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RECEIVERS v. DEUTSCHE BANK

653651/12, 15231.

142 A.D.3d 242 (2016)

36 N.Y.S.3d 95

THE RECEIVERS OF SABENA SA, Respondent, v. DEUTSCHE BANK A.G. et al., Appellants.

Appellate Division of the Supreme Court of New York, First Department.

Decided July 14, 2016.

Attorney(s) appearing for the Case

Seward & Kissel LLP, New York City (Michael B. Weitman and Dale C. Christensen, Jr. of counsel), for appellants.

Cardillo & Corbett, New York City (James P. Rau of counsel), for respondent.

Sullivan & Cromwell LLP, New York City (Bruce E. Clark and H. Rodgin Cohen of counsel), for Clearing House Association L.L.C., amicus curiae.

Meghann E. Donahue, Thomas C. Baxter, Jr., Stephanie A. Heller and Shari D. Leventhal, New York City, for Federal Reserve Bank of New York, amicus curiae.

TOM, J.P., SWEENY and SAXE, JJ., concur.

OPINION OF THE COURT

This appeal concerns an electronic funds transfer (EFT), governed by article 4-A of the Uniform Commercial Code, that was frozen for more than a decade at a New York intermediary bank pursuant to a federal executive order. The question to be answered is whether, upon the federal government's issuance of...

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