Preserving NY Property Law And Dividing A District
February 8, 2012, 1:01 PM EST
Law360, New York (February 8, 2012, 1:01 PM EST) -- A recent decision in the Southern District of New York holds that blocked proceeds of electronic fund transfers (EFTs) held by banks are not subject to attachment in satisfaction of judgments on claims premised on acts of terrorism. This decision creates a split of authority within the Southern District.
In Calderon-Cardona, et al. v. JPMorgan Chase Bank NA (11 Civ. 3283), Judge Denise Cote determined that the Terrorism Risk Insurance Act (TRIA) does not preempt state property law, which determines whether an EFT is actually owned...