Export-Import Bank of the United States v. Asia Pulp & Paper Co.

609 F.3d 111 (2010)

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Export-Import Bank of the United States v. Asia Pulp & Paper Co.

United States Court of Appeals for the Second Circuit
609 F.3d 111 (2010)

CS

Facts

In March 2001, several former subsidiaries (the borrowing subsidiaries) of Asia Pulp & Paper Company, Ltd. (APP) (defendants) defaulted on over $100 million of loans made or guaranteed by the Export-Import Bank of the United States (ExIm) (plaintiff). In February 2009, seeking to collect on a judgment entered in ExIm’s favor by the district court, ExIm obtained from the district court writs of garnishment pursuant to the Federal Debt Collection Procedures Act (FDCPA) to retain property in which two of the borrowing subsidiaries had a nonexempt interest. ExIm served the writs on two banks located in New York—Deutsche Bank Trust Company Americas (Deutsche Bank) and Bank of New York Mellon Corporation (BONY)—both of which answered the writs by indicating that they held, as intermediary banks, electronic fund transfers (EFTs) of which the borrowing subsidiaries were the originators or beneficiaries. The borrowing subsidiaries objected, contending that New York law prohibited an intermediary bank from restraining an EFT and that, as originators or beneficiaries of the EFTs temporarily held by Deutsche Bank and BONY, the borrowing subsidiaries did not have a property interest in the EFTs. The district court agreed and quashed the writs to the extent they were being used to garnish EFTs held at intermediary banks. ExIm appealed.

Rule of Law

Issue

Holding and Reasoning (Straub, J.)

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