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US Government Debt Different - Finance Department - University of ...

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Charles W. Mooney, Jrhave adopted restricted immunity from execution for assets used forcommercial activity. 157 Most <strong>of</strong> these jurisdictions do not confinethe commercial exception to immunity to assets that have a connectionwith the claim asserted against the state. 158 Some others, like theDomestic Courts 182-84, 317-59 (2005).157 Banca Carige S.p.A Cassa Di Risparmio di Genova E Imperia v. Banco NacionalDe Cuba, [2001] Lloyd’s Rep. 147, [153] (Eng.) (“The English common law adoptedthe ‘restrictive’ theory <strong>of</strong> sovereign immunity [regarding issues <strong>of</strong> attachment<strong>of</strong> a foreign State’s property].”); Société Sonotrach v. Migeon, 77 I.L.R. 525, 527 (Fr.Court <strong>of</strong> Cassation 1985) (“The assets <strong>of</strong> a foreign State are, in principle, not subjectto seizure, subject to exceptions in particular where they have been allocated for aneconomic or commercial activity . . . .”); Condor & Filvem v. Nat’l Shipping Co. <strong>of</strong>Nigeria, 33 I.L.M. 593 (It. Constitutional Court 1992), sub nom Condor & Filvem v.Minister <strong>of</strong> Justice, Case No. 329, 101 I.L.R. 394, 401-02 (It. Constitutional Court1992) (holding that restrictive immunity for execution applied as long the property“is not destined to accomplish public functions,” and allowing pre-judgment attachmenton a vessel <strong>of</strong> the State-owned Nigerian shipping company for unpaid price<strong>of</strong> goods guaranteed by the Nigeria Central Bank and the State <strong>of</strong> Nigeria); Abbottv. Republic <strong>of</strong> S. Afr., 113 I.L.R. 412, 425-26 (Spain Constitutional Court (SecondChamber) 1992) (holding that there was no longer a general rule <strong>of</strong> internationallaw requiring foreign States to be granted absolute immunity from execution andallowing for execution <strong>of</strong> a State bank account for an unsatisfied judgment for salaryarrears due to a foreign State employee, provided the funds were clearly and exclusivelyallocated for commercial or economic activities).Restrictive immunity from execution is also generally observed outside <strong>of</strong> Europe.See Act on the Civil Jurisdiction <strong>of</strong> Japan with respect to a Foreign State, Act. No.24 <strong>of</strong> 2009, art. 18(1) (“A Foreign State, etc. shall not be immune from jurisdictionwith respect to proceedings <strong>of</strong> a civil execution procedures [sic] against the propertyheld by said Foreign State, etc. that is in use or intended for use by said ForeignState, etc. exclusively for other than government non-commercial purposes.”);Cresh Co. v. Nauru Fin. Corp., Tokyo Chiho Saibansho [Tokyo Dist. Ct.] Nov. 30,2000, 1740 HANREI JIHO [HANJI] 54, translated in 44 Japanese Ann. Int’l L.204 (2001) (holding that the restricted theory had been adopted). See also State ImmunityAct, R.S.C. 1985, c. S-18, §12(1)(b) (Can.) (“property <strong>of</strong> a foreign state thatis located in Canada is immune from attachment and execution . . . except where. .(b) the property is used or is intended for a commercial activity”); State ImmunityAct 1979, §15(4) (Cap 313 1979) (Sing.) (stating that the Act “does not prevent theissue <strong>of</strong> any process in respect <strong>of</strong> property [<strong>of</strong> a State] which is for the time being inuse or intended for use for commercial purposes.”); Foreign States Immunities ActAct 87 <strong>of</strong> 1981 §14(3) (S. Afr.) (stating that the Act “does not prevent the issue <strong>of</strong>any process in respect <strong>of</strong> property [<strong>of</strong> a State] which is for the time being in use orintended for use for commercial purposes.”).158 Many sovereign immunity acts do not have a connection requirement. See StateImmunity Act, 1978, c. 33, § 13(4) (U.K.) (State immunity “does not prevent theissue <strong>of</strong> any process in respect <strong>of</strong> property which is for the time being in use orintended for use for commercial purposes.”); The State Immunity Ordinance, No.VI <strong>of</strong> 1981, § 14(2)(b) Pak. Code (1981) (Pak.) (“the property <strong>of</strong> a State, not be-225

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