International Law - Act of State Doctrine - The United States Court of Appeals for the Second Circuit Narrowly Restricts Application of the Hickenlooper Amendment and the Bernstein Exception - Banco Nacional de Cuba v. the First National City Bank of New York, 442 F.2d 530 (2d Cir. 1971)
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Authors
Spellman, Mary Anne
Issue Date
1972
Volume
5
Issue
Type
Journal Article
Language
Keywords
Alternative Title
Abstract
INTRODUCTION|The foundation of the act of state doctrine, deference to the political branches, predominantly the executive, in the field of foreign affairs, was dangerously undermined by the majority view in the recent decision of Banco Nacional de Cuba v. The First National City Bank of New York, 442 F.2d 530 (2d Cir. 1971).|On July 8, 1958, First National City Bank made a 15 million dollar loan to a corporate agency of the government of the Republic of Cuba. This loan was secured by collateral pledged by Banco Nacional de Cuba and another Cuban governmental agency. Castro forces seized control of the Cuban Government on January 1, 1959. During the next year, two Cuban laws went into effect which dissolved the corporate agency. Banco Nacional succeeded to the obligation to repay the 15 million dollar loan and repaid 5 million dollars of the debt, one-third of the collateral thereby being released...
Description
Citation
5 Creighton L. Rev. 159 (1971-1972)
Publisher
Creighton University School of Law