The Delaware General Corporation Law is the statute of the Delaware Code that governs corporate law in the U.S. state of Delaware. The statute was adopted in 1899. Since then, Delaware has become the most prevalent jurisdiction in United States corporate law. Delaware is considered a corporate haven because of its business-friendly corporate laws compared to most other U.S. states. 66% of the Fortune 500, including Walmart and Apple are incorporated in the state. Over half of all publicly traded corporations listed in the New York Stock Exchange are incorporated in Delaware.
In the field of jurisprudence, equity is the particular body of law, developed in the English Court of Chancery, with the general purpose of providing legal remedies for cases wherein the common law is inflexible and cannot fairly resolve the disputed legal matter. Conceptually, equity was part of the historical origins of the system of common law of England, yet is a field of law separate from common law, because equity has its own unique rules and principles, and was administered by courts of equity.
The Court of Chancery was a court of equity in England and Wales that followed a set of loose rules to avoid a slow pace of change and possible harshness of the common law. The Chancery had jurisdiction over all matters of equity, including trusts, land law, the estates of lunatics and the guardianship of infants.
Gebhart v. Belton, 33 Del. Ch. 144, 87 A.2d 862, aff'd, 91 A.2d 137, was a case decided by the Delaware Court of Chancery in 1952 and affirmed by the Delaware Supreme Court in the same year. Gebhart was one of the five cases combined into Brown v. Board of Education, the 1954 decision of the United States Supreme Court which found unconstitutional racial segregation in United States public schools.
In the history of the courts of England and Wales, the Judicature Acts were a series of acts of Parliament, beginning in the 1870s, which aimed to fuse the hitherto split system of courts of England and Wales. The first two acts were the Supreme Court of Judicature Act 1873 and the Supreme Court of Judicature Act 1875, with a further series of amending acts.
The Exchequer of Pleas, or Court of Exchequer, was a court that dealt with matters of equity, a set of legal principles based on natural law and common law in England and Wales. Originally part of the curia regis, or King's Council, the Exchequer of Pleas split from the curia in the 1190s to sit as an independent central court. The Court of Chancery's reputation for tardiness and expense resulted in much of its business transferring to the Exchequer. The Exchequer and Chancery, with similar jurisdictions, drew closer together over the years until an argument was made during the 19th century that having two seemingly identical courts was unnecessary. As a result, the Exchequer lost its equity jurisdiction. With the Judicature Acts, the Exchequer was formally dissolved as a judicial body by an Order in Council on 16 December 1880.
A court of equity, also known as an equity court or chancery court, is a court authorized to apply principles of equity rather than principles of law to cases brought before it. These courts originated from petitions to the Lord Chancellor of England and primarily heard claims for relief other than damages, such as specific performance and extraordinary writs. Over time, most equity courts merged with courts of law, and the adoption of various Acts granted courts combined jurisdiction to administer common law and equity concurrently. Courts of equity are now recognized for complementing the common law by addressing its shortcomings and promoting justice.
In the law of the United States, diversity jurisdiction is a form of subject-matter jurisdiction that gives United States federal courts the power to hear lawsuits that do not involve a federal question. For a federal court to have diversity jurisdiction over a lawsuit, two conditions must be met. First, there must be "diversity of citizenship" between the parties, meaning the plaintiffs must be citizens of different U.S. states than the defendants. Second, the lawsuit's "amount in controversy" must be more than $75,000. If a lawsuit does not meet these two conditions, federal courts will normally lack the jurisdiction to hear it unless it involves a federal question, and the lawsuit would need to be heard in state court instead.
Shaffer v. Heitner, 433 U.S. 186 (1977), is a United States corporate law case in which the Supreme Court of the United States established that a defendant's ownership of stock in a corporation incorporated within a state, without more, is insufficient to allow that state's courts to exercise jurisdiction over the defendant. The case set forth a framework for evaluating when a defendant will be deemed to have minimum contacts with the forum state sufficient for the exercise of jurisdiction to be consistent with due process under the Fourteenth Amendment.
The Delaware Supreme Court is the sole appellate court in the United States state of Delaware. Because Delaware is a popular haven for corporations, the Court has developed a worldwide reputation as a respected source of corporate law decisions, particularly in the area of mergers and acquisitions.
The Superior Court is the state court in the U.S. state of New Jersey, with statewide trial and appellate jurisdiction. The New Jersey Constitution of 1947 establishes the power of the New Jersey courts. Under the State Constitution, "'judicial power shall be vested in a Supreme Court, a Superior Court, County Courts and inferior courts of limited jurisdiction.'" The Superior Court has three divisions: the Appellate Division is essentially an intermediate appellate court while the Law and Chancery Divisions function as trial courts. The State Constitution renders the New Jersey Superior Court, Appellate Division the intermediate appellate court, and "[a]ppeals may be taken to the Appellate Division of the Superior Court from the law and chancery divisions of the Superior Court and in such other causes as may be provided by law." Each division is in turn divided into various parts. "The trial divisions of the Superior Court are the principal trial courts of New Jersey. They are located within the State's various judicial geographic units, called 'vicinages,' R. 1:33-2(a), and are organized into two basic divisions: the Chancery Division and the Law Division".
The legal system of South Korea is a civil law system that has its basis in the Constitution of the Republic of Korea. The Court Organization Act, which was passed into law on 26 September 1949, officially created a three-tiered, independent judicial system. The revised Constitution of 1987 codified judicial independence in Article 103, which states that, "Judges rule independently according to their conscience and in conformity with the Constitution and the law." The 1987 rewrite also established the Constitutional Court, the first time that South Korea had an active body for constitutional review.
The New York Court of Chancery was the highest court in the State of New York from 1701 to 1847.
Leo E. Strine, Jr. is an American attorney and retired judge for the state of Delaware. He served on the Delaware Court of Chancery as vice chancellor from 1998 to 2011 and chancellor from 2011 to 2014, and as the chief justice of the Delaware Supreme Court from 2014 to 2019. Strine has worked in private practice since 2020.
The Government of Delaware encompasses the administrative structure of the US state of Delaware as established by its 1897 constitution. Analogously to the US federal government, it is composed of three branches: executive, legislative, and judicial. The Governor is head of the executive, the General Assembly is the legislature, and the Supreme Court is the highest court. The state is also organized into counties, municipalities, school districts, and special districts.
Business Courts, sometimes referred to as Commercial Courts, are trial courts that primarily or exclusively hear internal business disputes and commercial litigation between businesses. The modern creation of specialized Business Courts in the United States began in the early 1990s, and has expanded greatly in the last thirty years. Business courts are operating in New York City and 10 other jurisdictions throughout New York State as the New York Supreme Court Commercial Division, Chicago, North Carolina, New Jersey, Philadelphia and Pittsburgh, Pennsylvania, Reno and Las Vegas, Nevada, Massachusetts, Rhode Island, Maryland, Orlando, Miami, Ft. Lauderdale, and Tampa, Florida, Michigan, Cincinatti, Cleveland and Toledo, Ohio, Iowa, Maine, New Hampshire, Metro Atlanta regionally and Georgia Statewide, Delaware's Superior Court and Court of Chancery, Nashville, Tennessee, Wisconsin, Indiana, Arizona, Kentucky, South Carolina, West Virginia, and the Wyoming Chancery Court. This mapshows states having business courts either statewide, in multiple counties or cities, or within a single major city or county, which is accurate through April 2023. In New York, Chicago, Philadelphia, Massachusetts, North Carolina, South Carolina and New Jersey, among other states with business courts, the original programs have expanded by adding judges and/or by expanding into additional cities and counties. In 2023, Utah adopted legislation creating a statewide Business and Chancery Court, which will become operational in 2024. On June 9, 2023, Texas' governor signed an Act into law creating a Business Court. The new law became effective in September 2023, but the Business Court will not be open for cases until September 2024 at the earliest. The Hamilton County, Ohio Court of Common Pleas had discontinued its Commercial Docket in 2017, but revived it effective March 1, 2024.
The Supreme Court of the United States has original jurisdiction in a small class of cases described in Article III, section 2, of the United States Constitution and further delineated by statute.
Kathaleen Saint Jude McCormick is an American lawyer and judge on the Delaware Court of Chancery, first as a vice chancellor from 2018 to 2021 and then as the current chancellor since 2021. She is the first female chancellor in Delaware history.
Tamika Renee Montgomery-Reeves is an American lawyer who serves as a United States circuit judge of the United States Court of Appeals for the Third Circuit. She previously served as an Associate Justice of the Delaware Supreme Court.
James Travis Laster is an American corporate lawyer and judge who has served as a Vice Chancellor of the Delaware Court of Chancery since 2009.
