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Banking Law Keyed to Malloy, 4th Ed.
Callejo v. Bancomer, S.A.
Citation:
764 F.2d 1101 (1985)Facts
William and Adelfa Callejo, U.S. citizens residing in Texas, purchased certificates of deposit (CDs) from Bancomer, a then-privately owned Mexican bank, beginning in 1979 or 1980. The CDs at issue in this case were purchased in May and June 1982, were denominated in U.S. dollars, and specified payment of principal and interest in dollars. The certificates specified Mexico City as the place of payment. To make deposits, the Callejos would wire funds to Laredo National Bank in Texas, which would credit Bancomer’s account and then transfer the funds to Bancomer’s branch in Nuevo Laredo, Mexico. In August 1982, facing a monetary crisis, Mexico promulgated exchange control regulations requiring Mexican banks to pay principal and interest on dollar-denominated CDs in pesos at specified rates of exchange substantially below the market rate. On September 1, 1982, Mexico nationalized all privately-owned Mexican banks, including Bancomer. When the Callejos’ CDs matured, Bancomer informed them that payment would be made in pesos rather than dollars, prompting this lawsuit.
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