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UvA-DARE is a service provided by the library of the University of Amsterdam (http://dare.uva.nl) UvA-DARE (Digital Academic Repository) Insider guarantees in corporate finance An economic analysis of Dutch, US and German law Jonkers, A.L. Link to publication Creative Commons License (see https://creativecommons.org/use-remix/cc-licenses): Other Citation for published version (APA): Jonkers, A. L. (2020). Insider guarantees in corporate finance: An economic analysis of Dutch, US and German law. General rights It is not permitted to download or to forward/distribute the text or part of it without the consent of the author(s) and/or copyright holder(s), other than for strictly personal, individual use, unless the work is under an open content license (like Creative Commons). Disclaimer/Complaints regulations If you believe that digital publication of certain material infringes any of your rights or (privacy) interests, please let the Library know, stating your reasons. In case of a legitimate complaint, the Library will make the material inaccessible and/or remove it from the website. Please Ask the Library: https://uba.uva.nl/en/contact, or a letter to: Library of the University of Amsterdam, Secretariat, Singel 425, 1012 WP Amsterdam, The Netherlands. You will be contacted as soon as possible. Download date: 30 May 2020
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Page 1: UvA-DARE (Digital Academic Repository) Insider guarantees in … · Literature & case law 308 Deprizio’, The Business Lawyer, 1(45), pp. 2151–2168. Bowers, J. (2000) ‘Security

UvA-DARE is a service provided by the library of the University of Amsterdam (http://dare.uva.nl)

UvA-DARE (Digital Academic Repository)

Insider guarantees in corporate financeAn economic analysis of Dutch, US and German lawJonkers, A.L.

Link to publication

Creative Commons License (see https://creativecommons.org/use-remix/cc-licenses):Other

Citation for published version (APA):Jonkers, A. L. (2020). Insider guarantees in corporate finance: An economic analysis of Dutch, US and Germanlaw.

General rightsIt is not permitted to download or to forward/distribute the text or part of it without the consent of the author(s) and/or copyright holder(s),other than for strictly personal, individual use, unless the work is under an open content license (like Creative Commons).

Disclaimer/Complaints regulationsIf you believe that digital publication of certain material infringes any of your rights or (privacy) interests, please let the Library know, statingyour reasons. In case of a legitimate complaint, the Library will make the material inaccessible and/or remove it from the website. Please Askthe Library: https://uba.uva.nl/en/contact, or a letter to: Library of the University of Amsterdam, Secretariat, Singel 425, 1012 WP Amsterdam,The Netherlands. You will be contacted as soon as possible.

Download date: 30 May 2020

Page 2: UvA-DARE (Digital Academic Repository) Insider guarantees in … · Literature & case law 308 Deprizio’, The Business Lawyer, 1(45), pp. 2151–2168. Bowers, J. (2000) ‘Security

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Dutch Supreme Court 30 May 1924, NJ 1924, 835

Dutch Supreme Court 28 June 1957, NJ 1957, 514, (Erba/Amsterdamse Bank).

Dutch Supreme Court 25 September 1981, NJ 1982, 443 (Osby)

Dutch Supreme Court, 20 November 1981, NJ 1982, 174 (Rollman/Van Opzeeland)

Dutch Supreme Court 17 December 1982, NJ 1983, 480 (Bibolini)

Dutch Supreme Court 14 January 1983, NJ 1983, 597 (Peeters q.q./Gatzen)

Dutch Supreme Court 9 May 1986, NJ 1986, 792 (Keulen/Bouwfonds)

Dutch Supreme Court 19 February 1988, NJ 1988, 487 (Albada Jelgersma)

Dutch Supreme Court 6 October 1989, NJ 1990, 286 (Beklamel)

Dutch Supreme Court 18 May 1990, NJ 1991, 412 (CLBN/De Maas Janssens).

Dutch Supreme Court, 1 June 1990, NJ 1991/759 (Van Lanschot/Bink)

Dutch Supreme Court 8 November 1991, NJ 1992, 174 (Nimox/Van den End q.q.)

Dutch Supreme Court 22 May 1992, NJ 1992, 526 (Bosselaar q.q./Interniber – also known as

Montana I

Dutch Supreme Court 18 November 1994, NJ 1995, 170 (NBM/Securicor)

Dutch Supreme Court 9 June 1995, NJ 1996, 213 (Krijger/Citco)

Dutch Supreme Court, 3 June 1994, NJ 1997/287 (Direktbank/Breda)

Dutch Supreme Court 24 March 1995, NJ 1995, 628 (Gispen q.q./IFN)

Dutch Supreme Court 19 May 1995, NJ 1997/648 m.nt. Brunner

Dutch Supreme Court 9 June 1995, NJ 1995, 639, m.nt. PvS (Gesnoteg/Mees Pierson)

Dutch Supreme Court 20 September 1996, NJ 1997, 149; JOR 1996/119 (Playland)

Dutch Supreme Court 2 May 1997, NJ 1997, 662 (Kip en Sloetjes/Rabobank Winterswijk)

Dutch Supreme Court 12 June 1998, NJ 1998, 727 (Coral/Stalt)

Dutch Supreme Court 11 September 1998. RvdW 1998, 150C (Mediasafe II)

Dutch Supreme Court 20 November 1998, «JOR» 1999/19, m.nt. NEDF (Verkerk/Tiethoff q.q.)

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Dutch Supreme Court 8 October 1999, NJ 1999/781 (Bouman/Rabobank)

Dutch Supreme Court 14 April 2000, NJ 2000/689 (Soetelieve/Stienstra)

Dutch Supreme Court 16 June 2000, NJ 2000, 578 (Van Dooren q.q./ABN Amro I)

Dutch Supreme Court 19 October 2001, ECLI:NL:HR:2001:ZC3654, NJ 2001, 654

(Diepstraten/Gilhuis q.q.)

Dutch Supreme Court 21 December 2001, JOR 2002/38 (Sobi/Hurks)

Dutch Supreme Court 21 December 2001, NJ 2005, 95 (Lunderstadt/De Kok c.s.)

Dutch Supreme Court 28 June 2002, NJ 2002/447 (Akzo/ING)

Dutch Supreme Court 7 March 2003, NJ 2003, 429 (Cikam/Siemon q.q.)

Dutch Supreme Court 18 April 2003, JOR 2003/160, m.nt. Bartman (Rivier de Lek/Van de

Wetering)

Dutch Supreme Court 11 June 2003, NJ 2004/173 (Kelders/Fortis)

Dutch Supreme Court 8 July 2005, NJ 2005, 457, JOR 2005/230 (Van Dooren q.q./ABN AMRO II)

Dutch Supreme Court 8 December 2006, NJ 2006, 659, ECLI:NL:HR:2006:AZ0758

(Ontvanger/Roelofsen)

Dutch Supreme Court 8 July 2005, JOR 2005/233 m.nt. Verdaas (Rabobank/Van Hees)

Dutch Supreme Court 26 January 2007, «JOR» 2007/80, m.nt. NEDF (Steins/ING)

Dutch Supreme Court 27 June 2007, NJ 2007, 420 (Bruil)

Dutch Supreme Court 6 June 2008, NJ 2010, 12 (Satisfactorie)

Dutch Supreme Court 12 September 2008, JOR 2008/297 (Van Dusseldorp/Coutts Holding)

Dutch Supreme Court 11 September 2009, NJ 2009/565 (Comsys/Van den End q.q)

Dutch Supreme Court 22 December 2009, ECLI:NL:HR:2009:BI8493, NJ 2010, 273 (Van Dooren

q.q. / ABN AMRO III)

Dutch Supreme Court 8 October 2010, JOR 2010/367 (Abbink/SNS)

Dutch Supreme Court 8 July 2011, ECLI:NL:HR:2011:BQ0593, JOR 2012/67

Dutch Supreme Court, 20 January 2012, JOR 2012/97

Dutch Supreme Court 6 April 2012, ECLI:NL:HR:2012:BU3784 (ASR/Achmea).

Dutch Supreme Court 13 July 2012, JOR 2012/306 (Janssen q.q. / JVS)

Dutch Supreme Court 12 April 2013, NJ 2013/224 (Megapool/Laser)

Dutch Supreme Court 12 April 2013, NJ 2013/390 m.nt. Tjong Tjin Tai (Pessers/Rabo)

Dutch Supreme Court 22 November 2013, ECLI:NL:HR:2013:1381 (TEP / Silvius & Van Steen

q.q.)

Dutch Supreme Court 29 November 2013, NJ 2014/9 (Roeffen q.q./Jaya).

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Dutch Supreme Court, 21 March 2014, NJ 2014/266 m.nt. Tjong Tjin Tai, (Dulack q.q./X)

Dutch Supreme Court, 13 March 2015, ECLI:NL:HR:2015:600, JOR 2015, 184 (Amstelpark).

Dutch Supreme Court 16 October 2015, NJ 2016/49 (Ingwersen q.q./ING Commercial Finance)

Dutch Supreme Court 16 October 2015, ECLI:NL:HR:2015:3023 (DLL/Van Logtenstijn q.q.)

Dutch Supreme Court 18 December 2015, ECLI:NL:HR:2015:3606, (Nooij /ING).

Dutch Supreme Court 1 April 2016, ECLI:NL:HR:2016:543 (Harderveld/Aruba Bank)

Conclusion of Advocate General Timmerman to Dutch Supreme Court 7 april 2017,

ECLI:NL:PHR:2017:635, NJ 2017/177, JOR 2017/213, (Jongepier/Drieakker c.s.)

Dutch Supreme Court 30 June 2017, ECLI:NL:HR:2017:1182 (X/Rabobank)

Dutch Supreme Court 13 July 2018, ECLI:NL:HR:2018:1220, JOR 2018/263

Lower courts

District Court of The Hague (president) 23 June 1992, KG 1992/343

Amsterdam Court of Appeal, 3 May 2007 (Grote Noord/Korse), JOR 2007/280, m.nt. R.I.V.F.

Bertrams

Utrecht District Court 6 June 2007, JOR 2008, 19, m.nt. Faber (Aerts q.q./Rabobank and FGH).

Amsterdam District Court, 17 December 2008 (One.tel)

Arnhem Court of Appeal, 15 September 2009, JOR 2010/112 (Beijer/Willems q.q.)

Den Bosch Court of Appeal, 19 January 2010, JOR 2010/113 (Stoets Holding/Bohncke)

Breda District Court 7 July 2010 (Oude Grote Bevelsborg q.q./Louwerier q.q.)

Amsterdam Court of Appeal 14 February 2012, ECLI:NL:GHAMS:2012:BW1995 (Pieper/Mentzel

c.s.), r.o. 3.32.

Arnhem-Leeuwarden Court of Appeal, 12 February 2013, ECLI:NL:GHARL:2013:822, JOR

2013/78

Court of Appeal Arnhem-Leeuwarden, 10 March 2015, ECLI:NL:GHARL:2015:1695, (P&O / Van

Andel q.q.)

Amsterdam Court of Appeal, 2 June 2015, ECLI:NL:GHAMS:2014:2101, (Verwiel q.q. / Hansteen

Netherlands)

District Court Midden-Nederland, 1 July 2015, JOR 2015/313 (Barclays/X).

District Court of Noord-Holland, 25 November 2015, ECLI:NL:RBNHO:2015:11663 (X q.q. / TUG

Vastgoed)

The Hague Court of Appeal, 29 March 2016, ECLI:NL:GHDHA:2016:708

Amsterdam Court of Appeal, 31 May 2016, ECLI:NL:GHAMS:2016:2057

Gerechtshof Arnhem-Leeuwarden 27 March 2018, ECLI:NL:GHARL:2018:2893, Leliveld /

Rabobank.

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Amsterdam Court of Appeal 18 December 2018, ECLI:NL:GHAMS:2018:4783.

US case law

Smith v Tostevin, 247 F. 102 (2d Cir. 1917)

Dodge v. Ford Motor Co, Michigan Supreme Court 07/02/1919, 284 Mich. 458 (1919)

Ivanhoe Building & Loan Ass'n of Newark, N.J. v. Orr, 295 U.S. 243, 55 S. Ct. 685, 79 L. Ed. 1419

(1935)

In re Realty Associates Securities Corp., 66 F. Supp. 416, 424 (E.D. N.Y. 1946), judgment aff'd,

162 F.2d 350 (C.C.A. 2d Cir. 1947)

Financial Counsellors, Inc. v. Securities and Exchange Commission, 339 F.2d 196, 197 (2d Cir.

1964)

DeWitt Truck Brokers v. W. Ray Flemming Fruit Co., 540 F.2d 681, 686-87 (4th Cir. 1976)

Mosa v. Wilson-Bates Furniture Co., 583 P.2d 453, 454 (Nev. 1978)

Twist Cap, Inc. v. Southeast Bank (In re Twist Cap, Inc.), 1 B.R. 284 (Bankr. M.D. Fla. 1979)

White v. Winchester Land Development Corp., 584 S.W.2d 56, 61-62 (Ky. Ct. App. 1979)

Rubin v Manufacturers Hanover Trust Co 661 F2d 979 (2d Cir 1981)

Cross v. Communication Channels, Inc., 456 N.Y.S.2d 971, 973-74 (Sup. Ct. 1982)

United States v. Daugherty, 599 F. Supp. 671, 673 (E.D. Tenn. 1984)

Drabkin v. Midland-ross Corp. (In re Auto- Train Corp., Inc.), 810 F.2d 270, 277 (D.C. Cir. 1987)

In re Xonics Photochemical, Inc., 841 F.2d 198, 201 (7th Cir. 1988)

Compare Pioneer Technology, Inc. v. Eastwood (In re Pioneer Technology, Inc.), 107 B.R. 698,

702 (9th Cir. BAP 1988)

Levit v. Ingersoll Rand Financial Corp (Deprizio) 2874 F.2d 1186 (7th Cir. 1989)

In re Tryit Enterprises, 121 B.R. 217 (Bankr. S.D. Tex. 1990)

Passalacqua Builders, Inc. v. Resnick Developers South, Inc., 933 F.2d 131, 32 Fed. R. Evid. Serv.

1218 (2d Cir. 1991)

Wysko Inv. Co. v. Great Am. Bank, 131 B.R. 146 (D. Ariz. 1991)

Credit Lyonnais v. Pathe Communications Corp, 1991 Del. Ch. LEXIS 215 (Del. Ch. Dec. 30, 1991)

In re Erin Food Serv., Inc., 980 F.2d 792 (1st Cir. 1992)

Geyer v. Ingersoll Publications Co., 621 A.2d 784 (Del. Ch. 1992)

Hendon v. Assocs. Commercial Corp. (In re Fastrans), 142 B.R. 241, 245 (Bankr. E.D. Tenn. 1992)

Matter of Fairchild Aircraft Corp., 6 F.3d 1119, (5th Cir. 1993)

Hostmann v. First Interstate Bank of Or., N.A. (In re XTI Xonix Techs. Inc.), 156 B.R. 821, 833–34

(Bankr. D. Or. 1993)

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Literature & case law

330

In re Master Mortg. Inv. Fund Inc., 168 B.R. 930 (Bankr. W.D. Mo. 1994)

O’Neil v. Orix Credit Alliance, Inc. (In re Ne. Contracting Co.), 187 B.R. 420, 423–24 (Bankr. D.

Conn. 1995)

Telesphere Liquidating Trust v. Galesi (In re Telesphere Commc’ns, Inc.), 229 B.R. 173, 176 n.3

(Bankr. N.D. Ill. 1999)

Official Comm. of Unsecured Creditors v. R.F. Lafferty & Co., 267 F.3d 340, 349 (3d Cir. 2001)

Russell v. Jones (In re Pro Page Partners, LLC), 292 B.R. 622, 631–33 (Bankr. E.D. Tenn. 2003)

In re Exide Techs., Inc., 299 B.R. 732, 743-46 (Bankr. D. Del. 2003)

In re Owens Corning, 419 F.3d 195, 208-09 (3d Cir. 2005)

Trenwick Am. Litig. Trust v. Ernst & Young, L.L.P., 906 A.2d 168, 174 (Del. Ch. 2006)

North American v. Gheewalla 930 A.2d 92 (Del. 2007)

Miller v. Greystone Bus. Credit II, L.L.C. (In re USA Detergents, Inc.), 418 B.R. 533, 541–42

(Bankr. D. Del. 2009)

UBS Commercial Mortg. Trust 2007-FLI v. Garrison Special Opportunities Fund L.P., No.

652412/2010, 2011 WL 4552404, (N.Y. Sup. Ct. Mar. 8, 2011)

W. Hills Farms, LLC v. Classicstar (In re Classicstar Mare Lease Litig.), 823 F. Supp. 2d 599,

United States District Court for the Eastern District of Kentucky, 30 September 2011

Senior Transeastern Lenders v Official Committee of Unsecured Creditors (In re TOUSA inc) 680

F.3d 1298, 67 C.B.C.2d 1035 (11th Cir. 2012)

Lichtenstein v Willkie Farr & Gallagher LLP, 120 A.D.3d 1095 (New York Supreme Court

appellate division, 2014)

Martino v. Miszkowicz (In re Miszkowicz), 72 C.B.C.2d 197, 513 B.R. 553 (Bankr. N.D. Ill. 2014)

In re Adamson Apparel, Inc., No. 12-57059 (9th Cir. 2015)

German case law

BGH, 16 September 1985 - II ZR 275/84

BGH, 25 November 1985 - II ZR 115/85

BGH, 21.03.1988 - II ZR 194/87

BGH, 23 September 1991 - II ZR 135/90 (Video)

BVerfG, 19 October 1993, NJW 1994, 36

BGH, 29 February 1996 - IX ZR 153/95

BGH, 5 June 1996 – VIII ZR 151/95

BGH, 15 April 1997 - IX ZR 112/96

BGH 18 December 1997, IX ZR 271/96

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331

ECJ 17 March 1998, case C 45/96 (Bayerische Hypotheken- und Wechselbank AG v Edgard

Dietzinger)

BGH 21 April 1998 – IX ZR 258/97

BGH 14 May 1998 - IX ZR 56/95

BGH 28 October 1999 – IX ZR 364/97

BGH, 17 September 2001 - II ZR 178/99 (Bremer Vulkan)

BGH 15. January 2002 - XI ZR 98/01

BGH, 24 June 2002 - II ZR 300/00

BGH, 10 January 2006 - XI ZR 169/05

BGH, 16 July 2007 - II ZR 3/04 (Trihotel)

BGH 28 April 2008, II ZR 264/06 (Gamma)

BGH 25 Oktober 2011, XI ZR 332/10

BGH 1 December 2011, IX ZR 11/11

BGH 11 September 2018, ZIP 2018/2162

BGH 15 November 2018, ZIP 2019/182

BGH, 14 February 2019 – IX ZR 149/16, ZIP 2019, 666

Other case law

UK House of Lords in Barclays Bank v. O’Brien ([1993] UKHL 6 (21 October 1993)

ECJ 17 March 1998, case C 45/96 (Bayerische Hypotheken- und Wechselbank AG v Edgard

Dietzinger)

ECJ, 23 March 2000, Case C-208/98 Berliner Kindl Brauerei AG v Andreas Siepert

Financing This research was fully financed by the University of Amsterdam, more specifically the Centre for the Study

of European Contract Law, where I was employed during the years in which I conducted this research as a

researcher and lecturer.


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