Judicial Enforcement of International Debt Obligations

This volume addresses the legal issues that are likely to be most significant in any judicial action to enforce a debt obligation. The first half of the book discusses procedural issues, including forum selection and governing law, serving process outside the forum, enforcement of judgements, and sovereign immunity. The second half of the book focuses on the defenses most likely to be raised by defendant debtors in a judicial action, such as the act-of-state doctrine, comity, and force majeure; defences arising under the IMF Articles of Agreement; and defences that arise under the debtor’s own law. Throughout, the book’s central focus is on American law, particularly New York law because many loan agreements stipulate that New York law is the governing law in the event of litigation.