Relationship of international law and municipal law — Act of State — Expropriatory legislation enacted by foreign State — Whether United States courts will question the validity of such legislation — Recognition and enforcement of foreign laws — Grounds for refusing enforcement — Foreign law expropriating shares in company — Taking allegedly unaccompanied by compensation — Effect on subsidiary company’s assets located in the United States

Expropriation — Compensation — Whether provision for compensation in expropriatory legislation conclusive evidence that compensation paid — United States policy against expropriation without compensation — Extraterritorial effect of expropriation — Company’s assets located in the United States

Jurisdiction — Extraterritorial — Effect of expropriation by Spain of shares in Spanish company on subsidiary company’s assets in the United States — The law of the United States