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Banking Law Keyed to Malloy, 4th Ed.
Perez v. Chase Manhattan Bank, N.A.
Citation:
61 N.Y.2d 460 (1984)Facts
Rosa Manas y Pineiro, wife of a cabinet minister in the Batista government, purchased five non-negotiable certificates of deposit totaling $227,336.47 from Chase Manhattan Bank’s Marianao, Cuba branch between May and December 1958. The certificates provided for 3% interest with maturity dates between April and June 1959. They were payable in “moneda nacional” (national currency) and could be presented at any Chase branch worldwide, including in Cuba. After Fidel Castro took power in January 1959, Manas’ husband fled Cuba. Manas remained in Cuba for part of 1959, visited her husband in Colombia, returned to Cuba briefly in 1960, then relocated to Mexico and later the United States.
In February 1959, the Cuban government created the Ministry of Recovery of Misappropriated Property with power to freeze bank accounts. In September 1959, the ministry ordered Chase to close Manas’ accounts and remit the proceeds to the government, which Chase did. In July 1960, the Cuban government nationalized American firms in Cuba, and in September 1960, it nationalized all of Chase’s Cuban branches. In January 1974, Manas presented her certificates to Chase’s New York office and demanded payment, which was refused. She then filed suit.
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