Jurisprudence and private law

Abstract With-profits bond is one of the modern financial instruments inIslamic system of finance. The issuer of these bonds will be able to offerbenefits or future services to the holders of the bonds while maintaining theoriginal durable property. Therefore, the holders of these bonds will be ableto present the benefits and future services with ease of mind uponaccumulation of small capitals to expand this business. On the other hand,the holders of these bonds will enjoy future benefits and services upon apurposeful program and with cheaper prices. They will be also able totransfer their rights in financial markets. Lease bond is another Islamicfinancial instrument, the holders of which share the joint ownership of theproperty as is. The resulting benefit is thus distributed according to the leasecontract among the issuers or owners of the bonds. Due to some similaritiesin these two types of bonds, some have mistakenly hypothesized that leasebonds shall cover the advantages of with-profits bonds. This paper hasresorted to library research method to review the nature and structure ofwith-profits bonds to highlight the need for issuing these bonds incomparison with the lease bonds

Abstract Right in Islamic jurisprudence entails two meanings: First, right in its general sense, means property and decree and in its specific sense it means right. The examples for this denotation of right are the right of fatherhood, right of guardianship for the ruler, right of administratorship, right of custody and the like. Although these are interpreted as right in the literature of the jurisprudents, they are all examples of decree. Second, right in its particular sense is vis-à-vis property and decree. Therefore, it has been said that the jurisprudents who put right in front of property and decree, they mean a type of religiously obligatory decree, which is also called religious decree or the decree of the Legislator. However, in cases we consider decree in its general sense, either obligatory or enacted, it is clear that right (like property) is a type of enacted decree. Therefore, decree in its general sense is attributable to its particular meaning (second meaning).
On this basis, when right is compared and contrasted with decree, the denotative meaning of the two is involved and when in jurisprudence, jurists talk about the effects and consequences of right, like the capacity to waiver, and transfer, they mean that right possesses these effects as an enacted decree and its independent rational validity. On the contrary, the obligatory decree lacks such characteristics.
This paper is an attempt to study the relationship between obligatory decree and enacted decree, and as well as the viewpoints of theoreticians at law and the independent viewpoints. Attempts also have been made to discuss the criteria for distinguishing right from decree and the procedure and criteria for judgment when doubt is raised about right and decree. In case of the absence of criteria, what shall be the basis for performance?

Abstract It was after the 1929 Great Recession in the United States that the world economy suffered heavy losses and Iranian officials began paying attention to the bankruptcy of the banks and its highly negative impacts on the national economy. Consequently, the lawmakers came to the conclusion that rules and regulations on bankruptcy of the commercial corporations are not sufficient for verifying bankruptcy of the banks – which are considered commercial corporations in kind. On this basis, the United States has tried to consider certain rules and regulations for bankruptcy of banks, thanks to their role in national economy and their differences from the commercial corporations. The bankruptcy code for banks and financial institutions in the United States is called Resolution Regime. It is the government’s legal framework that resolves a failed bank in an orderly way to prevent the collapse of financial markets and the country’s financial system, to continue key services by the banks and to prevent the burden of bankruptcy on the government and taxpayers.  In Iranian law, the bankruptcy regime of the banks is not a hundred percent apart from the bankruptcy of the corporations. In case of the bankruptcy of a bank, the Trade Law rules and regulations on bankruptcy will be considered as general rules and other monetary and banking rules and regulations will be particular ones. In case of the silence of the particular laws, the general rules and regulations will be applicable in case of the bankruptcy of the banks. In U.S. law, liquidation is the last step to deal with a bankrupt bank, while in Iranian law - since there is no substitute method for liquidation - the bankrupt bank starts liquidation immediately after receiving the order of bankruptcy.

Abstract The priority in subscription of new shares is the same as priority given to the previous shareholders that is under certain legal procedures and nature. The source of priority in Iranian law is law and articles of association in American law. In both legal systems, priority is a transactable right. The transfer of this right is carried out in the stock market or outside the market and based on restrictions the shareholders face in transfer of their shares. Like movable properties, priority can be attached by the third party and it can be sold on tender without formalities and immediately after the approval of the court. In Iranian law, priority is a peremptory norm and a non-abrogatable right of the former business partners. According to the articles of association, their rights cannot be denied although denying their priority is within the discretion and authority of extraordinary general assembly, which should be well-justified and non-forceable. The procedures must be brought in the reports of the board of directors and the official inspectors for proper decision making. In the United States of America’s law, however, the priority is a complementary principle and the shareholders will enjoy priority in case it has already been mentioned in the articles of association of the bank or financial institutions, otherwise, they will have no priority in subscription for new shares or for capital increase unless the articles of association is amended.

Abstract Cancellation is reached when both parties have consent over the termination of the contract. This means the end of the contract effects and the resulting commitments. This, however, relates to the future; therefore, it is not like nullification of the contract. It does not have retrospective impact, and consequently it does not affect the pre-cancellation consequences. This point has been neglected by some and in their explanation of rules regarding provisos after cancellation they maintain that all conditions are nullified including attributes, performance and collateral events. Pursuant to this, the Civil Code in Article 246 stipulates that when a contract is terminated by mutual consent, its terms become null and void, whereas rules regarding and effects of each proviso are different and Article 246 shall not be attributable to all of them. This means that the condition of attribute is not within the prerogative of the said article and hence it is not nullified, but also it returns to the initial owner according to the subject of transaction. The condition of collateral events, due to its certain characteristics, is realized immediately after the conclusion of the contract, thus it cannot be nullified or waived either. In the meantime, only the condition of performance, either negative or positive, is nullified due to cancellation although it leaves behind consequences that are analyzable. 

Abstract The issuance and delivery of commercial papers do not mean fulfilment of payments or extinction of previous obligations; rather, it is with the hand-over of the commercial papers that both obligations under the commercial papers are met and the original obligations become extinct. Although commercial papers bear obligation per se, until before payments for commercial papers are made, the criterion for action will be original obligations.
There is, of course, difference of opinion among jurists on this rule, while it has been confirmed in the majority of the legal systems. However, there is another theory stipulating that issuing a commercial paper and handing it over to the creditor suffices for extinction of original obligations. The proponents of this theory believe in the "substitution of commercial papers". Although they accept the fact that a commercial paper means 'commitment to pay' not 'payment per se', they believe that the obligation coming from the commercial paper shall be replaced with the original obligation, suggesting that somehow a shift of obligation takes place.

Abstract The transfer contract of professional soccer player is the most important contract in this sport. According to this contract, the player is committed to play for a certain club within a certain period of time for a specified sum of money. Conclusion and termination of this contract are subject to special international and domestic rules and regulations that are quite distinctive from other contracts. Like a person’s hiring contract, this contract is a binding obligation that will be enforceable after signing of the two parties. The contract parties are the professional player and the sports club that must possess capacity to sign a contract. This contract is of binding obligation, thus it shall be only null and void with the consent of the parties or upon a justifiable excuse. Meanwhile, the contract parties should act based on bona fide. In this research work, we will first review the nature of contracts in Iranian law and then proceed with studying conditions for validity of the contract according to the international and domestic rules and regulations.

Abstract A broad interpretation of the dissolving condition indicates that it is a condition realization of which revokes undertaking(s) between the obligor and the obligee and cancels the contract or other similar legal instruments from the beginning (with a retroactive effect). There is no express legal text on the rule of dissolving condition in domestic standing laws. This has given birth to diversified reasoning by the legal experts. Moreover, in legal terms, the approach followed by Imamiyah jurists vis-à-vis this legal institution is not identical so that some consider it problematic  based on such evidences as principle of definitiveness of conditions, inconsistency of dissolving condition with requirement of nature of condition and lack of legality of evidences on conditions. On the contrary, some believe in the soundness of the institution of dissolving condition based on the legality of the evidences on conditions. This paper is devoted to analysis of consequent opinions and approaches of experts to finally put forth its selected viewpoint on feasibility of soundness and use of such institution in Iranian law and Imamiyah jurisprudence and prove legal soundness of its application on attachment of Articles 232 and 233 of Civil Law to Articles 10 and 975 of the same law. However, it seems that the generality of evidences on conditions prove legality of conditions in creating or destroying the legal effects.