Legal Opinion
Stein v. Royal Bank of Canada
Court of Appeals for the First Circuit
Decided February 14, 2001No. 99-2110PublishedCited by 19 opinions
1Opinion of the Court
LIPEZ, Circuit Judge.
Lawrence Stein appeals from the dismissal of the present action, in which he seeks recovery from the Royal Bank of Canada (the Bank) for a setoff of a Certificate of Deposit (the CD) owned by Stein against the debts of an unrelated third party that defaulted on its loan. Although he had pledged the CD as collateral for the Bank’s extension of a loan to the third party, Stein argues that the Bank’s unilateral setoff was illegal under Puerto Rico law and contrary to the terms of the pledge agreement. We disagree and affirm.
I. Background
The facts in this case are…
2Cases cited12 opinions
- Shaw v. Digital Equipment Corp.Court of Appeals for the First Circuit · 1996
- Wilma Cumpiano A/K/A Wilma Cumpiano Sanchez v. Banco Santander Puerto RicoCourt of Appeals for the First Circuit · 1990
- Garita Hotel Limited Partnership, Etc. v. Ponce Federal Bank, F.S.B.Court of Appeals for the First Circuit · 1992
- Clorox Co. Puerto Rico v. Proctor & Gamble Commercial Co.Court of Appeals for the First Circuit · 2000
- Washington Legal Foundation v. Massachusetts Bar FoundationCourt of Appeals for the First Circuit · 1993
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3Cited by19 opinions
- Estate of Bennett v. WainwrightCourt of Appeals for the First Circuit · 2008
- Deniz v. Municipality of GuaynaboCourt of Appeals for the First Circuit · 2002
- Clark v. BoscherCourt of Appeals for the First Circuit · 2008
- Griswold v. DriscollCourt of Appeals for the First Circuit · 2010
- Rhode Island Brotherhood of Correctional Officers v. Rhode IslandCourt of Appeals for the First Circuit · 2004
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