Banco Do Brasil v. A.C. Israel Commodity Co.
New York Court of Appeals
12 N.Y.2d 371, 190 N.E.2d 235, 239 N.Y.S.2d 872 (1963)
Facts
A.C. Israel Commodity Company (Israel Commodity) (defendant), a coffee importer doing business in New York, contracted with a Brazilian coffee seller to buy coffee. Israel Commodity was to pay United States currency for the coffee. The coffee seller would exchange the United States dollars for 220 Brazilian cruzeiros in the open market. However, Brazilian law required the coffee seller to exchange the dollars for cruzeiros by means of a forced sale to the Brazilian government at a less favorable rate, which would have yielded only 90 cruzeiros. The coffee seller evaded detection by forging certain shipping documents, which were included with shipments of coffee sent to New York. Israel Commodity was aware of the coffee seller’s efforts to evade Brazilian law. Banco Do Brasil, S.A. (plaintiff), acting for the Brazilian government, was injured by having to pay more for the United States dollars than required by Brazilian law and filed suit in New York court.
Rule of Law
Issue
Holding and Reasoning (Burke, J.)
Dissent (Desmond, C.J.)
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