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Chapter Summary

The law of state succession and commercial obligations is as rich and dynamic as the global participants that shape and are guided by it. A policy-oriented approach to state succession and commercial obligations adopts a broad conception of state succession, commercial obligations and participants. Earlier theories of state succession have either defined state succession in terms of changes to the territory of a state or of the legal personality of a territory. International obligations should be read widely to mean any obligation owed by a state, or corporation, or national of that state to another party external to that state, regardless of whether the obligation arose under public or private international law or national law. The effects of state succession spread quickly through a web of commercial relationships linking numerous corporations to the participants that are directly involved in successions.

Keywords: international law; policy-oriented approach; state succession



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