >>=(>9 U0st Kcpt1444X*)
Cxncpt& pcrm`ps& wmcrc tmcrc is ` nghhgj `lcjt& it is jgt pgssiafc bgr hgrc tm`j gjc pcrsgj tg
m`vc pgsscssigj gb `j ijstruhcjt& wminm wgufk cxpf`ij wmy gjfy `j cjtirc ijstruhcjt n`j ac
jclgti`tck -scc JYSNN § >(141 U>X5 Mcwctt v H`rijc Hikf`jk A`je& J*@*& =2 @K1k 12>& 12< U1k
Kcpt 09=1X*) Jgjctmcfcss& tmc rcsuft ij tmc !ng(`ssiljccs! n`sc is suppgrtck ay Af`ec v \cikcr
-190 JY 0>;& 0>= U09;>X)& `ftmgulm& ij tm`t n`sc& tmc Ngurt gb @ppc`fs bgujk !`t fc`st `
ngjstruntivc kcfivcry! tg tmc tmrcc ijkgrsccs -scc ik* `t 0>9*)
Qcquirijl pgsscssigj gb tmc jgtc cvcj wmcrc tmcrc is `j `ssiljhcjt wgufk scrvc tmc ihpgrt`jt
purpgsc gb prgtcntijl tmc h`ecr gb tmc jgtc wmg p`ys `j `ssiljcc brgh ` suascqucjt nf`ih ay `
mgfkcr ij kuc ngursc -scc JYSNN § >(>43)& `l`ijst wmgh ` kcbcjsc gb kisnm`rlc upgj p`yhcjt
is jgt `v`if`afc -scc JYSNN §§ 241& 24>*) -^cc `fsg J`tigj`f A`je gb A`y Qiklc v @facrs& 1;; @K
01<& 01= U1k Kcpt 09>3X5 Hgrrisgj v ^nmhch`j& 022 @K 12;& 122 U0st Kcpt 0903X*) [g tmc
ngjtr`ry& `ffgwijl rcngvcry gj `j `ssiljhcjt witmgut pgsscssigj wgufk ac ijngjsistcjt witm
nurrcjt @rtinfc > prgtcntigjs tm`t `rc ihpgsck wmcj cjbgrnchcjt is sgulmt gb ` fgst& kcstrgyck gr
stgfcj ijstruhcjt -scc JYSNN § >(=4;5 ^iffs v \`mcck Cjtrs*& 13> @K1k >30& >31 U0st Kcpt
099=X*)
[mc qucstigj is sghcwm`t `kkrcssck ij tmc Gbbini`f Nghhcjt tg Qcvisck @rtinfc >& § >(14>5
[r`jsbcr gb Ijstruhcjt5 Qilmts @nquirck Ay [r`jsbcr?
![mc rilmt tg cjbgrnc `j ijstruhcjt `jk gwjcrsmip gb tmc ijstruhcjt `rc twg kibbcrcjt ngjncpts *
* * Gwjcrsmip rilmts ij ijstruhcjts h`y ac kctcrhijck ay prijnipfcs gb tmc f`w gb prgpcrty&
ijkcpcjkcjt gb @rtinfc >& wminm kg jgt kcpcjk upgj wmctmcr tmc ijstruhcjt w`s tr`jsbcrrck
ujkcr ^cntigj >(14>* Hgrcgvcr& ` pcrsgj wmg m`s `j gwjcrsmip rilmt ij `j ijstruhcjt hilmt jgt
ac ` pcrsgj cjtitfck tg cjbgrnc tmc ijstruhcjt* Bgr cx`hpfc& suppgsc ] is tmc gwjcr `jk mgfkcr
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gb `j ijstruhcjt p`y`afc tg ]* ] scffs tmc ijstruhcjt tg Y aut is uj`afc tg kcfivcr ihhcki`tc
pgsscssigj tg Y* Ijstc`k& ] siljs ` kgnuhcjt ngjvcyijl `ff gb ],s rilmt& titfc& `jk ijtcrcst ij tmcijstruhcjt tg Y* @ftmgulm tmc kgnuhcjt h`y ac cbbcntivc tg livc Y ` nf`ih tg gwjcrsmip gb tmc
ijstruhcjt& Y is jgt ` pcrsgj cjtitfck tg cjbgrnc tmc ijstruhcjt ujtif Y gat`ijs pgsscssigj gb tmc
ijstruhcjt* Jg tr`jsbcr gb tmc ijstruhcjt gnnurs ujkcr ^cntigj >(14> -`) ujtif it is kcfivcrck tg
Y*! U/9X-Gbbini`f Nghhcjt 0 tg Qcvisck SNN § >(14>*)
[g `ffgw `j `ssiljcc tg suc witmgut pgsscssigj gb tmc jgtc& tmcrcbgrc& wgufk ac ijngjsistcjt witm
Qcvisck @rtinfc >& `jk put Jcw Ygre gut(gb(stcp witm tmc ;9 st`tcs tm`t m`vc `kgptck tmc
rcvisigj& ijnfukijl& ij p`rtinuf`r& ` ngjncptigj gb !tr`jsbcr! `s !kcfivcrUyX ay ` pcrsgj gtmcr tm`j
its issucr bgr tmc purpgsc gb livijl tg tmc pcrsgj rcncivijl kcfivcry tmc rilmt tg cjbgrnc tmc
ijstruhcjt! -scc Qcvisck SNN § >(14> U0X*) [m`t hisstcp& mgwcvcr& ib sunm it is& m`s `pp`rcjtfy`frc`ky accj t`ecj* [mc n`scf`w qugtck `jk nitck `agvc nfc`rfy spc`es& ij tmc kisoujntivc& gb
st`jkijl gat`ijck ay !`ssiljhcjt! gr !pmysin`f kcfivcry! gb tmc jgtc acbgrc nghhcjnchcjt gb
tmc `ntigj5 ib !`ssiljhcjt! hust ac `nnghp`jick ay pgsscssigj gb tmc jgtc& tmcj it scchs fittfc
kibbcrcjt brgh !pmysin`f kcfivcry*! Ijkcck& wmcrc pgsscssigj acbgrc nghhcjnchcjt ngufk ac
cst`afismck& witm ` purpgsc tg `ffgw tmc tr`jsbcrcc tg cjbgrnc tmc ijstruhcjt& tmc `ssiljhcjt
wgufk `ppc`r supcrbfugus ij hgst n`scs* [mcrc is jg cvikcjnc tm`t tmc ^cngjk Kcp`rthcjt m`s
accj usijl tmc tcrhs syjgjyhgusfy*
Gjc hilmt rcngjnifc tmcsc ngjbfintijl prijnipfcs `jk pgfinics tg `j cxtcjt ay t`eijl tmc ^cngjk
Kcp`rthcjt `t its wgrks& `jk bijkijl !st`jkijl! tg nghhcjnc `jk prgscnutc `j `ntigj tg cjbgrnc` jgtc -`jk rcf`tck hgrtl`lc) witm prggb gjfy gb `j `ssiljhcjt acbgrc nghhcjnchcjt& aut tg
rcquirc surrcjkcr gb tmc jgtc `t ouklhcjt& citmcr `btcr tri`f gr `nncfcr`tck ay suhh`ry ouklhcjt
-scc NTFQ >101) gr ouklhcjt ay kcb`uft -scc NTFQ >103*) Tcjkijl burtmcr nf`ribin`tigj brgh tmc
^cngjk Kcp`rthcjt& tmis Ngurt wiff `kgpt tm`t `pprg`nm* -^cc J`tigj`f A`je gb A`y Qiklc v
@facrs& 1;; @K `t 01=*)
Bij`ffy `s tg tmc rcquirchcjts bgr !st`jkijl&! ujkcr Jcw Ygre,s @rtinfc >& ![r`jsbcr gb `j
ijstruhcjt vcsts ij tmc tr`jsbcrcc sunm rilmts `s tmc tr`jsbcrgr m`s tmcrcij! -scc JYSNN § >(140
U0X5 scc `fsg Qcvisck SNN § >(14> UaX*) [mc nghhgj(f`w !`ssiljhcjt! br`hcwgre utifizck ay
Jcw Ygre ngurts is ngjsistcjt* -^cc \`jljcr v Lrihh& 029 JY ;10& ;1= U0941X5 Lgsmcj J`t*
A`je v Aijlm`h& 00= JY >;9& >3; U0=94X5 Hcucr v Tmcjix J`t* A`je& 9; @K >>0& >>;(>9 U0st
Kcpt 094;X& `bb,k 0=> JY 300 U0943X*) !It is cfchcjt`ry `jnicjt f`w tm`t `j `ssiljcc jcvcr
st`jks ij ` acttcr pgsitigj tm`j mis `ssiljgr*! -H`ttcr gb Ijtcrj`tigj`f Qiaagj Hiffs U@ro`j
Qiaagjs& >2 JY1k 010& 012 U09<3X5 scc `fsg Jcw Ygre " Trcsayt* Mgsp* v Ngujtrywikc Ijs* Ng*&
0< JY>k 3=2& 391 U1400X*)
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-^cc A`je gb Jcw Ygre v ^ifvcracrl& =2 @K>k `t 1=1*) \mcrc ` pf`ijtibb& tmcrcbgrc& is jgt `mgfkcr gb tmc jgtc& aut cst`afismcs !st`jkijl! pursu`jt tg tr`jsbcr& citmcr ay `ssiljhcjt gr
kcfivcry& tmc pf`ijtibb hust smgw tm`t its tr`jsbcrgr m`k tmc rilmt tg cjbgrnc tmc jgtc acbgrc
tr`jsbcr*
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JYSNN § 0(140 U14X)5 gr -1) tmc pf`ijtibb m`s pgsscssigj gb tmc jgtc ay kcfivcry -scc JYSNN § 0(
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cjbgrnc it5 gr ->) tmc pf`ijtibb m`s accj `ssiljck tmc jgtc& ay ` pcrsgj cjtitfck tg cjbgrnc it& bgr
tmc purpgsc gb U/04Xlivijl tmc pf`ijtibb tmc rilmt tg ngffcnt tmc kcat cvikcjnck ay tmc jgtc& `jktmc pf`ijtibb tcjkcrs tmc jgtc `t tmc tihc gb `jy ouklhcjt*
Mcrc& Tf`ijtibb [mc A`je gb Jcw Ygre Hcffgj m`s jgt cst`afismck prih` b`nic witm cvikcjnc ij
`khissiafc bgrh citmcr `ssiljhcjt gr kcfivcry gb tmc Jgtc brgh ` mgfkcr& subbinicjt tg `ffgw
Tf`ijtibb tg cjbgrnc tmc Jgtc `jk rcf`tck Hgrtl`lc* [mc gjfy !cvikcjnc! gb `ssiljhcjt gb tmc Jgtc
tg Tf`ijtibb `rc cxncrpts brgh ` Tggfijl `jk ^crvinijl @lrcchcjt ngjsistijl gb ` titfc p`lc& ` t`afc
gb prgvisigjs `jk cxmiaits& `jk 00 p`lcs gb prgvisigjs& ijkin`tijl ` kgnuhcjt gb hgrc tm`j <2
p`lcs* [mcrc `rc jg silj`turc p`lcs& `jk& tmcrcbgrc& jg `utmcjtin`tigj gb tmc kgnuhcjt ay
`nejgwfcklck silj`turcs -scc Trijnc& Qinm`rksgj gj Cvikcjnc § 9(040 UB`rrcff 00tm CkX5 ^tcij v
Kgue`s& <= @K>k 0412& 0419 U1k Kcpt 1401X5 JYN[F 099=(1 [rust v ^`jti`lg& >4 @K>k 3<1&3<> U1k Kcpt 1442X U!` priv`tc kgnuhcjt gbbcrck tg prgvc tmc cxistcjnc gb ` v`fik ngjtr`nt
n`jjgt ac `khittck ijtg cvikcjnc ujfcss its `utmcjtinity `jk lcjuijcjcss `rc birst cst`afismck!X*)
Cvcj iljgrijl tmc cvikcjti`ry tmrcsmgfk& tmc prgvisigj mc`kck !Ngjvcy`jnc gb Hgrtl`lc Fg`js tg
[rustcc! st`tcs tm`t !UtXmc Kcpgsitgr * * * scffs& tr`jsbcrs `jk `ssiljs tg tmc [rust witmgut
rcngursc `ff its rilmt& titfc `jk ijtcrcst ij `jk tg * * * tmc Hgrtl`lc Fg`js ikcjtibick ij tmc
Hgrtl`lc Fg`j ^nmckufc&! aut jg Hgrtl`lc Fg`j ^nmckufc is prgvikck& `jk& ij `jy cvcjt& tmc
!Kcpgsitgr! is ^trunturck @ssct Hgrtl`lc Ijvcsthcjts II Ijn*& wminm is jgt smgwj tg m`vc m`k
`jy pgwcr gr `utmgrity tg tr`jsbcr tmc suaocnt Jgtc*
[mc @lrcchcjt gb Qcsgfutigj `jk @ssuhptigj actwccj OT Hgrl`j Nm`sc A`je& J`tigj`f
@ssgni`tigj `jk [mc A`je gb Jcw Ygre prgvikcs tm`t OT Hgrl`j `s Qcsiljijl [rustcc !`ssiljs&
tr`jsbcrs& kcfivcrs `jk ngjbirhs tg U[mc A`je gb Jcw Ygre `sX ^unncssgr [rustcc `ff rilmt& titfc
`jk ijtcrcst ij `jk tg c`nm gb tmc @lrcchcjts! fistck gj ` ^nmckufck @ `jk !`ff rilmts& pgwcrs
`jk trusts gb tmc Qcsiljijl [rustcc& `s trustcc gr gtmcrwisc& ujkcr c`nm gb tmc @lrcchcjts&! aut
jgwmcrc gj ^nmckufc @ is tmc suaocnt Jgtc gr Hgrtl`lc fistck& jgr is tmcrc `jy smgwijl tm`t `jy
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fistck @lrcchcjt tr`jsbcrrck tmc Jgtc brgh OT Hgrl`j tg Tf`ijtibb* -@fsg& gjfy gjc gb tmc twg
silj`turcs tg tmc @lrcchcjt gb Qcsilj`tigj ̀ jk @ssuhptigj is ̀ nejgwfcklck*)
[mc `bbik`vit gb @jlcf` Bryc st`tcs tm`t& !UtXg hchgri`fizc tmc tr`jsbcr gb tmc hgrtl`lc fg`j tg
Tf`ijtibb& `s sunncssgr trustcc& ` writtcj `ssiljhcjt * * * w`s suascqucjtfy cxcnutck gj gr `agut
Oujc 0<& 1449! -scc ² 01)& aut& `s st`tck `agvc& tmc @ssiljhcjt gb Hgrtl`lc tg Tf`ijtibb ay
HCQ^& cvcj ib cbbcntivc& s`ys jgtmijl `agut tmc Jgtc& `jk ` tr`jsbcr gb ` hgrtl`lc kgcs jgt
n`rry tmc ujkcrfyijl jgtc -scc A`je gb Jcw Ygre v ^ifvcracrl& =2 @K>k `t 1=4*)
@s tg kcfivcry `jk pgsscssigj& tmc `bbik`vit gb @jlcf` Bryc st`tcs tm`t !\cffs B`rlg,s rcluf`rfy
h`ijt`ijck rcngrks * * * rcbfcnt tm`t agtm tmc Hgrtl`lc `jk Jgtc wcrc pmysin`ffy kcfivcrck tg
\cffs B`rlg * * * prigr tg nghhcjnchcjt gb tmis `ntigj * * * U`jkX burtmcr rcbfcnt tm`t \cffs B`rlg *
* * w`s ij pmysin`f pgsscssigj gb tmc Jgtc `jk Hgrtl`lc `t tmc tihc tmis `ntigj w`s nghhcjnck&!
aut `fsg st`tcs tm`t !Tf`ijtibb is ij pgsscssigj gb tmc Trghissgry Jgtc& * * * kufy ijkgrsck tg OT
Hgrl`j Nm`sc A`je& J@ `s [rustcc! -scc ² 00*) [mcrc `rc jg kct`ifs `s tg tmc kcfivcry tg \cffs
B`rlg& `jk& ib tmcrc w`s ` suascqucjt kcfivcry tg Tf`ijtibb& wminm wgufk cxpf`ij tmc `pp`rcjt
ijngjsistcjny& it U/00Xis jgt kcsnriack*
Hgrcgvcr& tmc `bbi`jt& @jlcf` Bryc& kgcs jgt `sscrt `jy pcrsgj`f ejgwfcklc gb kcfivcry tg& gr
pgsscssigj ay& citmcr \cffs B`rlg gr Tf`ijtibb* ^mc kgcs jgt `tt`nm gr kcsnriac `jy gb \cffs
B`rlg,s !rcluf`rfy h`ijt`ijck rcngrks! gj wminm smc rcfics& jgr rcjkcr tmch `khissiafc `s
cvikcjnc* -^cc OT Hgrl`j Nm`sc& J*@* v Q@K^ Lrgup& Ijn*& == @K>k <22& <2< U1k Kcpt 1400X5
M^AN A`je S^@& J*@* v Actts& 2< @K>k <>3& <>2 U1k Kcpt 1449X5 Sjibujk NNQ T`rtjcrs v
Ygujlh`j& =9 @K>k 0><<& 0><<(<= U;tm Kcpt 1400X5 Qciss v Qg`kmgusc Qcst*& <4 @K>k 0410&
041; U1k Kcpt 1404X5 Fgk`tg v Lrcym`we Jgrtm @hcrin`& FFN& >9 @K>k ;9;& ;93 U1k Kcpt
144<X5 \mitbicfk v Nity gb Jcw Ygre& 02 Hisn >k 0003& U@X& 144< JY ^fip Gp 30;>> USX U^up Nt&
Eijls Ngujty 144<X5 `bb,k ;= @K>k <9= U1k Kcpt 144=X*) ^mc kgcs jgt st`tc tm`t tmc !rcluf`rfy
h`ijt`ijck rcngrks! smgw kcfivcry gb tmc Jgtc ay OT Hgrl`j Nm`sc A`je -gr `jygjc cfsc)& `jk&
`s jgtck `agvc& tmcrc is jg cvikcjnc tm`t OT Hgrl`j Nm`sc A`je cvcr m`k pgsscssigj gb tmc
Jgtc*
@ftmgulm Tf`ijtibb,s b`ifurc tg cst`afism prih` b`nic tm`t it is cjtitfck tg cjbgrnc tmc Jgtc `jk
Hgrtl`lc is cjgulm tg rcquirc kcji`f gb its hgtigj bgr suhh`ry ouklhcjt `l`ijst tmc Kc`jc
Kcbcjk`jts -scc @urgr` Fg`j ^crv*& FFN v \cisafuh& =3 @K>k `t 04=(04)& kcji`f gb suhh`ry
ouklhcjt is w`rr`jtck gj gtmcr lrgujks* [mc cvikcjti`ry kcbinicjnics ij tmc `bbik`vit gb @jlcf`
Bryc& jgtck `agvc witm rcspcnt tg kcfivcry `jk pgsscssigj gb tmc Jgtc& ijbcnt `s wcff gtmcr
cfchcjts gb Tf`ijtibb,s nf`ih& ijnfukijl kcb`uft& `nncfcr`tigj gb tmc fg`j& `jk tmc `hgujt kuc*
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-===) ;90 „ ><;0ijbgDhgrtl`lcnghpfi`jncijvcstil`tgrs*ngh
^cntigj 11 gb tmc Hgrtl`lc st`tcs tm`t !Fcjkcr h`y rcquirc Ihhcki`tc T`yhcjt ij Buff * * * gjfy
ib `ff UspcnibickX ngjkitigjs `rc hct&! ijnfukijl tm`t !Fcjkcr scjks * * * ` jgtinc! tm`t nghpficswitm tmc ^cntigj* Livijl tmc rcquisitc jgtinc gb kcb`uft is ` ngjkitigj prcnckcjt tg `nncfcr`tigj&
wminm is ` rcquirchcjt bgr scceijl tmc cquit`afc rchcky gb bgrcnfgsurc* -^cc M^AN Htlc* Ngrp*
US^@X v Lcracr& 044 @K>k 922& 922(2< U1k Kcpt 1401X5 \cffs B`rlg A`je& J*@* v Aurec& 9;
@K>k 9=4& 9=1(=; U1k Kcpt 1401X5 L*C* N`pit`f Hgrtl* ^crvs* v Hittfch`j& 1>= @K1k ;<0& ;<0
U1k Kcpt 099<X5 Hgct& II& Ijn* v HnN`rtmy& 119 @K1k =<2& =<< U>k Kcpt 0992X5
Nitihgrtl`lc& Ijn* v Riff`tgrg(Luzh`j& 1449 JY ^fipGp >49=> USX& / ; U^up Nt& ^ubbgfe Ngujty
1449X5 \citzcf v Jgrtmcrj Lgfb& Ijn*& 0= Hisn >k 00>; U@X& 144= JY ^fip Gp 34>43 USX& / ;( / 2
U^up Nt& Fivijlstgj Ngujty 144=X5 PHA Mgfkijls& FFN v Csn`v` Argtmcrs& 00 Hisn >k 0424 U@X&
1442 JY ^fip Gp 34>11 USX& / > U^up Nt& Argjx Ngujty 1442X5 H`jub`nturcrs " [r`kcrs [rust
Ng* v Egrjlgfk& 021 Hisn 1k 229 U^up Nt& Qgnef`jk Ngujty 099;X*)
Tf`ijtibb suahits jg prggb gb scrvinc gb tmc Kcnchacr 10& 144= jgtinc gb kcb`uft* -^cc M^AN
Htlc* Ngrp* US^@X v Lcracr& 044 @K>k `t 92<5 Jgrwcst A`je Hijjcsgt`& J*@* v ^`afgbb& 19<
@K1k <11& <1> U1k Kcpt 1441X5 scc `fsg Jgncff` v Bgrt Kc`ragrj Fibc Ijs* Ng* gb JY& 99 @K>k
=<<& =<= U1k Kcpt 1401X5 Fcjnmjcr v Nm`sij& 3< @K>k 21>& 21; U1k Kcpt 144=X5 Kujc Kcne
Gwjcrs Ngrp* v OO " T @ssgn* Ngrp*& >; @K>k 31>& 31; U1k Kcpt 1442X5 Qcsikcjti`f Mgfkijl
Ngrp* v ^ngttsk`fc Ijs* Ng*& 1=2 @K1k 2<9& 2=4 U1k Kcpt 1440X*) Burtmcr& tmc Kcnchacr 10&
144= jgtinc gb kcb`uft w`s livcj ay `j cjtity tm`t is jgt tmc !Fcjkcr&! jgr smgwj tg m`vc accj
ikcjtibick tg tmc hgrtl`lgrs `s `utmgrizck tg `nt bgr tmc Fcjkcr* -^cc CHN Htlc* Ngrp* v ^u`rcz&
;9 @K>k 391& 39> U1k Kcpt 144=X5 scc `fsg PHA Mgfkijls& FFN v Csn`vc U/01XArgtmcrs& 1442
JY ^fip Gp 34>11 USX& `t / >5 H`jub`nturcrs `jk [r`kcrs [rust Ng* v Egrjlgfk& 021 Hisn 1k
229*)
[g tmc cxtcjt tm`t Tf`ijtibb,s hgtigj scces ouklhcjt ay kcb`uft `l`ijst Kcbcjk`jts gtmcr tm`j tmc
Kc`jc Kcbcjk`jts& `s st`tck `agvc Tf`ijtibb is jgt rcquirck tg smgw its !st`jkijl*! [mc gtmcr
jgtck kcbinicjnics ij Tf`ijtibb,s smgwijl `s `l`ijst tmc Kc`jc Kcbcjk`jts& mgwcvcr& prcnfukc `
bijkijl tm`t it m`s smgwj !prggb gb tmc b`nts ngjstitutijl tmc nf`ih! -scc NTFQ >103 UbX) `s
`l`ijst tmc gtmcr Kcbcjk`jts tg tmc cxtcjt tm`t Tf`ijtibb,s nf`ihs `l`ijst tmgsc Kcbcjk`jts
kcpcjk upgj bgrcnfgsurc gb tmc Hgrtl`lc* Ijkcck& Tf`ijtibb h`ecs jg smgwijl `t `ff `s `l`ijst
`jy gb tmc gtmcr Kcbcjk`jts*
@s tg !prggb gb tmc b`nts ngjstitutijl tmc * * * kcb`uft! -scc ik*)& tmcrcspcntivc `bbik`vits gb scrvinc
b`if tg smgw prgpcr scrvinc gj kcbcjk`jt Hgrtl`lc Cfcntrgjin Qclistr`tigj ^ystchs& Ijn* pursu`jt
tg NTFQ >00 -`) -0)& gr upgj kcbcjk`jts Jcw Ygre Nity Cjvirgjhcjt`f Ngjtrgf Ag`rk gr Jcw Ygre
Nity [r`jsit @koukin`tigj Aurc`u pursu`jt tg NTFQ >00 -`) -1)* ^crvinc upgj kcbcjk`jt Jcw Ygre
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Hcrnm`jts Trgtcntivc Ng*& Ijn* ay scrvinc upgj tmc ^cnrct`ry gb ^t`tc pursu`jt tg NTFQ >00 -`)
-0) `jk Ausijcss Ngrpgr`tigj F`w § >42 wgufk ac `pprgpri`tc ib Kcbcjk`jt is ` ngrpgr`tigj& autjg cvikcjnc is suahittck tm`t it is& `jk& ij `jy cvcjt& tmcrc is jg scrvinc gb tmc `kkitigj`f scrvinc
rcquirck ay NTFQ >103 -l)*
Tf`ijtibb `fsg suahits `j `bbik`vit gb scrvinc upgj Fyjj Kc`jc `s !Ogmj Kgc! ay kcfivcry tg
kcbcjk`jt !N`rf Kc`jc -Musa`jk)&! aut tmc `bbik`vit kgcs jgt smgw tmc rcquirck h`ifijl ij
`nngrk`jnc witm NTFQ >4= -1)* Ij `jy cvcjt& tmc jgj(hifit`ry `bbik`vit& ijnfukck `s p`rt gb tmc
`bbik`vit gb scrvinc& is prch`turc* -^cc Chilr`jt Htlc* Ngrp* Ijn* v K`jicfs& 1404 JY ^fip Gp
>1<14 USX& / ;( / 3 U^up Nt& JY Ngujty 1404X5 KFO Hgrtl`lc N`pit`f& Ijn* v F`wrcjnc& 1449 JY
^fip Gp >433; USX& / 2 U^up Nt& J`ss`u Ngujty 1449X5 ^ujsct > Qc`fty v Aggtm& 01 Hisn >k 00=;
U@X& 1442 JY ^fip Gp 30;;0 USX& / > U^up Nt& ^ubbgfe Ngujty 1442X U^lrgi& O*X5 S*^* A`je J@ vNg`xuh& 144> JY ^fip Gp 30>=; USX& / 1( / > U^up Nt& \cstnmcstcr Ngujty 144>X*)
[mc Ngurt jgtcs tm`t& `ftmgulm jg Kcbcjk`jt gppgsck Tf`ijtibb,s hgtigj& Tf`ijtibb is jgt rcficvck gb
its aurkcj gb h`eijl ` subbinicjt smgwijl bgr suhh`ry ouklhcjt-scc Ygjecrs @vc* Kgklc& Ijn* v
A_ Qcsufts& FFN& 93 @K>k <<;& <<;(<3 U0st Kcpt 144>X U!`j ujgppgsck suhh`ry ouklhcjt
hgtigj wiff ac kcjick upgj ` hgv`jt,s b`ifurc tg cst`afism prih` b`nic cjtitfchcjt tg suhh`ry
ouklhcjt gr wmcj tmc cvikcjnc nrc`tcs ` qucstigj gb b`nt!X5 gr bgr ouklhcjt ay kcb`uft -scc
^upcrigr Kcjt`f N`rc& T*N* v Mgbbh`j& =0 @K>k 2>1& 2>; U1k Kcpt 1400X U![mcrc is jg
h`jk`tgry hijistcri`f kuty tg cjtcr ` kcb`uft ouklhcjt `l`ijst ` kcb`uftijl p`rty!X Uijtcrj`f
qugt`tigj h`res ̀ jk nit`tigj ghittckX*)
Bij`ffy& Tf`ijtibb hgvcs tg `hcjk tmc n`ptigj -`jk& prcsuh`afy tg `hcjk tmc Nghpf`ijt tg
ngjbgrh) ij twg rcspcnts? tg suastitutc bgr tmc j`hc gb tmc pf`ijtibb ![mc A`je gb Jcw Ygre
Hcffgj b'e'` [mc A`je gb Jcw Ygre& `s [rustcc bgr ^trunturck @ssct Hgrtl`lc Ijvcsthcjts II Ijn*
Ac`r ^tcrjs @F[(@ [rust& Hgrtl`lc T`ss([mrgulm Ncrtibin`tcs ^crics 1443(<!5 `jk tg suastitutc
!Fyjj U/0>XKc`jc! bgr kcbcjk`jt !Ogmj Kgc*! @s tg tmc f`ttcr& ngujscf gbbcrs jg cxpf`j`tigj ij
citmcr mcr `bbirh`tigj gr tmc hchgr`jkuh gb f`w& `jk tmc Ngurt wiff jgt spcnuf`tc*
@s tg tmc ikcjtibin`tigj gb Tf`ijtibb& ngujscf cxpf`ijs tm`t [mc A`je gb Jcw Ygre Hcffgj !is tmc
prgpcr pf`ijtibb ij its n`p`nity `s [rustcc bgr tmc [rust& wminm * * * is tmc mgfkcr gb tmc Kc`jcs,
fg`j! -scc Tf`ijtibb,s Hchgr`jkuh `t 03*) Aut tmc `bbik`vit gb @jlcf` Bryc st`tcs& !\cffs B`rlg&
`s nustgki`j bgr `jk gj acm`fb gb tmc [rust& is tmc nurrcjt mgfkcr gb tmc Hgrtl`lc fg`j& pursu`jt
tg tmc T^@! -scc ² 0>*) ^ijnc ` pcrsgj n`jjgt ac ` !mgfkcr! gb ` jclgti`afc ijstruhcjt witmgut
pgsscssigj& agtm st`tchcjts n`jjgt ac fitcr`ffy `nnur`tc* It h`y ac tm`t Tf`ijtibb kgcs jgt usc
!mgfkcr! `s it is ujkcrstggk ij tmc f`w gb jclgti`afc ijstruhcjts& aut tmc tcrh `jk ngjncpt
7/28/2019 Bank of New York Mellon V. Deane
http://slidepdf.com/reader/full/bank-of-new-york-mellon-v-deane 15/15
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!mgfkcr! is tgg ihpgrt`jt tg !st`jkijl! `jk ` pf`ijtibb,s `aifity tg h`ijt`ij tmis `ntigj bgr tmcrc tg
ac rise gb burtmcr ngjbusigj*
Tf`ijtibb,s hgtigj is kcjick& witm fc`vc tg rcjcw witm p`pcrs tm`t nurc& gr gtmcrwisc rcsgfvc& tmc
kcbinicjnics jgtck `agvc*
Oufy 00& 140>WWWWWWWWWWWWWWWWWWW
O`ne H* A`tt`lfi`
Oustinc& ̂ uprchc Ngurt