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Comparing Legal Systems:Panama and the United States
David M. Mizrachi
This document is not meant to be relied upon in place of seeking independent legal advice. It is only an informal survey of certain laws, which may contain inaccuracies. ©2010, Mizrachi, Davarro & Urriola
The PanamanianLegal System
Civil Law JurisdictionSingle Sovereign
Jurisprudence not binding
“Probable Doctrine”
One Constitution – Supremacy Rule
Codes (Civil, Commercial, Tax, Family, Judicial, Mining, Administrative)
Special Laws (Banking, Securities, Oil & Gas, Negotiable Instruments, Corporations, Foundations, Social Security, Public Services, Gaming, Antitrust and Consumer Protection)
The United StatesLegal System
Common Law Jurisdiction
Multiple Sovereigns
Jurisprudence binding
“Stare Decisis”
One Federal Constitution – Supremacy RuleSeveral State Constitutions
Federalism / States RightsCommerce Clause
Federal Laws - US Code – Code of Federal Regulations
State Laws – State Statutes - State Codes
Federal Courts
State Courts
The United StatesLegal System
Federal Court JurisdictionFederal Law Issues
Diversity of Citizenship
U.S. Supreme Court ReviewConflict between Circuit (Appellate Courts)
US Constitutional Matters
Writ of Certiorari
Lifetime appointment of Federal Judges
Shared General Features
Ease of incorporation
Modern body of commercial laws
Strict regulation of banking, insurance and securities
Few restrictions on foreign investment in the services and industrial sectors
Few restrictions on property ownership by foreigners
General Features (…/)
Minimal government interference in non regulated industries
Freedom to contract
Individual freedoms
Trends toward arbitration law
Intellectual Property
Copyrights
Patents
Trademarks
Trade Secrets
License
Franchises
Issues Facing Lawyers Supreme Court Regulation in PanamaState Supreme Court Regulation in the United StatesNational Bar Admission in Panama
No mandatory association membership
State Bar Admissions in the United States Mandatory association membership
Hourly Fees - Preferred in the United StatesValue Based Fees – Preferred in Contingency FeesPanama – Trend Changing in the United States
Dispute Resolution
Court Systems Arbitration - Mediation
Constitutionally Sound Quick Flexible Enforceable Professional Granted full faith and credit International or Domestic
Recommendations for doing business across borders
Find a reliable trading partner Conduct due diligence Research the Market PUT IT IN WRITING!Include ArbitrationTHINK REGION! Request guarantees (personal real and documentary)
Calle 58 y Avenida Samuel LewisTorre ADR Oficina 6-CPanama, Republic of Panama Tel. 011-507-263-0604Fax 011-507-263-2581www.mdulegal.com
The preceding presentation is not meant to be relied upon in place of seeking independent legal advice. It is only an informal survey of certain legal considerations, which may contain inaccuracies. The Author and his firm disclaim any responsibility for its accuracy, fairness, reliability, or contents. No representation is made as to the legal and/or tax consequences of any of the concepts herein described. The reader is specifically warned not to rely on its contents and to seek professional advice from a licensed attorney in Panama. The hiring of an attorney is an important decision which should not be based on advertising and/or publications alone. Should you be interested in learning more regarding the Author’s qualifications, you will be provided with additional information free of charge upon request. (© 2010, Mizrachi, Davarro & Urriola)