McKay v. Thompson

U.S. Court of Appeals for the Sixth Circuit

McKay v. Thompson

Opinion

5(&200(1'(' )25 )8//7(;7 38%/,&$7,21 3XUVXDQW WR 6L[WK &LUFXLW 5XOH 

(/(&7521,& &,7$7,21  )(' $SS  3 WK &LU )LOH 1DPH D S

81,7('67$7(6&28572)$33($/6 )257+(6,;7+&,5&8,7 BBBBBBBBBBBBBBBBB

0$57,1 6 0&.$< ; 3ODLQWLII$SSHOODQW    1R   81,7(' 67$7(6 2) $0(5,&$  ,QWHUYHQRU !   Y   %522. 7+203621  LQGLYLGXDOO\DQGDV   &RRUGLQDWRURI(OHFWLRQV  6WDWHRI7HQQHVVHH 5,/(< &  '$51(//6HFUHWDU\RI6WDWH  6WDWHRI7HQQHVVHH  'HIHQGDQWV$SSHOOHHV    &$52/<1 s$&.621  LQGLYLGXDOO\DQGDV  $GPLQLVWUDWRURI(OHFWLRQV  +DPLOWRQ&RXQW\7HQQHVVHH  &/$8'( 5$06(<&RXQW\  ([HFXWLYH+DPLOWRQ&RXQW\   7HQQHVVHH  'HIHQGDQWV  1

  0F.D\Y7KRPSVRQHWDO 1R  

$SSHDOIURPWKH8QLWHG6WDWHV'LVWULFW&RXUW IRUWKH(DVWHUQ'LVWULFWRI7HQQHVVHHDW&KDWWDQRRJD 1R n&XUWLV/&ROOLHU'LVWULFWsXGJH 6XEPLWWHG $XJXVW 'HFLGHGDQG)LOHG 6HSWHPEHU %HIRUH .(11('<DQG1255,6&LUFXLWsXGJHV .$7= 'LVWULFWsXGJH BBBBBBBBBBBBBBBBB &2816(/ 21 %5,()   6WHSKDQLH 5 0DUFXV 81,7(' 67$7(6 '(3$570(17 2) s867,&( &,9,/ ',9,6,21 $33(//$7( 67$)) :DVKLQJWRQ '& IRU ,QWHUYHQRU sDQHW 0 .OHLQIHOWHU 2)),&( 2) 7+( $77251(< *(1(5$/),1$1&,$/',9,6,211DVKYLOOH7HQQHVVHH IRU$SSHOOHH0DUWLQ60F.D\&KDWWDQRRJD7HQQHVVHH SURVH BBBBBBBBBBBBBBBBB 23,1,21 BBBBBBBBBBBBBBBBB $/$1(1255,6&LUFXLWsXGJH3URVHSODLQWLII0DUWLQ 60F.D\EURXJKWVXLWLQGLVWULFWFRXUWDJDLQVWWZR7HQQHVVHH VWDWH HOHFWLRQ RIILFLDOV DQG WZR +DPLOWRQ FRXQW\ HOHFWLRQ RIILFLDOVLQWKHLURIILFLDODQGLQGLYLGXDOFDSDFLWLHV 0F.D\

7KH +RQRUDEOH 'DYLG $ .DW] 8QLWHG 6WDWHV 'LVWULFW sXGJH IRU WKH 1RUWKHUQ 'LVWULFW RI 2KLR VLWWLQJ E\ GHVLJQDWLRQ

 7KH WZR FRXQW\ RIILFLDOV ZHUH GLVPLVVHG IURP WKH FDVH DQG DUH QRW SDUWLHV WR WKLV DSSHDO 1R   0F.D\Y7KRPSVRQHWDO 

ZLVKHV WR VWRS 7HQQHVVHH IURP FRQWLQXLQJ LWV SUDFWLFH RI UHTXLULQJLWVFLWL]HQVWRGLVFORVHWKHLUVRFLDOVHFXULW\QXPEHUV DV D SUHFRQGLWLRQ WR YRWHU UHJLVWUDWLRQ  7KH GLVWULFW FRXUW JUDQWHG VXPPDU\ MXGJPHQW IRU GHIHQGDQWV  0F.D\ QRZ DSSHDOV  8SRQ GH QRYR UHYLHZ ZH DIILUP IRU WKH UHDVRQV VWDWHGEHORZ , $6WDWXWRU\&RQVWUXFWLRQRIWKH7HQQHVVHH6WDWXWH :HEHJLQE\QRWLQJWKDWWKH7HQQHVVHHFRGHSURYLGHVWKDW m>D@FLWL]HQRIWKH8QLWHG6WDWHVHLJKWHHQ  \HDUVRIDJHRU ROGHUZKRLVDUHVLGHQWRIWKLVVWDWHLVDTXDOLILHGYRWHUXQOHVV WKHFLWL]HQLVGLVTXDOLILHGXQGHUWKHSURYLVLRQVRIWKLVWLWOHRU XQGHUDMXGJPHQWRILQIDP\SXUVXDQWWR†l7  &  $ †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

 $Q XQSXEOLVKHG GHFLVLRQ ,7907 ; :33 1R  7HQQ &W $SS    VXJJHVWV WKDW VRFLDO VHFXULW\ QXPEHU GLVFORVXUH LV PDQGDWRU\  0F.D\Y7KRPSVRQHWDO 1R   1R   0F.D\Y7KRPSVRQHWDO

%3ULYDF\$FWRI 3XEOLF/1R  † KDVVXIIHUHGQRKDUPDVDUHVXOWRIWKHFRXUWjVDFWLRQ6HH :DOODFK)GDW 0F.D\DUJXHV7HQQHVVHHLVSURKLELWHGE\3XEOLF/DZ   VHFWLRQDQXQFRGLILHGSURYLVLRQRIWKH3ULYDF\$FW ,, IURP FRQGLWLRQLQJ WKH ULJKW WR YRWH XSRQ WKH GLVFORVXUH RI RQHjVVRFLDOVHFXULW\QXPEHU6HH3ULYDF\$FWRI 3XE :HDIILUPWKHGLVWULFWFRXUWjVJUDQWRIVXPPDU\MXGJPHQW /1R  †6WDW      7RVXSSRUW WKLV DUJXPHQW KH UHOLHV XSRQ0F.D\ Y $OWREHOOR 1R   :/ ('/D0D\  DFDVHKH VXFFHVVIXOO\OLWLJDWHGWRIRUFH/RXLVLDQDWRDOORZKLPWRYRWH ZLWKRXWGLVFORVLQJKLVVRFLDOVHFXULW\QXPEHU 7KHGLVWULFWFRXUWFRUUHFWO\GLVWLQJXLVKHG$OWREHOORRQWKH JURXQGWKDW7HQQHVVHHXQOLNH/RXLVLDQDKDGPDLQWDLQHGmD V\VWHPRIUHFRUGVLQH[LVWHQFHDQGRSHUDWLQJEHIRUHsDQXDU\   LI VXFK GLVFORVXUH ZDV UHTXLUHG XQGHU VWDWXWH RU UHJXODWLRQDGRSWHGSULRUWRVXFKGDWHWRYHULI\WKHLGHQWLW\RI DQLQGLYLGXDOl3XE/1R  †6WDW   

 6HFWLRQ  SURYLGHV WKDW

D  ,W VKDOO EH XQODZIXO IRU DQ\ )HGHUDO 6WDWH RU ORFDO

JRYHUQPHQW DJHQF\ WR GHQ\ WR DQ\ LQGLYLGXDO DQ\ ULJKW EHQHILW

RU SULYLOHJH SURYLGHG E\ ODZ EHFDXVH RI VXFK LQGLYLGXDO V UHIXVDO

WR GLVFORVH KLV VRFLDO VHFXULW\ DFFRXQW QXPEHU

 WKH >7KH@ SURYLVLRQV RI SDUDJUDSK  RI WKLV

VXEVHFWLRQ VKDOO QRW DSSO\ ZLWK UHVSHFW WRn  &RQWUDU\ WR 0F.D\jV DVVHUWLRQV WKH WHFKQLFDO FHUWLILFDWLRQ YLRODWLRQ

$ DQ\ GLVFORVXUH ZKLFK LV UHTXLUHG E\ )HGHUDO RFFXUUHG RQO\ ZLWK UHVSHFW WR WKH 3ULYDF\ $FW DQG KDV QR UHOHYDQFH WR 

VWDWXWH RU 86& †   F  D SURYLVLRQ LQ WKH &LYLO 5LJKWV $FW RI   'HIHQGDQWV

% WKH GLVFORVXUH RI D VRFLDO VHFXULW\ QXPEHU WR DVVHUWHG WKH (OHYHQWK $PHQGPHQW GHIHQVH RQO\ DJDLQVW HQIRUFHPHQW RI

DQ\ )HGHUDO 6WDWH RU ORFDO DJHQF\ PDLQWDLQLQJ D WKH 3ULYDF\ $FW DQG WKXV WKH FRQVWLWXWLRQDOLW\ RI WKH &LYLO 5LJKWV $FW ZDV

V\VWHP RI UHFRUGV LQ H[LVWHQFH DQG RSHUDWLQJ QHYHU mGUDZQ LQ TXHVWLRQl DV UHTXLUHG WR WULJJHU  86& †  7KH

EHIRUH sDQXDU\    LI VXFK GLVFORVXUH ZDV SURYLVLRQ LQ  86& †   F GRHV QRW KHOS 0F.D\ EHFDXVH WKH

UHTXLUHG XQGHU VWDWXWH RU UHJXODWLRQ DGRSWHG SULRU SURYLVLRQ PHUHO\ DOORZV WKH $WWRUQH\ *HQHUDO WR mLQVWLWXWH    >D@ SURSHU

WR VXFK GDWH WR YHULI\ WKH LGHQWLW\ RI DQ LQGLYLGXDO SURFHHGLQJ IRU SUHYHQWLYH UHOLHIl LQVWHDG RI UHTXLULQJ FHUWLILFDWLRQ RU

SHUPLVVLRQ IRU LQWHUYHQWLRQ 425,70  86& †   F ZLWK E $Q\ )HGHUDO 6WDWH RU ORFDO JRYHUQPHQW DJHQF\ ZKLFK 86& †  D  7KXV 0F.D\ FDQQRW HYDGH KLV ODFN RI VWDQGLQJ IRU KLV UHTXHVWV DQ LQGLYLGXDO WR GLVFORVH KLV VRFLDO VHFXULW\ DFFRXQW &LYLO 5LJKWV $FW FODLP E\ VSHFXODWLQJ WKDW WKH $WWRUQH\ *HQHUDO ZRXOG QXPEHU VKDOO LQIRUP WKDW LQGLYLGXDO ZKHWKHU WKDW GLVFORVXUH LV KDYH LQYRNHG  86& †   F RQ 0F.D\jV EHKDOI LI WKH FDVH KDG EHHQ PDQGDWRU\ RU YROXQWDU\ E\ ZKDW VWDWXWRU\ RU RWKHU DXWKRULW\ SURSHUO\ EURXJKW WR KHU DWWHQWLRQ WKURXJK FHUWLILFDWLRQ XQGHU  86& VXFK QXPEHU LV VROLFLWHG DQG ZKDW XVHV ZLOO EH PDGH RI LW †   0F.D\Y7KRPSVRQHWDO 1R   1R   0F.D\Y7KRPSVRQHWDO 

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mV\VWHP RI UHFRUGVlLQHIIHFWSULRUWRWKHHQDFWPHQWRIWKH3ULYDF\$FW 7KH GLVWULFW FRXUW FRUUHFWO\ GHWHUPLQHG WKDW WKH (OHYHQWK 6HHHJ6WUHHWYs&%UDGIRUG &R)G $PHQGPHQW SHUPLWV SURVSHFWLYH LQMXQFWLYH UHOLHI EXW QRW WK&LU   GLVFXVVLQJQRQPRYDQWjVDIILUPDWLYHEXUGHQ  GDPDJHDZDUGVIRUVXLWVDJDLQVWLQGLYLGXDOVLQWKHLURIILFLDO :H GHFOLQH WR HQWHUWDLQ WKH DUJXPHQWV UHJDUGLQJ RWKHU FDSDFLWLHV XQGHU  86& †    6HH :LOO Y 0LFKLJDQ PDWHULDOTXHVWLRQVRIIDFWUDLVHGIRUWKHILUVWWLPHLQ0F.D\jV 'HSjWRI6WDWH3ROLFH 86   +RZHYHU UHSO\EULHI6HH8QLWHG6WDWHVYsHUNLQV)G  DVWKH8QLWHG6WDWHVSRLQWVRXWRQDSSHDODVDQLQWHUYHQLQJ Q WK&LU   SDUW\ WKH FRXUW HUUHG LQ DGRSWLQJ WKH GHIHQGDQW 7HQQHVVHH RIILFLDOVjSRVLWLRQWKDWWKH(OHYHQWK $PHQGPHQWLPPXQLW\ & 1DWLRQDO 9RWHU 5HJLVWUDWLRQ $FW  86& †  JJ EDUUHG0F.D\IURPJDLQLQJDQ\UHOLHIIRUKLVFODLPVXQGHU  F  % IHGHUDOODZEHFDXVHSURVSHFWLYHLQMXQFWLYHUHOLHIZDVSRVVLEOH IRUKLPLQWKHRU\6HH/DZVRQY6KHOE\&RXQW\7HQQ 0F.D\ DOVR SRLQWV WR VHFWLRQ  RI WKH 7HQQHVVHH )G   WK &LU    1RQHWKHOHVV WKH GLVWULFW VWDWH FRGH ZKLFK UHTXLUHV GLVFORVXUH RI D VRFLDO VHFXULW\ FRXUWjVHUURUGRHVQRWDIIHFWWKHRXWFRPHRIWKLVFDVHLQOLJKW QXPEHUDVDSUHFRQGLWLRQWRYRWHUUHJLVWUDWLRQ6HH7  RI RXU ILQGLQJ WKDW DOO RI 0F.D\jV FODLPV DUH ZLWKRXW &  $  †  6XSS    +H DUJXHV WKDW WKLV VXEVWDQWLYHPHULW SURYLVLRQ YLRODWHV WKH 1DWLRQDO 9RWHU 5HJLVWUDWLRQ $FW m195$l EHFDXVHDVRFLDOVHFXULW\QXPEHULVQRWHVVHQWLDO 0F.D\DOVRFRPSODLQVKHZDVSUHMXGLFHGE\WKHGLVWULFW WRDFFRPSOLVKLQJWKHOLPLWHGSHUPLVVLEOHSXUSRVHVLGHQWLILHG FRXUWjVUHSHDWHGUHIXVDOWRFHUWLI\KLVFDVHWRWKH8QLWHG6WDWHV LQ86&† JJ F  % $FFRUGLQJWR0F.D\ $WWRUQH\ *HQHUDO XQGHU  86& †  D   %HFDXVH RI 86&† JJ F  % SHUPLWVWKHVWDWHWRRQO\mUHTXLUH GHIHQGDQWVj DWWHPSWHG LQYRFDWLRQ RI (OHYHQWK $PHQGPHQW WKHPLQLPXPDPRXQWRILQIRUPDWLRQQHFHVVDU\lWRSUHYHQW LPPXQLW\ DJDLQVW WKH 3ULYDF\ $FW FODLP FHUWLILFDWLRQ ZDV GXSOLFDWH YRWHU UHJLVWUDWLRQ DQG GHWHUPLQH ZKHWKHU KH LV DUJXDEO\QRWGLVFUHWLRQDU\IRUWKLVFDVHDQGVKRXOGQRWKDYH HOLJLEOHWRYRWH EHHQGHOD\HGXQWLOWKHDSSHOODWHVWDJHRIOLWLJDWLRQ6HH 86&† D sRQHVY&LW\RI/XEERFN)G 7KH GLVWULFW FRXUW SURSHUO\ UHMHFWHG 0F.D\jV DUJXPHQW  WK&LU  :DOODFKY/LHEHUPDQ)G 7KH195$GRHVQRWVSHFLILFDOO\IRUELGXVHRIVRFLDOVHFXULW\ G&LU  +RZHYHUZHGHFOLQHWRKROGWKDWWKHGLVWULFW QXPEHUV$VSUHYLRXVO\GLVFXVVHGWKH3ULYDF\$FWFRQWDLQV FRXUW ZDV ZLWKRXW MXULVGLFWLRQ RQ WKH EDVLV RI D WHFKQLFDO D PRUH VSHFLILF mJUDQGIDWKHUl SURYLVLRQ WKDW &RQJUHVV YLRODWLRQRIWKH86&†FHUWLILFDWLRQUHTXLUHPHQW LQWHQGHGWRVXUYLYHWKHPRUHJHQHUDOSURYLVLRQVRIWKH195$ EHFDXVH0F.D\jVFODLPVODFNPHULWRQWKHLUIDFH WKHUHIRUHKH 6HH5DG]DQRZHUY7RXFKH5RVV &R86    m,WLVDEDVLFSULQFLSOHRIVWDWXWRU\FRQVWUXFWLRQWKDWD VWDWXWHGHDOLQJZLWKDQDUURZSUHFLVHDQGVSHFLILFVXEMHFWLV QRW VXEPHUJHG E\ D ODWHU HQDFWHG VWDWXWH FRYHULQJ D PRUH JHQHUDOL]HGVSHFWUXPl   0F.D\Y7KRPSVRQHWDO 1R   1R   0F.D\Y7KRPSVRQHWDO 

'&LYLO5LJKWV$FWRI 86&†  D  % OHJLWLPDWHVWDWHSXUSRVHZLOOEHXSKHOGDJDLQVWDIUHHH[HUFLVH FODLP HYHQ LQ D mK\EULGl VLWXDWLRQ LQYROYLQJ RWKHU &RXQWWKUHHRI0F.D\jVFRPSODLQWDOOHJHGDYLRODWLRQRI IXQGDPHQWDO ULJKWV VXFK DV YRWLQJ VR ORQJ DV WKH ODZ LV 86&†  D  % DSURYLVLRQRIWKH&LYLO5LJKWV$FWRI JHQHUDOO\ DSSOLFDEOH QRW DLPHG DW SDUWLFXODU UHOLJLRXV    +H DUJXHV WKDW KLV VRFLDO VHFXULW\ QXPEHU ZDV QRW SUDFWLFHVDQGIUHHRIDV\VWHPRISDUWLFXODUL]HGH[FHSWLRQV mPDWHULDOl WR GHWHUPLQLQJ KLV TXDOLILFDWLRQ IRU YRWLQJ DQG 6HH(PSOR\PHQW'LYY6PLWK 86   WKHUHIRUHKLVRPLVVLRQRIWKDWLQIRUPDWLRQFDQQRWEHJURXQGV .LVVLQJHU Y %RDUG RI 7UXVWHHV  )G    WK &LU IRU UHIXVLQJ KLV UHJLVWUDWLRQ  7KH GLVWULFW FRXUW FRUUHFWO\   0F.D\jVUHOLDQFHXSRQ/HDK\Y'LVWULFWRI&ROXPELD GLVPLVVHGWKLVFODLPIRUODFNRIVWDQGLQJ6HFWLRQ LV )G '&&LU  LVPLVSODFHGEHFDXVHWKDW HQIRUFHDEOHE\WKH$WWRUQH\*HQHUDOQRWE\SULYDWHFLWL]HQV FDVH XWLOL]HG WKH OHDVW UHVWULFWLYH PHDQVFRPSHOOLQJ VWDWH 6HH86&†  F :LOOLQJY/DNH2ULRQ&RPPXQLW\ LQWHUHVWVWDQGDUGVXEVHTXHQWO\RYHUUXOHGE\6PLWK6HH&LW\ 6FK %G RI 7UXVWHHV  ) 6XSS   (' 0LFK RI%RHUQHY)ORUHV86       0F.D\ FODLPV WKDW WKH 7HQQHVVHH VWDWXWH YLRODWHV WKH ( &RQVWLWXWLRQDO&ODLPVDV(QIRUFHG3XUVXDQWWR86& 3ULYLOHJHV DQG ,PPXQLWLHV &ODXVH RI $UWLFOH ,9 RI WKH †  &RQVWLWXWLRQ6HH86& $%DUW,9†FO7KLVFODXVH UHTXLUHVRQO\WKDWVWDWHVJLYHWRFLWL]HQVRIHYHU\RWKHUVWDWH 0F.D\DVVHUWVILYHFRQVWLWXWLRQDOFODLPVLQVXSSRUWRIKLV WKHVDPHSULYLOHJHVDQGLPPXQLWLHVWKDWWKHLURZQFLWL]HQV 86&† DFWLRQ HQMR\6HH+DJXHY&RPPLWWHHIRU,QGXV 2UJ86        'HIHQGDQWV GLG QRW GLVFULPLQDWH DJDLQVW :HUHMHFW0F.D\jVILUVWFODLPWKDWKLVIXQGDPHQWDOULJKWWR 0F.D\EHFDXVHHYHU\RQHZKHWKHUDVWDWHFLWL]HQRUQRWZDV YRWHZDVXQFRQVWLWXWLRQDOO\EXUGHQHGE\WKHVRFLDOVHFXULW\ UHTXLUHGWRFRPSO\ZLWKWKHYRWHUUHJLVWUDWLRQODZVLQRUGHUWR QXPEHUGLVFORVXUHUHTXLUHPHQW6HH*UHLGLQJHUY'DYLV  YRWHLQ7HQQHVVHH )G Q WK&LU   LQGLFDWLQJWKDW 9LUJLQLDjV YRWHU UHJLVWUDWLRQ VFKHPH ZRXOG QRW YLRODWH WKH 0F.D\DVVHUWVKHZDVGHSULYHGRIKLVULJKWWRYRWHZLWKRXW IXQGDPHQWDOULJKWWRYRWHLILWVVFKHPHKDGPHUHO\SURYLGHG SURFHGXUDOGXHSURFHVVRIODZDYLRODWLRQRIWKH)LIWKDQG IRUUHFHLSWDQGLQWHUQDOXVHRIWKHVRFLDOVHFXULW\QXPEHUE\ )RXUWHHQWK $PHQGPHQWV EHFDXVH KH ZDV GLVTXDOLILHG DV D 9LUJLQLDHOHFWRUDORIILFLDOV  YRWHUZLWKRXWKDYLQJEHHQSURSHUO\FRQYLFWHGRIDFULPH+H DOVR DOOHJHV D YLRODWLRQ RI WKH 3ULYLOHJHV DQG ,PPXQLWLHV :HDOVRUHMHFW0F.D\jVVHFRQGFODLPWKDWWKHHQIRUFHPHQW &ODXVH RI WKH )RXUWHHQWK $PHQGPHQW EHFDXVH KLV ULJKW WR RI VHFWLRQ  RI WKH 7HQQHVVHH VWDWH FRGH YRWH LV XQLTXH WR QDWLRQDO FLWL]HQVKLS DQG EHVWRZHG E\ XQFRQVWLWXWLRQDOO\LQIULQJHGXSRQKLV)LUVW$PHQGPHQWULJKW RSHUDWLRQ RI &RQVWLWXWLRQDO DQG IHGHUDO VWDWXWRU\ ODZ  6HH WRIUHHH[HUFLVHRIUHOLJLRQDVLQFRUSRUDWHGE\WKH)RXUWHHQWK 6KDSLURY7KRPSVRQ 86    +DUODQs $PHQGPHQWE\IRUFLQJKLPWRYLRODWHKLVUHOLJLRXVEHOLHIVLQ GLVVHQWLQJ 6ODXJKWHU+RXVH&DVHV86 :DOO  RUGHU WR YRWH  $ VWDWH ODZ WKDW LV UDWLRQDOO\ UHODWHG WR D    7KHVHFODLPVIDLOEHFDXVHWKH\DUHEDVHGXSRQ WKH IODZHG SURSRVLWLRQ WKDW 7HQQHVVHHjV VRFLDO VHFXULW\ QXPEHUGLVFORVXUHUHTXLUHPHQWYLRODWHVDIHGHUDOVWDWXWHRU  $FFRUGLQJ WR 0F.D\ WKH ELEOLFDO %RRN RI 5HYHODWLRQ FKDSWHU  GHSULYHVKLPRIKLVFRQVWLWXWLRQDOULJKWVRIYRWLQJDQGIUHH YHUVHV  WKURXJK  ZDUQV DJDLQVW JRYHUQPHQW XVH RI XQLYHUVDO H[HUFLVHRIUHOLJLRQ6HHHJ6WRUHUY)UHQFK ,QUH6WRUHU  LGHQWLILHUV DV D FRQGLWLRQ IRU HQJDJLQJ LQ FRPPHUFH RU RWKHU YLWDO  )G   WK &LU    LQGLFDWLQJ WKDW WKH DFWLYLWLHV VXFK DV YRWLQJ

Reference

Status
Published