Legal Opinion
In re the Liquidation of the New York Agency
Appellate Division of the Supreme Court of the State of New York
Decided July 18, 1996PublishedCited by 1 opinion
1Opinion of the Court
OPINION OF THE COURT
Milonas, J. P.
On July 5, 1991, the Superintendent of Banks of the State of New York seized the New York Agency of the Bank of Credit and Commerce International, S. A. (BCCI), a worldwide venture incorporated in Luxembourg, whose financial stability had been the subject of international headlines during the early part of that year. This action was taken in coordination with liquidators elsewhere around the world with respect to BCCI’s operations. It is undisputed for purposes of this appeal that the Superintendent was justified in taking this action on the grounds that,…
2Cases cited13 opinions
- Sharp v. KosmalskiNew York Court of Appeals · 1976
- Simonds v. SimondsNew York Court of Appeals · 1978
- Palazzo v. PalazzoAppellate Division of the Supreme Court of the State of New York · 1986
- Compania Sud-Americana De Vapores S.A. v. IBJ Schroder Bank & Trust Co.District Court, S.D. New York · 1992
- Carnegie Trust Co. v. First National BankNew York Court of Appeals · 1915
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3Cited by1 opinion
- United States v. BCCI Holdings (Luxembourg), S.A.District Court, District of Columbia · 1997