In re Ocana
United States District Court for the Southern District of New York
151 B.R. 670 (1993)
- Written by Samantha Arena, JD
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…
Here's why 833,000 law students have relied on our case briefs:
- Written by law professors and practitioners, not other law students. 46,500 briefs, keyed to 994 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.
