In the Matter of the Liquidation of the New York Agency and Other Assets of Bank of Credit and Commerce International, S. A. Superintendent of Banks of the State of New York, Respondent; CITIC Industrial Bank, Appellant. (And Another Proceeding.)
Court of Appeals of the State of New York.https://leagle.com/images/logo.png
Argued May 6, 1997
Decided June 27, 1997.
Attorney(s) appearing for the Case
Debevoise & Plimpton, New York City (John S. Kiernan, John H. Hall, Barton Legum and Jeremy Feigelson of counsel), for appellant.
Cleary, Gottlieb, Steen & Hamilton, New York City (Thomas J. Moloney, Howard S. Zelbo, Barry D. Ford and Jennifer L. Kroman of counsel), for respondent.
Thomas C. Baxter, Jr., New York City, and Karen E. Gifford for Federal Reserve Bank of New York, amicus curiae.
Joseph Howard Payne III, of the District of Columbia Bar, admitted pro hac vice, for United States of America, amicus curiae.
Chief Judge KAYE and Judges TITONE, BELLACOSA, SMITH, LEVINE and CIPARICK concur.
Court of Appeals of the State of New York.
WESLEY, J.
On July 5, 1991, as part of his seizure of the New York Agency of Bank of Commerce & Credit International (BCCI), respondent Superintendent of Banks seized an account of the BCCI Tokyo branch at Bank America International (BAI) in New York. That account had received a $31 million electronic transfer from Citibank, N.Y., at the direction of appellant CITIC...
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