Ruling Shows Limits To NY's Power Over Distant Assets

By Pete Brush (April 30, 2013, 7:27 PM EDT) -- New York's high court held Tuesday that state law doesn't require a Canadian bank to hand over $118 million allegedly held by its Caribbean subsidiary to a U.S. commonwealth to settle a former resident's tax bill, a ruling experts said shows a desire to limit the power of Empire State judges over assets not directly subject to state jurisdiction.

The case centers on an effort by the Northern Mariana Islands to force the Canadian Imperial Bank of Commerce, which has a presence in New York and is therefore subject to state law, to cough up assets belonging to William and Patricia Millard,...

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