Debt is an obligation that requires one party, the debtor, to pay money borrowed or otherwise withheld from another party, the creditor. Debt may be owed by sovereign state or country, local government, company, or an individual. Commercial debt is generally subject to contractual terms regarding the amount and timing of repayments of principal and interest. Loans, bonds, notes, and mortgages are all types of debt. In financial accounting, debt is a type of financial transaction, as distinct from equity.
DaimlerChrysler Corp. v. Cuno, 547 U.S. 332 (2006), is a United States Supreme Court case involving the standing of taxpayers to challenge state tax laws in federal court. The Court unanimously ruled that state taxpayers did not have standing under Article III of the United States Constitution to challenge state tax or spending decisions simply by virtue of their status as taxpayers. Chief Justice John Roberts delivered the majority opinion, which was joined by all of the justices except for Ruth Bader Ginsburg, who concurred separately.
Marrama v. Citizens Bank of Massachusetts, 549 U.S. 365 (2007), is a United States Supreme Court case about bad faith in bankruptcy.
Hernandez v. Commissioner, 490 U.S. 680 (1989), is a decision of the United States Supreme Court relating to the Internal Revenue Code § 170 charitable contribution deduction.
Davenport v. Washington Education Association, 551 U.S. 177 (2007), is a ruling by the Supreme Court of the United States in which the Court held that it does not violate the First Amendment for a state to require its public-sector unions to receive affirmative authorization from a non-member before spending that nonmember's agency fees for election-related purposes.
Marquette Nat. Bank of Minneapolis v. First of Omaha Service Corp., 439 U.S. 299 (1978), is a unanimous U.S. Supreme Court decision holding that state anti-usury laws regulating interest rates cannot be enforced against nationally chartered banks based in other states. Justice William Brennan wrote that it was clearly the intent of Congress when it passed the National Banking Act that nationally chartered banks would be subject only to federal regulation by the Comptroller of Currency and the laws of the state in which they were chartered, and that only Congress or the appropriate state legislature could pass the laws regulating them.
Buckeye Check Cashing, Inc. v. Cardegna, 546 U.S. 440 (2006), is a United States Supreme Court case concerning contract law and arbitration. The case arose from a class action filed in Florida against a payday lender alleging the loan agreements the plaintiffs had signed were unenforceable because they essentially charged a higher interest rate than that permitted under Florida law.
Loan modification is the systematic alteration of mortgage loan agreements that help those having problems making the payments by reducing interest rates, monthly payments or principal balances. Lending institutions could make one or more of these changes to relieve financial pressure on borrowers to prevent the condition of foreclosure. Loan modifications have been practiced in the United States since the 1930s. During the Great Depression, loan modification programs took place at the state level in an effort to reduce levels of loan foreclosures.
Tafflin v. Levitt, 493 U.S. 455 (1990), was a United States Supreme Court case in which the Court held that state courts have concurrent jurisdiction to decide civil claims brought under the Racketeer Influenced and Corrupt Organizations Act (RICO).
Indiana State Police Pension Trust v. Chrysler LLC was a lawsuit brought in United States federal court June 2009 by several pension funds against Chrysler LLC and the United States Department of the Treasury, to block the planned sale of Chrysler LLC assets to a "New Chrysler" entity in the Chrysler bankruptcy.
Louisville Joint Stock Land Bank v. Radford, 295 U.S. 555 (1935), was a decision by the Supreme Court of the United States that ruled the Frazier–Lemke Farm Bankruptcy Act unconstitutional in violation of the Fifth Amendment. This unanimous decision was one of the Court's many rulings that overturned President Roosevelt's New Deal.
Omega S. A. v. Costco Wholesale Corp., 541 F.3d 982, was a case decided by the Ninth Circuit Court of Appeals that held that in copyright law, the first-sale doctrine does not act as a defense to claims of infringing distribution and importation for unauthorized sale of authentic, imported watches that bore a design registered in the Copyright Office. It is contrasted with Kirtsaeng v. John Wiley & Sons, Inc.
Exxon Corp. v. Governor of Maryland, 437 U.S. 117 (1978), was a case in which the Supreme Court of the United States upheld a Maryland law prohibiting oil producers and refiners from operating service stations within its borders. The challengers, including Exxon, claimed that the law violated the Dormant Commerce Clause. Justice Stevens wrote for the majority, which disagreed with Exxon et al.: "Since Maryland's entire gasoline supply flows in interstate commerce and since there are no local producers or refiners, such claims of disparate treatment between interstate and local commerce would be meritless." Exxon challenged the Maryland statute in Circuit Court which ruled the statute invalid. The Maryland Court of Appeals reversed the ruling.
Ransom v. FIA Card Services, N. A., 562 U.S. 61 (2011), is a decision by the Supreme Court of the United States involving the means test in Chapter 13 of the United States Bankruptcy Code. The means test had been adopted by the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, and Ransom is one of several cases in which the Supreme Court addressed provisions of that act.
Stern v. Marshall, 564 U.S. 462 (2011), was a United States Supreme Court case in which the Court held that a bankruptcy court, as a non-Article III court lacked constitutional authority under Article III of the United States Constitution to enter a final judgment on a state law counterclaim that is not resolved in the process of ruling on a creditor's proof of claim, even though Congress purported to grant such statutory authority under 28 U.S.C. § 157(b)2(C). The case drew an unusual amount of interest because the petitioner was the estate of former Playboy Playmate and celebrity Anna Nicole Smith. Smith died in 2007, before the Court decided the case, which her estate lost.
United Gas Pipe Line Co. v. Ideal Cement Co., 369 U.S. 134 (1962), is a United States Supreme Court case which vacated a lower appellate court decision, holding that federal courts should abstain from ruling on the constitutionality of a state tax issue that state courts should determine.
Christopher v. SmithKline Beecham Corp., 567 U.S. 142 (2012), is a US labor law case of the United States Supreme Court. It held that pharmaceutical sales representatives were not eligible for overtime pay. The court ruled in a majority opinion written by Justice Samuel Alito that sales representatives were classified as "outside salesmen" who are exempt from the Department of Labor's regulations regarding overtime pay.
Lockhart v. United States, 546 U.S. 142 (2005), is a United States Supreme Court decision concerning whether the United States government can offset Social Security benefits to collect on student loan debt over 10 years old. In a unanimous decision, the Court affirmed the lower court's decision that allowed the offset by the government.
Colorado Republican Federal Campaign Committee v. FEC, 518 U.S. 604 (1996), was a case heard by the Supreme Court of the United States in which the Colorado Republican Party challenged the Federal Election Commission (FEC) as to whether the "Party Expenditure Provision" of the Federal Election Campaign Act of 1971 (FECA) violated the First Amendment right to free speech. This provision put a limit on the amount of money a national party could spend on a congressional candidate's campaign. The FEC argued that the Committee violated this provision when purchasing a radio advertisement that attacked the likely candidate of the Colorado Democratic Party. The court held that since the expenditures by the committee were made independently from a specific candidate, they did not violate the campaign contribution limitations established by the FECA, and were protected under the First Amendment.
Collins v. Yellen, 594 U.S. ___ (2021), was a United States Supreme Court case dealing with the structure of the Federal Housing Finance Agency (FHFA). The case follows on the Court's prior ruling in Seila Law LLC v. Consumer Financial Protection Bureau, which found that the establishing structure of the Consumer Financial Protection Bureau (CFPB), with a single director who could only be removed from office "for cause", violated the separation of powers; the FHFA shares a similar structure as the CFPB. The case extends the legal challenge to the federal takeover of Fannie Mae and Freddie Mac in 2008.
