French v. Jones
French v. Jones
Opinion
5(&200(1'(' )25 )8//7(;7 38%/,&$7,21 3XUVXDQW WR 6L[WK &LUFXLW 5XOH )UHQFKYsRQHV 1R (/(&7521,& &,7$7,21 )(' $SS 3 WK &LU )LOH 1DPH D S BBBBBBBBBBBBBBBBB 23,1,21 81,7('67$7(6&28572)$33($/6 BBBBBBBBBBBBBBBBB )257+(6,;7+&,5&8,7 *:,1'LVWULFWsXGJH7KLVFDVHUHWXUQVWRXVIRUDWKLUG BBBBBBBBBBBBBBBBB WLPH0RVWUHFHQWO\ZHDIILUPHGWKHMXGJPHQWRIWKHGLVWULFW FRXUW )UHQFK Y sRQHV )G WK &LU 7KHUHDIWHU WKH 8QLWHG 6WDWHV 6XSUHPH &RXUW JUDQWHG 2/,9(5 )5(1&+ s5 ; UHVSRQGHQWjVSHWLWLRQIRUZULWRIFHUWLRUDULYDFDWHGRXUSULRU 3HWLWLRQHU$SSHOOHH MXGJPHQW DQG UHPDQGHG WKH FDVH WR RXU &RXUW IRU IXUWKHU FRQVLGHUDWLRQLQOLJKWRILWVGHFLVLRQLQ%HOOY&RQH86 1R )UHQFK Y sRQHV 86 Y 3XUVXDQW WR WKH 6XSUHPH &RXUWjV RUGHU WKH FDVH LV DJDLQ ! EHIRUHXVIRURXUGHWHUPLQDWLRQ .857 s21(6 5HVSRQGHQW$SSHOODQW :LWK WKLV DSSHDO ZH H[DPLQH ZKHWKHU WKH GLVWULFW FRXUW ZURQJO\ JUDQWHG D ZULW RI KDEHDV FRUSXV DIWHU D 0LFKLJDQ FRXUWJDYHDVXSSOHPHQWDOLQVWUXFWLRQWRDGHDGORFNHGMXU\ 7KH0LFKLJDQWULDOFRXUWJDYHWKHVXSSOHPHQWDOLQVWUXFWLRQ 1 ZKLFK GLG QRW FRQIRUP ZLWK WKH DSSURYHG 0LFKLJDQ 2Q5HPDQGIURPWKH8QLWHG LQVWUXFWLRQZKHQWKHGHIHQGDQWjVDWWRUQH\ZDVQRWSUHVHQW 6WDWHV6XSUHPH&RXUW $W WKH ILUVW DSSHDO WR WKLV &RXUW ZH YDFDWHG WKH GLVWULFW 'HFLGHGDQG)LOHG sXQH FRXUWjVRUGHUJUDQWLQJKDEHDVUHOLHIDQGUHPDQGHGWKHFDVHIRU DQHYLGHQWLDU\KHDULQJ$WWKDWKHDULQJWKHGLVWULFWFRXUWZDV %HIRUH &2/(&LUFXLWsXGJH *:,1'LVWULFWsXGJH GLUHFWHGWRUHYLHZWKHUROHRI7\sRQHVDQDOOHJHGDWWRUQH\ IURP &DOLIRUQLD 7\ sRQHV ZDV SUHVHQW DW WKH WLPH WKH BBBBBBBBBBBBBBBBB VXSSOHPHQWDOLQVWUXFWLRQZDVJLYHQEXWLWZDVXQFOHDUZKHWKHU KHZDVOLFHQVHGWRSUDFWLFHODZ)UHQFKYsRQHV1R &2816(/ :/DW o WK&LUsXO\ 216833/(0(17$/%5,() 2OJD$JQHOOR2)),&(2) $WWKHHQVXLQJHYLGHQWLDU\KHDULQJWKHGLVWULFWFRXUWOHDUQHG 7+(3526(&87,1*$77251(<'HWURLW0LFKLJDQIRU sRQHVZDVQRWDQDWWRUQH\DQGZDVSUHVHQWRQO\WRREVHUYH $SSHOODQW'DYLG$0RUDQ'HWURLW0LFKLJDQIRU$SSHOOHH &RUQHOLXV3LWWVRQHRI)UHQFKjVDWWRUQH\V$IWHUILQGLQJWKDW 7\ sRQHV ZDV QRW DQ DWWRUQH\ WKH GLVWULFW FRXUW KHOG WKDW )UHQFKZDVGHQLHGUHSUHVHQWDWLRQGXULQJDFULWLFDOVWDJHRIKLV WULDO DQG JUDQWHG KLV SHWLWLRQ IRU D ZULW RI KDEHDV FRUSXV )UHQFKYsRQHV)6XSSG ('0LFK
7KH +RQRUDEOH sDPHV 6 *ZLQ 8QLWHG 6WDWHV 'LVWULFW sXGJH IRU WKH 1RUWKHUQ 'LVWULFW RI 2KLR VLWWLQJ E\ GHVLJQDWLRQ
1R )UHQFKYsRQHV )UHQFKYsRQHV 1R
,Q RXU SUHYLRXV GHFLVLRQ ZH FRQFOXGHG WKDW D GHIHQGDQW WRWKLUW\\HDUVLPSULVRQPHQWIRUHDFKRIWKHVHFRQGGHJUHH ZKRVH ODZ\HU ZDV QRW SUHVHQW ZKHQ WKH WULDO MXGJH JDYH D PXUGHUDQGDVVDXOWZLWKLQWHQWWRPXUGHUFRQYLFWLRQVDQGWZR VXSSOHPHQWDOLQVWUXFWLRQWRDGHDGORFNHGMXU\LVHQWLWOHGWR \HDUVFRQVHFXWLYHLPSULVRQPHQWIRUWKHILUHDUPFRQYLFWLRQ KDEHDVUHOLHI$IWHUFDUHIXOO\UHYLHZLQJWKH&RQHGHFLVLRQ $WWULDOWZRDWWRUQH\V&RUQHOLXV3LWWVDQG0RQVH\:LOVRQ ZH VHH QR UHDVRQ WR GHSDUW IURP RXU SUHYLRXV KROGLQJ UHSUHVHQWHG )UHQFK 7\ sRQHV ZDV DOVR SUHVHQW DW GHIHQVH 7KHUHIRUH ILQGLQJ 3HWLWLRQHU )UHQFK ZDV GHQLHG FRXQVHO FRXQVHOjVWDEOHIRUSRUWLRQVRIWKHWULDO GXULQJDFULWLFDOVWDJHRIKLVWULDOZHDIILUPWKHGLVWULFWFRXUWjV JUDQWRIDZULWRIKDEHDVFRUSXV 7KH FRQIXVLRQ VXUURXQGLQJ WKLV FDVH VWHPV IURP UHSUHVHQWDWLRQVPDGHE\3LWWVDQG:LOVRQ$WWKHEHJLQQLQJ , RIWKHWULDO3LWWVLQWURGXFHGsRQHVWRWKHSURVHFXWRUDQGWULDO MXGJHDVDQDWWRUQH\IURP&DOLIRUQLDZKRVSHFLDOL]HGLQMXU\ 2Q 6HSWHPEHU )UHQFK VKRW IRXU IHOORZ XQLRQ VHOHFWLRQ3LWWVVDLGsRQHVZDVSUHVHQWWRDVVLVWZLWKWKHWULDO RIILFLDOV DW WKH )RUG 0RWRU &RPSDQ\ 5RXJH IDFLOLW\ LQ %DVHGRQ3LWWVjVUHSUHVHQWDWLRQWKHWULDOMXGJHDOORZHGsRQHV 'HDUERUQ0LFKLJDQ$IWHUWULDOWRDMXU\ )UHQFKZDVIRXQG WRUHPDLQDWWKHGHIHQVHWDEOH JXLOW\EXWPHQWDOO\LOORIRQHFRXQWRIILUVWGHJUHHPXUGHU 0LFK&RPS/DZVRQHFRXQWRIVHFRQGGHJUHH 'XULQJ MXU\ VHOHFWLRQ 3LWWV DJDLQ LQWURGXFHG sRQHV DV PXUGHU0LFK&RPS/DZVWZRFRXQWVRIDVVDXOW mFRXQVHOIURP&DOLIRUQLDlZKRZDVDVVLVWLQJZLWKWKHWULDO ZLWKLQWHQWWRFRPPLWPXUGHU0LFK&RPS/DZV sRQHVZDVSUHVHQWDWWKHGHIHQVHWDEOHHYHU\GD\RIWULDOEXW DQG RQH FRXQW RI SRVVHVVLRQ RI D ILUHDUP GXULQJ WKH QHYHUVSRNHLQWKHSUHVHQFHRIWKHMXU\ FRPPLVVLRQRIDIHORQ\0LFK&RPS/DZVE7KH 0LFKLJDQWULDOFRXUWVHQWHQFHG)UHQFKWROLIHLPSULVRQPHQW $WWKHHYLGHQWLDU\KHDULQJKHOGLQWKLVPDWWHUWKHGLVWULFW ZLWKRXWSDUROHIRUWKHILUVWGHJUHHPXUGHUFRQYLFWLRQILIWHHQ FRXUWOHDUQHGsRQHVZDVQRWDOLFHQVHGDWWRUQH\:KLOHKHKDG DWWHQGHG RQH \HDU RI ODZ VFKRRO DW 1HZ <RUN 8QLYHUVLW\ sRQHVZRUNHGDVDPRWLRQSLFWXUHFRQVXOWDQWDQGVFUHHQZULWHU LQ/RV$QJHOHVsRQHVREVHUYHGWKHWULDODVEDFNJURXQGIRU 7KHUH ZDV QR GLVSXWH )UHQFK FRPPLWWHG WKH VKRRWLQJV ,QVWHDG WKH WKHGHYHORSPHQWRIDWHOHYLVLRQVHULHVEDVHGRQWKH'HWURLW LVVXH DW WULDO ZDV )UHQFKjV PHQWDO VWDWH DW WKH WLPH RI WKH VKRRWLQJV $W WULDO )UHQFK SUHVHQWHG H[SHUW WHVWLPRQ\ DQG RWKHU HYLGHQFH WR VKRZ KH OHJDOV\VWHP ZDV OHJDOO\ LQVDQH RQ WKH GD\ RI WKH VKRRWLQJV EHFDXVH DQ HUURQHRXVO\ SUHVFULEHG RYHUGRVH RI D SRZHUIXO K\SHUWHQVLRQ GUXJ KDG FRPELQHG ZLWK $WWKHHYLGHQWLDU\KHDULQJ3LWWVWHVWLILHGWKDWsRQHVWROGKLP D SUHH[LVWLQJ PHQWDO GLVRUGHU WR PDNH KLP SDUDQRLG DQG SV\FKRWLF ,Q WKDWKHZDVDODZ\HU$OWKRXJK3LWWVGLGQRWLQWHQGIRUsRQHV UHVSRQVH WKH JRYHUQPHQW SUHVHQWHG H[SHUW WHVWLPRQ\ WKDW )UHQFK ZDV WRSDUWLFLSDWHLQ WKH WULDO3LWWVVDLGKHLQWURGXFHGsRQHVDV OHJDOO\ VDQH RQ WKH GD\ RI WKH VKRRWLQJV mFRXQVHOIURP&DOLIRUQLDlWRJLYHWKHLPSUHVVLRQRIDODUJH GHIHQVHWHDP 0LFKLJDQ ODZ DOORZV D YHUGLFW RI mJXLOW\ EXW PHQWDOO\ LOOl 6HH 0LFK &RPS /DZV 7R UHWXUQ VXFK D YHUGLFW D MXU\ PXVW ILQG WKH IROORZLQJ EH\RQG D UHDVRQDEOH GRXEW WKH GHIHQGDQW LV JXLOW\ RI DQ )UHQFKj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sRQHV )UHQFKYsRQHV 1R
WKHSURVHFXWRU:LOVRQDQGWKHWULDOMXGJHGLVFXVVHGWKHQRWHV 7KHWULDOMXGJHGLVPLVVHGWKHMXU\IRUWKHGD\DSSUR[LPDWHO\ DQGVHQWWKHUHTXHVWHGPDWHULDOVWRWKHMXU\ RQHKRXUDIWHUJLYLQJWKHVXSSOHPHQWDOLQVWUXFWLRQ /DWHRQ)ULGD\DIWHUQRRQWKHMXU\VHQWRXWDWKLUGQRWHWR 7KHQH[WPRUQLQJ3LWWVUHTXHVWHGDPLVWULDOEHFDXVHKHIHOW ZKLFKWKHWULDOMXGJHGLGQRWLPPHGLDWHO\UHVSRQG,QVWHDG WKH WULDO MXGJHjV VXSSOHPHQWDO LQVWUXFWLRQ ZDV FRHUFLYH WKHWULDOMXGJHUHFHVVHGWKHWULDODQGH[FXVHGWKHMXU\IRUWKH :KLOH3LWWVZDVDUJXLQJIRUDPLVWULDOWKHMXU\UHWXUQHGLWV ZHHNHQG YHUGLFW 2QWKHPRUQLQJRI0RQGD\0D\ WKHWULDOMXGJH )UHQFKPRYHGWKH0LFKLJDQWULDOFRXUWWRRUGHUDQHZWULDO UHDGWKHQRWHWR3LWWVDQGWKHSURVHFXWRU m:HFDQjWUHDFKD DUJXLQJKHZDVSUHMXGLFHGEHFDXVHKLVDWWRUQH\VKDGQRWEHHQ XQDQLPRXVGHFLVLRQ2XUPLQGVDUHVHWl3LWWVUHTXHVWHGD SUHVHQWGXULQJWKHWKLUGVXSSOHPHQWDOMXU\LQVWUXFWLRQ7KH PLVWULDOEXWWKHWULDOMXGJHUHDGWKHMXU\0LFKLJDQjVVWDQGDUG WULDO MXGJH QRWHG )UHQFKjV DUJXPHQW KDG VRPH PHULW EXW GHDGORFNHGMXU\LQVWUXFWLRQ7KHMXU\FRQWLQXHGWRGHOLEHUDWH GHQLHGWKHPRWLRQIRUDQHZWULDO XQWLOODWHDIWHUQRRQZKHQWKH\VHQWRXWDVHFRQGQRWH7KH VHFRQGQRWHDOVRVDLGWKHMXU\ZDVXQDEOHWRUHDFKDGHFLVLRQ 2QsXO\ WKH0LFKLJDQ&RXUWRI$SSHDOVDIILUPHG 7KHWULDOMXGJHDJDLQUHFHVVHGWKHWULDODQGH[FXVHGWKHMXU\ WKHSHWLWLRQHUjVFRQYLFWLRQV7KHFRXUWKHOGWKDWWKHDEVHQFH IRUWKHGD\ RI GHIHQVH FRXQVHO GXULQJ D FULWLFDO VWDJH RI WKH WULDO ZDV VXEMHFWWRKDUPOHVVHUURUDQDO\VLV7KHFRXUWRIDSSHDOVIRXQG $W DP RQ 0D\ WKH WULDO MXGJH DJDLQ WKHHUURUKDUPOHVVLQ)UHQFKjVFDVH2Q6HSWHPEHU LQVWUXFWHG WKH MXU\ DQG GLUHFWHG WKHP WR FRQWLQXH GHOLEHUDWLRQV$IWHUFRQWLQXLQJGHOLEHUDWLRQVWKHMXU\VHQWRXW DWKLUGQRWHDW DP m:HDUHQRWDEOHWRUHDFKDYHUGLFW :H DUH QRW JRLQJ WR UHDFK D YHUGLFWl 7KH WULDO MXGJH FRPPXQLFDWH DQG \RX PXVW WDON ZLWK HDFK RWKHU UHVSRQGHGE\VHQGLQJWKHMXU\WROXQFKDQGLQVWUXFWLQJWKH 7KLV FDVH ODVWHG KRZ PDQ\ GD\V 0U +XWWLQJ" $SSUR[LPDWHO\ SDUWLHVWRDSSHDUDW SP GD\V" 05 +877,1* )RXUWHHQ GD\V WULDO )RU MXU\ VHOHFWLRQ o $W SPQHLWKHU3LWWVQRU:LOVRQKDGUHWXUQHGWRWKH 7+( &2857 $OO ULJKW 6R LW ZRXOGQjW EH XQFRPPRQ IRU
FRXUWURRP7KHWULDOMXGJHDVNHGsRQHVZKRZDVSUHVHQWWR GHOLEHUDWLRQV WR JR RQ IRU VRPHWLPH DQG , PLJKW UHPLQG \RX WKDW \RX EHJDQ WR GHOLEHUDWH , WKLQN )ULGD\ DQG , GRQjW NQRZKRZ \RX FRQWDFWWKHWZRDWWRUQH\Vs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jW FRPPXQLFDWH \RX NQRZ WKDW \RX FDQjW UHDFK D YHUGLFW $QG ZKHQ \RX WRRN WKH RDWK WKDW ZDV RQH RI WKH SURPLVHV WKDW \RX PDGH E\ UDLVLQJ \RXU KDQG WDNLQJ WKH RDWK 7KH UHOHYDQW SDUW RI WKH WULDO MXGJHjV WKLUG LQVWUXFWLRQ WR WKH MXU\ LV WKDW \RX ZRXOG GHOLEHUDWH XSRQ D YHUGLFW WR WU\ WR UHDFK D DV IROORZV YHUGLFW $QG ZH WROG \RX DW WKH RXWVHW LW ZRXOG QRW EH DQ HDV\ WDVN EXW ZH NQRZ WKDW \RX FDQ ULVH WR WKH RFFDVLRQ 6R ZHjOO DVN 7+( &2857 1RZ ODGLHV DQG JHQWOHPHQ , PXVW UHPLQG \RX WKDW \RX UHWXUQ WR WKH MXU\ URRP WKDW \RX GLG WDNH DQ RDWK WR UHQGHU D WUXH DQG MXVW YHUGLFW %XW LI 7KDQN \RX \RX DUH WR EH H[SHFWHG WR UHQGHU D YHUGLFW \RX PXVW s$ DW o 1R )UHQFKYsRQHV )UHQFKYsRQHV 1R
WKH0LFKLJDQ6XSUHPH&RXUWGHQLHGWKHSHWLWLRQHUOHDYHWR $('3$ RQO\ SURYLGHV KDEHDV UHOLHI IRU D VWDWH SULVRQHU LQ DSSHDO FHUWDLQFLUFXPVWDQFHV 2Q 2FWREHU WKH SHWLWLRQHU ILOHG D SHWLWLRQ LQ G $QDSSOLFDWLRQIRUDZULWRIKDEHDVFRUSXVRQEHKDOI IHGHUDOFRXUWIRUDZULWRIKDEHDVFRUSXV2Q0DUFK RIDSHUVRQLQFXVWRG\SXUVXDQWWRWKHMXGJPHQWRID6WDWH WKHGLVWULFWFRXUWJUDQWHGWKHZULW$VGLVFXVVHGDERYHWKH FRXUWVKDOOQRWEHJUDQWHGZLWKUHVSHFWWRDQ\FODLPWKDW ZDUGHQDSSHDOHGDQGZHYDFDWHGWKHGLVWULFWFRXUWjVGHFLVLRQ ZDVDGMXGLFDWHGRQWKHPHULWVLQ6WDWHFRXUWSURFHHGLQJV DQGUHPDQGHGIRUDQHYLGHQWLDU\KHDULQJ XQOHVVWKHDGMXGLFDWLRQRIWKHFODLPo $IWHUWKHHYLGHQWLDU\KHDULQJDQGZLWKDIXOO\GHYHORSHG UHVXOWHG LQ D GHFLVLRQ WKDW ZDV FRQWUDU\ WR RU UHFRUGEHIRUHXVZHUHYLHZHGWKHGLVWULFWFRXUWjVGHFLVLRQWR LQYROYHG DQ XQUHDVRQDEOH DSSOLFDWLRQ RI FOHDUO\ JUDQW )UHQFKj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mXQUHDVRQDEOHDSSOLFDWLRQlSURQJRI G WR 'HVSLWHWKH6XSUHPH&RXUWjVRUGHUYDFDWLQJDQGUHPDQGLQJ D PL[HG TXHVWLRQ RI ODZ DQG IDFW 6HH 86& WKH FDVH IRU RXU UHGHWHUPLQDWLRQ RXU VWDQGDUG RI UHYLHZ G +DUSVWHU)GDWo UHPDLQV XQFKDQJHG :H UHYLHZ D GLVWULFW FRXUWjV JUDQW RI KDEHDVUHOLHIGHQRYR6HHHJ+DUSVWHUY2KLR)G 7KHUHFHQW6XSUHPH&RXUWGHFLVLRQRI:LOOLDPVY7D\ORU WK&LU 86 FODULILHGWKHPHDQLQJRIWKHRSHUDWLYH FODXVHVLQ G :LOOLDPVVWDWHGWKDWIHGHUDOFRXUWVDUH ,QGHWHUPLQLQJZKHWKHUWRLVVXHDKDEHDVZULWWKHVWDQGDUGV WRILQGmFOHDUO\HVWDEOLVKHG)HGHUDOODZlLQWKHKROGLQJVRIWKH VHWIRUWKLQWKH$QWLWHUURULVPDQG(IIHFWLYH'HDWK3HQDOW\$FW 6XSUHPH &RXUW DV RSSRVHG WR LWV GLFWD DW WKH WLPH RI WKH RI 86&HWVHT m$('3$l JRYHUQWKH UHOHYDQWVWDWHFRXUWGHFLVLRQ:LOOLDPV 86DW VHH GLVWULFW FRXUWjV UHYLHZ RI D VWDWH FRXUW GHFLVLRQ ,G 7KH DOVR+DUULVY6WRYDOO)G WK&LU 7KH:LOOLDPV&RXUWWKHQZHQWRQWRFODULI\WKHVLWXDWLRQVLQ ZKLFK D FRXUW FRXOG JUDQW D ZULW RI KDEHDV FRUSXV XQGHU :H GHFLGH WKLV FDVH XQGHU WKH $('3$ EHFDXVH )UHQFK ILOHG KLV G SHWLWLRQ IRU D ZULW RI KDEHDV FRUSXV LQ 2FWREHU ZHOO DIWHU $('3$jV HIIHFWLYH GDWH RI $SULO $00 %DUNHU Y <XNLQV )G WK &LU 1R )UHQFKYsRQHV )UHQFKYsRQHV 1R
8QGHU WKH mFRQWUDU\ WRl FODXVH D IHGHUDO KDEHDV FRXUW SUHMXGLFHZKHQFRXQVHOZDVHLWKHUWRWDOO\DEVHQWRUSUHYHQWHG PD\ JUDQW WKH ZULW LI WKH VWDWH FRXUW DUULYHV DW D IURP DVVLVWLQJ WKH DFFXVHG GXULQJ D FULWLFDO VWDJH RI WKH FRQFOXVLRQRSSRVLWHWRWKDWUHDFKHGE\WKLV&RXUWRQD SURFHHGLQJl &URQLF 86 DW Q 6LQFH WKH TXHVWLRQ RI ODZ RU LI WKH VWDWH FRXUW GHFLGHV D FDVH VXSSOHPHQWDOMXU\LQVWUXFWLRQZDVDFULWLFDOVWDJHRIWKHWULDO GLIIHUHQWO\ WKDQ WKLV &RXUW KDV RQ D VHW RI PDWHULDOO\ )UHQFK FRQWHQGHG WKDW UHYHUVDO VKRXOG EH DXWRPDWLF 7KH LQGLVWLQJXLVKDEOH IDFWV 8QGHU WKH mXQUHDVRQDEOH GLVWULFWFRXUWDJUHHGZLWK)UHQFK&LWLQJ&URQLFWKHGLVWULFW DSSOLFDWLRQlFODXVHDIHGHUDOKDEHDVFRXUWPD\JUDQWWKH FRXUWIRXQGDVWUXFWXUDOGHIHFWOLNHWKHGHSULYDWLRQRIFRXQVHO ZULW LI WKH VWDWH FRXUW LGHQWLILHV WKH FRUUHFW JRYHUQLQJ GXULQJDFULWLFDOVWDJHRIWKHWULDOUHTXLUHGDXWRPDWLFUHYHUVDO OHJDO SULQFLSOH IURP WKLV &RXUWjV GHFLVLRQV EXW 6HH)UHQFK)6XSSGDW XQUHDVRQDEO\ DSSOLHV WKDW SULQFLSOH WR WKH IDFWV RI WKH SULVRQHUjVFDVH 7KH :DUGHQ DUJXHV WKDW WKH GLVWULFW FRXUW HUUHG ZKHQ LW IRXQG )UHQFKjV ODFN RI FRXQVHO GXULQJ WKH VXSSOHPHQWDO :LOOLDPV 86DWo7KHUHIRUHZHORRNWRVHHLI LQVWUXFWLRQWREHDVWUXFWXUDOHUURU,QVWHDGWKHDSSHOODQWVD\V WKH0LFKLJDQFRXUWVXQUHDVRQDEO\DSSOLHGDJRYHUQLQJOHJDO )UHQFKjVODFNRIFRXQVHOGXULQJWKHVXSSOHPHQWDOLQVWUXFWLRQ SULQFLSOHLGHQWLILHGE\WKH6XSUHPH&RXUWZKHQWKH\DSSOLHG ZDVDWULDOHUURUVXEMHFWWRKDUPOHVVHUURUDQDO\VLV KDUPOHVVHUURUDQDO\VLVWR)UHQFKjVFODLPRIGHSULYDWLRQRI FRXQVHOGXULQJWKHVXSSOHPHQWDOLQVWUXFWLRQ ,Q VXSSRUW RI KLV SRVLWLRQ WKH DSSHOODQW VD\V SUHYLRXV 6XSUHPH&RXUWGHFLVLRQVLQGLFDWHWKDWDQHUURUGXULQJWULDO $ RQO\ UHTXLUHV DXWRPDWLF UHYHUVDO ZKHQ D GHIHQGDQW KDV VXIIHUHGDWRWDOGHSULYDWLRQRIFRXQVHO7KHDSSHOODQWVD\V %RWK SDUWLHV DJUHH WKDW mWKH FRPSOHWH GHQLDO RI FRXQVHO WKHSUHVHQWFDVHGRHVQRWLQYROYHWKHFRPSOHWHGHSULYDWLRQRI GXULQJ D FULWLFDO VWDJH RI D MXGLFLDO SURFHHGLQJ PDQGDWHV D FRXQVHO EHFDXVH WKH WULDO FRXUWjV DFWLRQV GLG QRW SUHYHQW SUHVXPSWLRQRISUHMXGLFHl5RHY)ORUHV2UWHJD86 VHHDOVR8QLWHG6WDWHVY&URQLF86 Q ,QRXURUGHUUHPDQGLQJWKLVFDVHWRWKH GLVWULFWFRXUWIRUDQHYLGHQWLDU\KHDULQJZHDJUHHGZLWKWKH 7KH DSSHOODQW VD\V WKH IROORZLQJ FDVHV GHVFULEH VWUXFWXUDO HUURUV GLVWULFWFRXUWWKDWDVXSSOHPHQWDOMXU\LQVWUXFWLRQLVDmFULWLFDO EHFDXVH WKH\ LQYROYH WKH WRWDO GHSULYDWLRQ RI FRXQVHO *HGHUV Y 8QLWHG 6WDWHV 86 D WULDO FRXUWjV RUGHU SUHYHQWLQJ D GHIHQGDQW VWDJHlRIDFULPLQDOSURFHHGLQJ)UHQFK:/ IURP FRQVXOWLQJ ZLWK KLV DWWRUQH\ DW DOO GXULQJ D UHFHVV EHWZHHQ KLV GLUHFW DW FLWLQJ5RJHUVY8QLWHG6WDWHV86 DQG DQG FURVVH[DPLQDWLRQ +HUULQJ Y 1HZ <RUN 86 WKH 6KLHOGV Y 8QLWHG 6WDWHV 86 VHH DOVR WULDO FRXUWjV UHIXVDO WR DOORZ FRXQVHO WR EH KHDUG LQ VXPPDWLRQ RI WKH &XUWLVY'XYDO)G VW&LU ,QRXUILUVW HYLGHQFH %URRNV Y 7HQQHVVHH 86 D VWDWXWH UHTXLULQJ GHFLVLRQ LQ WKLV PDWWHU ZH QRWHG WKDW WKH 0LFKLJDQ FRXUWV D GHIHQGDQW WR WHVWLI\ EHIRUH DQ\ RWKHU GHIHQVH HYLGHQFH ZDV SUHVHQWHG
FRQFHGHGWKDWWKHVXSSOHPHQWDOLQVWUXFWLRQZDVDFULWLFDOVWDJH GHSULYHG WKH GHIHQGDQW RI WKH DGYLFH RI FRXQVHO LQ PDNLQJ WKH GHFLVLRQ :KLWH Y 0DU\ODQG 86 WKH GHQLDO RI FRXQVHO DW D RIWKHWULDO6HH)UHQFK:/DW Q,Q SUHOLPLQDU\ KHDULQJ ZKHUH D SOHD ZDV HQWHUHG *LGHRQ Y :DLQULJKW OLJKWRIRXUKROGLQJZHUHPDQGHGWKHFDVHWRWKHGLVWULFWFRXUW 86 WRWDO GHSULYDWLRQ RI WKH ULJKW WR FRXQVHO GXULQJ WULDO WRGHWHUPLQHWKHH[DFWQDWXUHRIsRQHVjVSDUWLFLSDWLRQDWWKH +DPLOWRQ Y $ODEDPD 86 WKH GHQLDO RI FRXQVHO DW
WULDO DUUDLJQPHQW WKH VWDJH DW ZKLFK LQVDQLW\ PXVW EH SOHDGHG RU WKH GHIHQVH IRUIHLWHG )HUJXVRQ Y *HRUJLD 86 D VWDWXWH SHUPLWWLQJ
2QFHWKHHYLGHQWLDU\KHDULQJHVWDEOLVKHGsRQHVZDVQRWDQ WKH DGPLVVLRQ RQO\ RI WKH GHIHQGDQWjV XQVZRUQ VWDWHPHQW DQG WKH GHQLDO RI WKH ULJKW WR KDYH FRXQVHO H[DPLQH WKH GHIHQGDQW UHJDUGLQJ LW :LOOLDPV DWWRUQH\ )UHQFK DUJXHG WKDW WKH 6XSUHPH &RXUW KDV Y .DLVHU 86 WKH UHIXVDO WR DSSRLQW FRXQVHO EHIRUH mXQLIRUPO\IRXQGFRQVWLWXWLRQDOHUURUZLWKRXWDQ\VKRZLQJRI HQWU\ RI WKH GHIHQGDQWjV SOHD 1R )UHQFKYsRQHV )UHQFKYsRQHV 1R
FRXQVHOIURPDGYLVLQJ)UHQFK:LWKRXWVXFKDQDFWE\WKH LQIHFWHGWKHMXU\jVGHOLEHUDWLRQV,G7KHDSSHOODQWVD\VWKH WULDOFRXUWWKHDSSHOODQWVD\V)UHQFKjVODFNRIFRXQVHOGXULQJ &RXUWjVXVHRIKDUPOHVVHUURUDQDO\VLVLQ5XVKHQVXSSRUWVKLV WKHVXSSOHPHQWDOLQVWUXFWLRQLVQRWDGHSULYDWLRQEHFDXVHLW DVVHUWLRQWKDWZHVKRXOGDQDO\]HWKHSUHVHQWFDVHIRUKDUPOHVV GRHVQRWIDOOZLWKLQDQ\RIWKHIDFWSDUDGLJPVWKH6XSUHPH HUURU &RXUWGHVFULEHVDVGHSULYDWLRQVXQGHUWKH6L[WK$PHQGPHQW :HGLVDJUHH'HVSLWHWKHDSSHOODQWjVDWWHPSWWRFKDUDFWHUL]H $V IXUWKHU VXSSRUW IRU LWV SRVLWLRQ WKDW WKH GLVWULFW FRXUW &URQLFjV ODQJXDJH DV GLFWD WKH &RXUW KDV RIWHQ KHOG ERWK HUUHG WKH DSSHOODQW DUJXHV WKH GLVWULFW FRXUWjV UHOLDQFH RQ EHIRUH DQG DIWHU &URQLF WKDW DEVHQFH RI FRXQVHO GXULQJ D &URQLFLVPLVSODFHG,Q&URQLFWKH&RXUWUHYHUVHGWKHFRXUW FULWLFDOVWDJHRIDWULDOLVSHUVHUHYHUVLEOHHUURU6L[\HDUV RIDSSHDOVjLQIHUHQFHWKDWDGHIHQGDQWKDGUHFHLYHGLQHIIHFWLYH EHIRUH&URQLFWKH&RXUWKHOGLQ+ROORZD\Y$UNDQVDV DVVLVWDQFHRIFRXQVHOEHFDXVHRIWKHDWWRUQH\jVLQH[SHULHQFH 86 WKDWmZKHQDGHIHQGDQWLVGHSULYHGRIWKH OLPLWHGDFFHVVWRZLWQHVVHVDQGVKRUWWLPHWRLQYHVWLJDWHDQG SUHVHQFHDQGDVVLVWDQFHRIKLVDWWRUQH\HLWKHUWKURXJKRXWWKH SUHSDUHIRUDFRPSOH[WULDO&URQLF86DW7KH SURVHFXWLRQ RU GXULQJ D FULWLFDO VWDJH LQ DW OHDVW WKH &RXUWUHPDQGHGWKHFDVHWRFRQVLGHUZKHWKHUVSHFLILFDOOHJHG SURVHFXWLRQ RI D FDSLWDO RIIHQVH UHYHUVDO LV DXWRPDWLFl HUURUVPDGHE\GHIHQVHFRXQVHOZHUHVXIILFLHQWWRVXSSRUWDQ +ROORZD\86DW FLWLQJ*LGHRQY:DLQZULJKW LQHIIHFWLYHDVVLVWDQFHRIFRXQVHOFODLP,GDWo7KH 86 DQG:KLWHY0DU\ODQG86 DSSHOODQW DFNQRZOHGJHV &URQLFjV VWDWHPHQW LQ GLFWD WKDW m>W@KH SUHVXPSWLRQ WKDW FRXQVHOjV DVVLVWDQFH LV HVVHQWLDO UHTXLUHV >D FRXUW@ WR FRQFOXGH WKDW D WULDO LV XQIDLU LI WKH )RXU\HDUVDIWHU&URQLFWKH&RXUWUHLWHUDWHGWKDWKDUPOHVV DFFXVHGLVGHQLHGFRXQVHODWDFULWLFDOVWDJHRIKLVWULDOlLVDQ HUURU DQDO\VLV GRHV QRW DSSO\ WR 6L[WK $PHQGPHQW FODLPV DFFXUDWH VWDWHPHQW RI ODZ ,G DW %HFDXVH :LOOLDPV LQYROYLQJWKHDEVHQFHRIFRXQVHODWDFULWLFDOVWDJHE\VWDWLQJ LQVWUXFWV FRXUWV WR RQO\ UHO\ RQ WKH KROGLQJ RI FDVHV ZKHQ WKDWmWKHULJKWWRFRXQVHOLVµVREDVLFWRDIDLUWULDOWKDW>LWV@ GHFLGLQJFOHDUO\HVWDEOLVKHGIHGHUDOODZIRUKDEHDVSHWLWLRQ LQIUDFWLRQFDQQHYHUEHWUHDWHGDVKDUPOHVVHUURUjl3HQVRQY SXUSRVHV:LOOLDPV 86DWWKHDSSHOODQWDUJXHVWKH 2KLR 86 TXRWLQJ &KDSPDQ Y GLVWULFWFRXUWVKRXOGQRWKDYHUHOLHGRQWKLVVWDWHPHQWRIODZ &DOLIRUQLD 86 $V WKH &RXUW PRVW EHFDXVHWKHODQJXDJHZDVQRWDSSOLFDEOHWR&URQLFjVXOWLPDWH UHFHQWO\ VWDWHG LQ D KDEHDV FDVH m>W@KH H[LVWHQFH RI KROGLQJ >VWUXFWXUDO@ GHIHFWVoGHSULYDWLRQ RI WKH ULJKW WR FRXQVHO IRU H[DPSOHoUHTXLUHV DXWRPDWLF UHYHUVDO RI WKH FRQYLFWLRQ ,QVWHDGWKHDSSHOODQWVD\VWKHIDFWVRIWKLVFDVHUHVHPEOH EHFDXVH WKH\ LQIHFW WKH HQWLUH WULDO SURFHVVl %UHFKW Y WKRVHLQ5XVKHQY6SDLQ86 ,Q5XVKHQ $EUDKDPVRQ86 o WKH&RXUWDSSOLHGKDUPOHVVHUURUDQDO\VLVWRDWULDOMXGJHjVH[ SDUWHFRPPXQLFDWLRQVZLWKDMXURUDERXWWKHMXURUjVSHUVRQDO )XUWKHUPRUHWKHDSSHOODQWZURQJO\FKDUDFWHUL]HV5XVKHQ LQWHUDFWLRQZLWKDSROLFHLQIRUPDQWFXUUHQWO\WHVWLI\LQJEHIRUH ,Q 5XVKHQ WKH &RXUW GLG QRW VD\ KDUPOHVV HUURU DQDO\VLV WKH MXURU 5XVKHQ 86 DW o 1HLWKHU GHIHQVH DSSOLHVWRHYHU\RFFXUUHQFHRIDWWRUQH\DEVHQFHDWDFULWLFDO FRXQVHO QRU WKH SURVHFXWRU OHDUQHG RI WKH H[ SDUWH VWDJH RI WULDO ,QVWHDG WKH &RXUW KHOG WKDW H[ SDUWH FRPPXQLFDWLRQVXQWLODIWHUWKHWULDO FRPPXQLFDWLRQV EHWZHHQ D MXGJH DQG MXURU VKRXOG EH DQDO\]HG IRU KDUPOHVV HUURU EHFDXVH mµLW LV YLUWXDOO\ 7KH5XVKHQ&RXUWIRXQGWKDWWKHSRVWWULDOKHDULQJKHOGRQ LPSRVVLEOHWRVKLHOGMXURUVIURPHYHU\FRQWDFWRULQIOXHQFH WKHPDWWHUSURYLGHGVXIILFLHQWHYLGHQFHWKHFRPPXQLFDWLRQ WKDWPLJKWWKHRUHWLFDOO\DIIHFWWKHLUYRWHjl5XVKHQ86 EHWZHHQWKHMXGJHDQGMXURUZDVLQQRFXRXVDQGWKDWQRELDV 1R )UHQFKYsRQHV )UHQFKYsRQHV 1R
DW o TXRWLQJ 6PLWK Y 3KLOOLSV 86 ,Q &RQH WKH SHWLWLRQHU FODLPHG KLV FRXQVHO KDG EHHQ LQHIIHFWLYHZKHQKHIDLOHGWRDGGXFHPLWLJDWLQJHYLGHQFHDQG ZDLYHG ILQDO DUJXPHQW DW WKH VHQWHQFLQJ SKDVH RI WKH WULDO 7KH SUHVHQW FDVH LV YDVWO\ GLIIHUHQW IURP WKH LQFLGHQWDO &RQH86DW $SDQHORIRXU&RXUWEHORZDSSOLHG FRQWDFWEHWZHHQDMXGJHDQGMXURUDWLVVXHLQ5XVKHQ,QWKLV WKHVHFRQGRI&URQLF VWKUHHH[FHSWLRQVWRWKH6WULFNODQGUXOH FDVHWKHWULDOMXGJHGHOLYHUHGDVXSSOHPHQWDOLQVWUXFWLRQWRD KROGLQJWKDWWKRVHIDLOXUHVZHUHVRHJUHJLRXVWKDWWKH\GLGQRW GHDGORFNHG MXU\ )UHQFKjV DWWRUQH\V GLG QRW KDYH DQ UHTXLUHDVKRZLQJRIDFWXDOSUHMXGLFH6HH&RQHY%HOO RSSRUWXQLW\WRUHVSRQGWRWKHMXU\jVQRWHQRUZHUHWKH\SUHVHQW )G WK&LU 7KH6XSUHPH&RXUWUHYHUVHG ZKHQWKHWULDOMXGJHJDYHWKHVXSSOHPHQWDOLQVWUXFWLRQ7KH WKDWGHFLVLRQEHFDXVHWKHSHWLWLRQHUGLGQRWDOOHJHWKDWWULDO XQFHUWDLQW\RIWKHSUHMXGLFH)UHQFKVXIIHUHGEHFDXVHKHZDV FRXQVHO HQWLUHO\ IDLOHG WR VXEMHFW WKH SURVHFXWLRQjV FDVH WR QRWUHSUHVHQWHGE\FRXQVHOGXULQJWKLVFULWLFDOVWDJHRIKLVWULDO PHDQLQJIXO DGYHUVDULDO WHVWLQJ EXW DOOHJHG RQO\ WKDW WULDO PDNHVWKHRXWFRPHRIKLVWULDOXQUHOLDEOH6HH5RH86 FRXQVHOIDLOHGDWmVSHFLILFSRLQWVl&RQH86DW ,Q DW &URQLF86DW Q UHDFKLQJWKLVFRQFOXVLRQWKH&RXUWDQQRXQFHGWKDWWRDSSO\ WKHVHFRQG&URQLFH[FHSWLRQmWKHDWWRUQH\ VIDLOXUHPXVWEH &URQLFFRUUHFWO\VXPPDUL]HVIHGHUDOODZZKHQLWVWDWHVWKDW FRPSOHWHl,G DEVHQFHRIFRXQVHOGXULQJDFULWLFDOVWDJHRIDWULDODPRXQWVWR FRQVWLWXWLRQDOHUURU&URQLF86DW Q,QOLJKWRI )UHQFKGRHVQRWDUJXHWKDWKLVFRXQVHOIDLOHGWRVXEMHFWWKH FOHDUIHGHUDOODZWKH0LFKLJDQFRXUWVXQUHDVRQDEO\DSSOLHG SURVHFXWLRQjVFDVHWRPHDQLQJIXODGYHUVDULDOWHVWLQJ,QVWHDG KDUPOHVV HUURU DQDO\VLV WR )UHQFKjV GHSULYDWLRQ RI FRXQVHO KHDUJXHVWKDWWKHILUVW&URQLFH[FHSWLRQDSSOLHVEHFDXVHKH GXULQJ WKH VXSSOHPHQWDO LQVWUXFWLRQ 7KH GLVWULFW FRXUW VD\VWKDWKHZDVFRPSOHWHO\GHQLHGFRXQVHOGXULQJDFULWLFDO SURSHUO\JUDQWHGWKHZULWRIKDEHDVFRUSXV VWDJHRIDMXGLFLDOSURFHHGLQJ$VGLVFXVVHG&RQHGLGQRW GHDOZLWKDGHQLDORIFRXQVHOFODLP1RUGRHVWKHORJLFRI 7KHGHFLVLRQLQ&RQHGRHVQRWDOWHURXUDQDO\VLV,Q&RQH %HOOjVKROGLQJWKDWWKHDWWRUQH\jVIDLOXUH PXVWEHFRPSOHWH WKH&RXUWGHILQHGWKHW\SHRILQHIIHFWLYHDVVLVWDQFHFODLPVWKDW H[WHQGWRFODLPVEDVHGRQWKHGHQLDORIFRXQVHODWDFULWLFDO ILWZLWKLQ&URQLFj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mIDLOHG WR VXEMHFW WKH SURVHFXWLRQ V QRWHG LQ GLFWD WKDW %HOO GRHV QRW DSSO\ WR FODLPV RI GHQLDO RI FRXQVHO DW FDVH WR PHDQLQJIXO DGYHUVDULDO WHVWLQJl DQG ZKHQ WKH WULDO 6HH +XQWHU Y 0RRUH )G Q WK &LU
FLUFXPVWDQFHV RI WKH WULDO SUHYHQW FRXQVHO IURP DIIRUGLQJ $FFRUG 8QLWHG 6WDWHV H[ UHO 0DGHM Y 6FKRPLJ ) 6XSSG Q 1' ,OO m%HOO Y &RQH GRHV QRW DSSHDU WR DOWHU WKH HIIHFWLYHUHSUHVHQWDWLRQ&URQLF86DW FRQGLWLRQV IRU SUHVXPLQJ SUHMXGLFH XQGHU &URQLF ZKHQ D GHIHQGDQW LV DFWXDOO\ GHQLHG FRXQVHO DW D FULWLFDO VWDJH RI WKH SURFHHGLQJV RU ZKHQ WKH FLUFXPVWDQFHV RI WKH WULDO UHQGHU HIIHFWLYH DVVLVWDQFH LPSRVVLEOHl 1R )UHQFKYsRQHV
WKH WULDO MXGJHjV VXSSOHPHQWDO MXU\ LQVWUXFWLRQ %HFDXVH )UHQFKZDVZLWKRXWFRXQVHOGXULQJDFULWLFDOVWDJHRIKLVWULDO WKHGLVWULFWFRXUWFRUUHFWO\JUDQWHG)UHQFKjVSHWLWLRQIRUDZULW RIKDEHDVFRUSXV)RUWKHIRUHJRLQJUHDVRQVZH$)),50WKH MXGJPHQWRIWKH(DVWHUQ'LVWULFWRI0LFKLJDQ
Reference
- Status
- Published