A New York bank that held a frozen electronic funds transfer for more than a decade to comply with a presidential order was under no obligation to complete the transfer after the freeze was lifted, a Manhattan appeals court ruled.
July 15, 2016 at 10:00 AM
1 minute read
A New York bank that held a frozen electronic funds transfer for more than a decade to comply with a presidential order was under no obligation to complete the transfer after the freeze was lifted, a Manhattan appeals court ruled.
The case, Sabena SA v. Deutsche Bank A.G., 653651/12, involves a 1997 electronic funds transfer from Sudan Airways to Sabena SA, which was Belgium’s national airline until 2001, when it was declared bankrupt.
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