Corporation Venezolana de Fomento v. Vintero Sales Corp.

629 F.2d 786 (1980)

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Corporation Venezolana de Fomento v. Vintero Sales Corp.

United States Court of Appeals for the Second Circuit
629 F.2d 786 (1980)

Facts

Venezolana de Cruceros del Caribe, C.A. (Cariven), a Venezuelan corporation, issued notes guaranteed by Corporacion Venezolana de Fomento, (CVF) (plaintiff), a Venezuelan government entity. The Merban Corporation (Merban), a Swiss corporation, bought the notes and resold a portion of them to several banks in the United States and Canada. Cariven subsequently defaulted on the notes and complex litigation ensued. Part of this litigation was a complaint filed by CVF in federal district court in New York, alleging that its guarantees of the notes were void. CVF pursued two theories in support of its allegation. First, it argued that it had never approved the notes. Second, it argued that that it had been fraudulently induced to guarantee the notes by Merban as well as by two New York corporations (defendants) owned by a New York resident named Vincent A. DeLyra (defendant). Merban counterclaimed to recover on CVF’s guarantees. The parties had previously agreed to apply New York law to issues arising from the guarantee of the notes. The district court applied New York law to all claims arising from the lawsuit, denied CVF’s claims, and found for Merban. CVF appealed.

Rule of Law

Issue

Holding and Reasoning (Lumbard, J.)

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