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Banking Law Keyed to Malloy, 4th Ed.
Libra Bank Ltd. v. Banco Nacional de Costa Rica
Citation:
570 F. Supp. 870 (1983)Facts
In December 1980, sixteen banks, including the plaintiffs, made a $40 million loan to Banco Nacional, a bank wholly owned by the Costa Rican government. The loan agreement provided for repayment in four installments due between July and October 1981, with payments to be made in New York. Banco Nacional paid the first $5 million installment due on July 30, 1981, but made no further payments.
On August 27, 1981, the Central Bank of Costa Rica adopted a resolution that only authorized repayments of external debts to multilateral international agencies. On November 24, 1981, the Costa Rican President and Minister of Finance issued a decree prohibiting public sector entities, including Banco Nacional, from paying principal or interest on external debt without prior approval from the Central Bank. Banco Nacional claimed these decrees prevented it from repaying the loan.
The loan agreement contained provisions designating New York as the jurisdiction for dispute resolution, New York law as governing, and specified that all payments were to be made at Chase Manhattan Bank in New York. At the time of the Costa Rican decrees, Banco Nacional had $2.5 million in various New York bank accounts.
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