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PEREZ v. CHASE MANHATTAN

61 N.Y.2d 460 (1984)

Esther G. M. Perez, as Administratrix of The Estate of Rosa M. Manas Y Pineiro, Deceased, Respondent-Appellant, v. Chase Manhattan Bank, N. A., Appellant-Respondent.

Court of Appeals of the State of New York.

Decided March 30, 1984.

Attorney(s) appearing for the Case

Andrew J. Connick and Mark N. Parry for appellant-respondent.

Gerald D. Roth, Irving Margolies and Peter P. Kenny for respondent-appellant.

John L. Warden, H. Rodgin Cohen and Michael Straus for The New York Clearing House Association, amicus curiae.

John Leferovich, Jr., Henry Harfield, John E. Hoffman, Jr., and Jennifer Freeman for the New York State Bankers Association, amicus curiae.

Judges JASEN, JONES, MEYER and SIMONS concur with Judge KAYE; Judge WACHTLER dissents and votes to affirm in a separate opinion in which Chief Judge COOKE concurs.

KAYE, J.

Rosa Manas y Pineiro (Manas), a Cuban national, in 1958 purchased five certificates of deposit from the Marianao, Cuba branch of defendant Chase Manhattan Bank (Chase), and first presented them for payment at Chase's New York office in 1974. The issue on this appeal is whether Chase is excused from payment to Manas because, in September, 1959, the Cuban government confiscated Manas' accounts and Chase...

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