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HIS MAJESTY'S TREASURY v. BANKERS TRUST CO.

304 N.Y. 282 (1952)

Solicitor for the Affairs of His Majesty's Treasury, Appellant, v. Bankers Trust Company, Respondent.

Court of Appeals of the State of New York.

Decided July 15, 1952

Attorney(s) appearing for the Case

Howard T. Milman, Eustace Seligman and Henry N. Ess, III, for appellant.

Chester Bordeau, James Bruce and Haliburton Fales, II, for respondent.

LOUGHRAN, Ch. J., CONWAY, DESMOND, DYE and FROESSEL, JJ., concur; FULD, J., dissents and votes to reverse and answer the question certified in the affirmative on the grounds set forth in the dissenting opinion of Justice SHIENTAG at the Appellate Division.

LEWIS, J.

On March 11, 1947, there became effective in the United Kingdom the Exchange Control Act, 1947 (10 & 11 Geo. 6, ch. 14), pursuant to which persons resident in the United Kingdom (with exceptions not here material) were required on October 1, 1947 — in accord with a Treasury order authorized by section 2 of said act — to exchange for the equivalent in pounds sterling, certain enumerated...

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