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Banking Law Keyed to Malloy, 4th Ed.
Garcia v. Chase Manhattan Bank, N.A.
Citation:
735 F.2d 645 (1984)Facts
In 1958, as the Cuban revolution intensified, Juanita Gonzalez Garcia and her husband Jose Lorenzo Perez Dominguez, wealthy Cuban citizens, sought to protect their assets. They visited Chase Manhattan Bank’s Vedado branch in Cuba and expressed concerns about their money’s safety. Chase officials assured them that deposits would be guaranteed by the main office in New York and could be repaid in dollars at any Chase branch worldwide. The couple made two deposits totaling 500,000 pesos (equivalent to dollars at the time), receiving non-negotiable certificates of deposit maturing in 1959. They sent these certificates to Spain for safekeeping. After Castro took power in January 1959, the revolutionary government enacted Law No. 78, which allowed freezing of bank accounts. The Ministry subsequently ordered Garcia’s account frozen, then closed, and demanded Chase remit its value, which Chase did. In 1960, Cuba nationalized Chase’s branches. Garcia and her husband made inquiries about their deposits in 1964, 1968, and 1970, with Chase referring them to the National Bank of Cuba. In 1976, Garcia filed suit seeking payment on the certificates.
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