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State Defaults In The United States
State defaults in the United States are instances of states within the United States defaulting on their debt. The last instance of such a default took place during the Great Depression, in 1933, when the state of Arkansas defaulted on its highway bonds, which had long-lasting consequences for the state. Current U.S. bankruptcy law, an area governed by federal law, does not allow a state to file for bankruptcy under the Bankruptcy Code. Certain politicians and scholars have argued that the law should be amended to allow states to file for bankruptcy. Law and policy surrounding state bankruptcy Current law U.S. bankruptcy law, an area governed by federal law, does not allow and has not historically allowed a state to file for bankruptcy under the Bankruptcy Code. Since 1937, Chapter 9 of the Bankruptcy Code has allowed ‘municipalities’ to declare bankruptcy. A municipality is a ‘political subdivision or public agency or instrumentality of a state,’ including cities ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States
The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country primarily located in North America. It consists of 50 states, a federal district, five major unincorporated territories, nine Minor Outlying Islands, and 326 Indian reservations. The United States is also in free association with three Pacific Island sovereign states: the Federated States of Micronesia, the Marshall Islands, and the Republic of Palau. It is the world's third-largest country by both land and total area. It shares land borders with Canada to its north and with Mexico to its south and has maritime borders with the Bahamas, Cuba, Russia, and other nations. With a population of over 333 million, it is the most populous country in the Americas and the third most populous in the world. The national capital of the United States is Washington, D.C. and its most populous city and principal financial center is New York City. Paleo-Americ ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
American Civil War
The American Civil War (April 12, 1861 – May 26, 1865; also known by other names) was a civil war in the United States. It was fought between the Union ("the North") and the Confederacy ("the South"), the latter formed by states that had seceded. The central cause of the war was the dispute over whether slavery would be permitted to expand into the western territories, leading to more slave states, or be prevented from doing so, which was widely believed would place slavery on a course of ultimate extinction. Decades of political controversy over slavery were brought to a head by the victory in the 1860 U.S. presidential election of Abraham Lincoln, who opposed slavery's expansion into the west. An initial seven southern slave states responded to Lincoln's victory by seceding from the United States and, in 1861, forming the Confederacy. The Confederacy seized U.S. forts and other federal assets within their borders. Led by Confederate President Jefferson Da ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Federal Law
Federal law is the body of law created by the federal government of a country. A federal government is formed when a group of political units, such as states or provinces join in a federation, delegating their individual sovereignty and many powers to the central government while retaining or reserving other limited powers. As a result, two or more levels of government exist within an established geographic territory. The body of law of the common central government is the federal law. Examples of federal governments include those of Australia, Brazil, Canada, Germany, Malaysia, Pakistan, Republic of India, Russia, the former Soviet Union and the United States. Australia Brazil Canada Germany India Malaysia Pakistan Russia United States The United States Constitution established through the supremacy clause that the United States Constitution and federal law takes precedent over state law. These powers include the authority to govern international affair ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sovereign Immunity In The United States
In United States law, the federal government as well as state and tribal governments generally enjoy sovereign immunity, also known as governmental immunity, from lawsuits. Local governments in most jurisdictions enjoy immunity from some forms of suit, particularly in tort. The Foreign Sovereign Immunities Act provides foreign governments, including state-owned companies, with a related form of immunity—state immunity—that shields them from lawsuits except in relation to certain actions relating to commercial activity in the United States. The principle of sovereign immunity in US law was inherited from the English common law legal maxim , meaning "the king can do no wrong." In some situations, sovereign immunity may be waived by law. Sovereign immunity falls into two categories: *Absolute immunity: When absolute immunity applies, a government actor may not be sued for the allegedly wrongful act, even if that person acted maliciously or in bad faith; and * Qualified imm ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Junius Marion Futrell
Junius Marion Futrell (August 14, 1870 – June 20, 1955) was an American attorney who served as the 30th governor of Arkansas from 1933 to 1937, and the acting governor for a short period in 1913. Early life Futrell was born in Jones Ridge in Greene County in northeastern Arkansas to parents Jepthra and Arminia Levonica Eubanks Futrell. The second of three children, he attended the Arkansas Industrial University, now the University of Arkansas School of Law, from 1892 to 1893. After his sophomore year, he taught school in several Arkansas counties until 1896, marrying Tera A. Smith on September 27, 1893. Futrell also farmed and worked in the timber industry before entering politics. Career Futrell was elected to the Arkansas House of Representatives and served from 1896 to 1904. He was elected Circuit Court Clerk from 1906 to 1910. Futrell was elected to the Arkansas Senate and served from 1913 to 1917. He was the Senate President from 1915 to 1917. While President ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
List Of Governors Of Arkansas
The governor of Arkansas is the head of government of the U.S. state of Arkansas. The governor is the head of the executive branch of the Arkansas government and is charged with enforcing state laws. They have the power to either approve or veto bills passed by the Arkansas General Assembly, to convene the legislature, and to grant pardons, except in cases of treason and impeachment. The state has had 46 elected governors, as well as 11 acting governors who assumed powers and duties following the resignation or death of the governor. Before becoming a state, Arkansas Territory had four governors appointed to it by the president of the United States. Orval Faubus (1955–1967) served the longest term as governor, being elected six times to serve 12 years. Bill Clinton (1979-1981; 1983-1992), elected five times over two distinct terms, fell only one month short of 12 years, and Mike Huckabee (1996-2007) served 10 years for two full four-year terms. The shortest term for an ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Great Depression
The Great Depression (19291939) was an economic shock that impacted most countries across the world. It was a period of economic depression that became evident after a major fall in stock prices in the United States. The Financial contagion, economic contagion began around September and led to the Wall Street Crash of 1929, Wall Street stock market crash of October 24 (Black Thursday). It was the longest, deepest, and most widespread depression of the 20th century. Between 1929 and 1932, worldwide Gross domestic product, gross domestic product (GDP) fell by an estimated 15%. By comparison, worldwide GDP fell by less than 1% from 2008 to 2009 during the Great Recession. Some economies started to recover by the mid-1930s. However, in many countries, the negative effects of the Great Depression lasted until the beginning of World War II. Devastating effects were seen in both rich and poor countries with falling personal income, prices, tax revenues, and profits. International t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Great Mississippi Flood Of 1927
The Great Mississippi Flood of 1927 was the most destructive river flood in the history of the United States, with inundated in depths of up to over the course of several months in early 1927. The uninflated cost of the damage has been estimated to be between 246 million and 1 billion dollars. About 500 people died and over 630,000 people were directly affected; 94% of those affected lived in Arkansas, Mississippi, and Louisiana, especially in the Mississippi Delta region. More than 200,000 African Americans were displaced from their homes along the Lower Mississippi River and had to live for lengthy periods in relief camps. As a result of this disruption, many joined the Great Migration from the South to the industrial cities of the North and the Midwest; the migrants preferred to move, rather than return to rural agricultural labor. To prevent future floods, the federal government built the world's longest system of levees and floodways. Then-Secretary of Commerce Herbert H ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Security Interest
In finance, a security interest is a legal right granted by a debtor to a creditor over the debtor's property (usually referred to as the ''collateral'') which enables the creditor to have recourse to the property if the debtor defaults in making payment or otherwise performing the secured obligations. One of the most common examples of a security interest is a mortgage: a person borrows money from the bank to buy a house, and they grant a mortgage over the house so that if they default in repaying the loan, the bank can sell the house and apply the proceeds to the outstanding loan. Although most security interests are created by agreement between the parties, it is also possible for a security interest to arise by operation of law. For example, in many jurisdictions a mechanic who repairs a car benefits from a lien over the car for the cost of repairs. This lien arises by operation of law in the absence of any agreement between the parties. Most security interests are grant ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Toll Road
A toll road, also known as a turnpike or tollway, is a public or private road (almost always a controlled-access highway in the present day) for which a fee (or ''Toll (fee), toll'') is assessed for passage. It is a form of road pricing typically implemented to help recoup the costs of road construction and Road maintenance, maintenance. Toll roads have existed in some form since Classical antiquity, antiquity, with tolls levied on passing travelers on foot, wagon, or horseback; a practice that continued with the automobile, and many modern tollways charge fees for motor vehicles exclusively. The amount of the toll usually varies by vehicle type, weight, or number of axles, with freight trucks often charged higher rates than cars. Tolls are often collected at toll plazas, toll booths, toll houses, toll stations, toll bars, toll barriers, or toll gates. Some toll collection points are automatic, and the user deposits money in a machine which opens the gate once the correct toll ha ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fuel Tax
A fuel tax (also known as a petrol, gasoline or gas tax, or as a fuel duty) is an excise tax imposed on the sale of fuel. In most countries the fuel tax is imposed on fuels which are intended for transportation. Fuels used to power agricultural vehicles, and/or home heating oil which is similar to diesel are taxed at a different, usually lower rate. The fuel tax receipts are often dedicated or hypothecated to transportation projects so that the fuel tax is considered by many a user fee. In other countries, the fuel tax is a source of general revenue. Sometimes, the fuel tax is used as an ecotax, to promote ecological sustainability. Fuel taxes are often considered by government agencies such as the Internal Revenue Service as regressive taxes. Role in energy policy Taxes on transportation fuels have been advocated as a way to reduce pollution and the possibility of global warming and conserve energy. Placing higher taxes on fossil fuels makes petrol just as expensive as other ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Depression Of 1920–21
Depression may refer to: Mental health * Depression (mood), a state of low mood and aversion to activity * Mood disorders characterized by depression are commonly referred to as simply ''depression'', including: ** Dysthymia, also known as persistent depressive disorder ** Major depressive disorder, also known as clinical depression Economics * Economic depression, a sustained, long-term downturn in economic activity in one or more economies ** Great Depression, a severe economic depression during the 1930s, commonly referred to as simply ''the Depression'' ** Long Depression, an economic depression during 1873–96, known at the time as the ''Great Depression'' Biology * Depression (kinesiology), an anatomical term of motion, refers to downward movement, the opposite of elevation * Depression (physiology), a reduction in a biological variable or the function of an organ * Central nervous system depression, physiological depression of the central nervous system that can resu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
