Academic Commons

Articles

Making Something out of Nothing: The Law of Takings and Phillips v. Washington Legal Foundation

Heller, Michael A.; Krier, James E.

Phillips v. Washington Legal Foundation held that interest on principal amounts deposited into IOLTA accounts is the property of the various clients who handed over the money but expressed no view as to whether the Texas IOLTA program worked a taking, or, if it did, whether any compensation was due. The debates among the justices about the meaning of private property, argued in terms of contextual and conceptual severance, are unlikely to prove fruitful. We elaborate a better approach in terms of the underlying purposes of just compensation. We conclude that efficiency and justice are best served by uncoupling matters and methods of deterrence from matters and methods of distribution.

Files

  • thumnail for Making_Something_Out_of_Nothing.pdf Making_Something_Out_of_Nothing.pdf application/pdf 1.35 MB Download File

Also Published In

Title
Supreme Court Economic Review

More About This Work

Academic Units
Law
Publisher
University of Chicago Press
Published Here
October 12, 2015
Academic Commons provides global access to research and scholarship produced at Columbia University, Barnard College, Teachers College, Union Theological Seminary and Jewish Theological Seminary. Academic Commons is managed by the Columbia University Libraries.