The 2nd U.S. Circuit Court of Appeals overruled a case Friday it said triggered a flood of maritime attachment orders and posed a threat to both the strength of the U.S. dollar and New York City's standing as an international financial center. Reversing course, the circuit said the incidental and momentary passage of electronic fund transfers through intermediary New York banks will no longer be sufficient to vest jurisdiction in maritime disputes.
October 20, 2009 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
The 2nd U.S. Circuit Court of Appeals overruled a case Friday it said triggered a flood of maritime attachment orders and posed a threat to both the strength of the U.S. dollar and New York City’s standing as an international financial center.
Reversing course, the circuit said the incidental and momentary passage of electronic fund transfers through intermediary New York banks will no longer be sufficient to vest jurisdiction in maritime disputes.
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