Expropriation — Definition — Taking of property — Intangible assets — Liabilities owed to creditors of expropriated company — Whether constituting property — Whether non-payment constituting taking — Requirement that creditor’s rights be directly affected by expropriation of debtor’s assets — Discriminatory expropriation programme directed at United States nationals — Having intention and effect of depriving United States creditors of their property rights — Whether constituting a direct effect

Relationship of international law and municipal law — Act of State and justiciability — Principle that United States courts will not question validity of expropriation by foreign State of property within that State’s territory — Counterclaim exception — Requirements — Indication from executive that act of State doctrine inapplicable — Adjudication of dispute not affecting conduct of foreign relations — Counterclaim only asserted as set-off

Relationship of international law and municipal law — Customary international law — Application as part of United States law — Principles common to United States federal common law and international law

Economics, trade and finance — State contract — Discrimination — Assumption by State of liabilities of nationalized company — Repudiation of liabilities owed to foreign nationals — Whether constituting basis for cause of action — The law of the United States