Republic of Iraq v. First National City Bank

353 F.2d 47 (1965)

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Republic of Iraq v. First National City Bank

United States Court of Appeals for the Second Circuit
353 F.2d 47 (1965)

Facts

The Republic of Iraq (the Republic) (plaintiff) filed an action against First National City Bank (First National) (defendant) to recover a bank balance of $55,925 and proceeds from over 4,000 shares of stock in a Canadian investment trust that had belonged to King Faisal II of Iraq at the time of his death. King Faisal died during the Iraqi revolution that ultimately led to the establishment of the Republic, and the new government promptly issued a decree that mandated confiscation of all property that had belonged to the former royal family. Irving Trust Company in New York was holding King Faisal’s New York bank balance and shares when the king died. Approximately three months after his death, a New York surrogate’s court issued letters of administration to First National for King Faisal’s New York assets, and Irving Trust Company transferred the bank account and share certificates to First National, despite having been informed by the Republic of the mandate to confiscate all of King Faisal’s assets. The Republic filed its lawsuit to claim the assets in the district court, but the district court dismissed the suit. The Republic appealed.

Rule of Law

Issue

Holding and Reasoning (Friendly, J.)

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