Quimbee logo
DMCA.com Protection Status
From our private database of 15,400+ case briefs...

In re Ocana

United States District Court for the Southern District of New York
151 B.R. 670 (1993)

Facts

As part of various re-insurance transactions, Latino Americano de Reaseguros, S.A. (LARSA) promised to reimburse the Insurance Corporation of Hannover (Hannover) (plaintiff) in the event that Hannover suffered serious losses resulting from the transactions. LARSA requested that Banco Cafetero (defendant) issue a standby letter of credit in favor of Hannover, secured by collateral, to be paid upon LARSA’s default. Thereafter, LARSA filed for the Panamanian equivalent of bankruptcy. Hannover filed suit against Banco Cafetero in the United States, demanding payment on the letter of credit based on LARSA’s failure to make the promised reimbursements. LARSA then filed suit in a New York bankruptcy court, seeking an injunction against Hannover’s collection on the letter of credit. The bankruptcy court issued a stay of Hannover’s suit under the automatic-stay provisions of the United States Bankruptcy Code (bankruptcy code). Hannover appealed.

Rule of Law

Issue

Holding and Reasoning (Leval, J.)

What to do next…

  1. Unlock this case brief with a free (no-commitment) trial membership of Quimbee.

    You’ll be in good company: Quimbee is one of the most widely used and trusted sites for law students, serving more than 97,000 law students since 2011. Some law schools—such as Yale, Vanderbilt, Berkeley, and the University of Illinois—even subscribe directly to Quimbee for all their law students. Read our student testimonials.

  2. Learn more about Quimbee’s unique (and proven) approach to achieving great grades at law school.

    Quimbee is a company hell-bent on one thing: helping you get an “A” in every course you take in law school, so you can graduate at the top of your class and get a high-paying law job. We’re not just a study aid for law students; we’re the study aid for law students. Read more about Quimbee.

Here's why 321,000 law students have relied on our case briefs:

  • Written by law professors and practitioners, not other law students. 15,400 briefs, keyed to 210 casebooks. Top-notch customer support.
  • The right amount of information, includes the facts, issues, rule of law, holding and reasoning, and any concurrences and dissents.
  • Access in your classes, works on your mobile and tablet. Massive library of related video lessons and high quality multiple-choice questions.
  • Easy to use, uniform format for every case brief. Written in plain English, not in legalese. Our briefs summarize and simplify; they don’t just repeat the court’s language.

Here's why 321,000 law students have relied on our case briefs:

  • Reliable - written by law professors and practitioners not other law students.
  • The right length and amount of information - includes the facts, issue, rule of law, holding and reasoning, and any concurrences and dissents.
  • Access in your class - works on your mobile and tablet.
  • 15,400 briefs - keyed to 210 casebooks.
  • Uniform format for every case brief.
  • Written in plain English - not in legalese and not just repeating the court's language.
  • Massive library of related video lessons - and practice questions.
  • Top-notch customer support.