Pan American Securities Corp. v. Fried, Krupp Aktiengesellschaft

The suit is to recover on bonds issued by defendant in Germany in 1927, with part of the issue sold in Holland and alternatively payable at banks in the latter country. Plaintiff purchased the bonds after maturity and presented them for payment at one of the designated banks in Holland, where payment was refused — no provision having been made for payment there. The principal defense was that since the bonds were issued statutes enacted in Germany, called the Devisen Laws, prevented the transmission of currency or foreign exchange from Germany to any foreign country to meet obligations of…