United States Second Circuit
Motorola Credit Corp. v. Standard Chartered Bank, 13-2535
Order holding that the "separate entity rule" precludes a court from ordering a garnishee bank operating branches in New York to restrain assets of judgment debtors held in foreign branches of the bank is affirmed, and the case remanded to the district court to vacate the restraining order on the defendants' assets, where: 1) abolition of the separate entity rule would result in serious consequences in the realm of international banking to the detriment of New York's preeminence in global financial affairs; and 2) the district court correctly concluded that the separate entity rule precludes the restraint of assets held in defendant Standard Chartered Bank's foreign branches.
Appellate Information
- Decided 11/14/2014
- Published 11/14/2014
Judges
Court
- United States Second Circuit