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Aleo International, Ltd. v. Citibank

Supreme Court of New York County
160 Misc.2d 950 (1994)


Facts

An employee of Aleo International, Ltd. (Aleo) (plaintiff) instructed Citibank, N.A. (Citibank) (defendant) to make an electronic transfer of $284,563 to the Dresdner Bank to the account of Behzad Hermatjou. This instruction was given at a local branch of Citibank on October 13, 1992. Citibank sent the payment order to Dresdner Bank, which was in Germany, at 5:27 p.m. on that same day. The Dresdner Bank credited Hermatjou’s account with the funds from the transfer at 9:59 a.m., Berlin time, on October 14. Berlin time is six hours ahead of New York time; therefore, Hermatjou’s account was credited at 3:59 a.m. New York time on October 14. At 9:00 a.m., New York time, on October 14, Aleo’s employee requested that Citibank stop the transfer. Citibank did not do so, and Aleo sued.

Rule of Law

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Issue

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Holding and Reasoning (Cahn, J.)

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  • A “yes” or “no” answer to the question framed in the issue section;
  • A summary of the majority or plurality opinion, using the CREAC method; and
  • The procedural disposition (e.g. reversed and remanded, affirmed, etc.).

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