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FIRST NAT. CITY BK. v. BANCO NACIONAL DE CUBA

No. 70-295.

406 U.S. 759 (1972)

FIRST NATIONAL CITY BANK v. BANCO NACIONAL DE CUBA.

Supreme Court of United States.

Decided June 7, 1972.

Attorney(s) appearing for the Case

Henry Harfield argued the cause and filed briefs for petitioner.

Victor Rabinowitz argued the cause for respondent. With him on the brief was Leonard B. Boudin.

Solicitor General Griswold filed a memorandum for the United States as amicus curiae urging reversal.

MR. JUSTICE REHNQUIST announced the judgment of the Court, and delivered an opinion in which THE CHIEF JUSTICE and MR. JUSTICE WHITE join.

In July 1958, petitioner loaned the sum of $15 million to a predecessor of respondent. The loan was secured by a pledge of United States Government bonds. The loan was renewed the following year, and in 1960 $5 million was repaid, the $10 million balance was renewed for one year, and collateral equal to the value of the portion...

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