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Banking Law Keyed to Malloy, 4th Ed.
Allied Bank International v. Banco Credito Agricola
Citation:
757 F.2d 516 (1985)Facts
In 1976, three Costa Rican banks issued promissory notes to a syndicate of creditor banks, with Allied Bank International acting as agent. The notes were payable in U.S. dollars in New York City. In 1981, facing economic crisis, Costa Rica’s Central Bank issued regulations suspending all external debt payments, and the government issued an executive decree conditioning all external debt payments on Central Bank approval. The Central Bank subsequently refused to authorize any foreign debt payments in U.S. dollars, causing the Costa Rican banks to default on their obligations. Allied accelerated the debt and sued for the full amount. While the case was pending, most creditors agreed to a debt restructuring plan, but Fidelity Union Trust Company refused to participate. Allied continued the litigation on Fidelity’s behalf.
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