Commonwealth of the Northern Mariana Islands v. Canadian Imperial Bank of Commerce

OPINION OF THE COURT

Rivera, J.

Two questions certified to us by the United States Court of Appeals for the Second Circuit raise issues as to whether a judgment creditor can obtain a CPLR article 52 turnover order against a bank to garnish assets held by the bank’s foreign subsidiary. We hold that for a court to issue a postjudgment turnover order pursuant to CPLR 5225 (b) against a banking entity, that entity itself must have actual, not merely constructive, possession or custody of the assets sought. That is, it is not enough *58that the banking entity’s subsidiary might have possession or…