NY's Separate Entity Rule Is Alive, But Questions Remain

Law360, New York (November 4, 2014, 10:46 AM EST) -- On Oct. 23, 2014, New York's highest court issued a ruling answering a question certified to it by the Second Circuit regarding whether the "separate entity rule" precludes a judgment creditor from ordering a garnishee bank operating branches in New York to restrain a debtor's assets held in branches of the bank outside of New York. The New York Court of Appeals answered in the affirmative, holding that "a judgment creditor's service of a restraining notice on a garnishee bank's New York branch is ineffective under the separate entity rule to freeze assets held in the bank's foreign branches."...

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