Here is the synopsis of our sample research paper on LIBYAN FOREIGN BANK VERSUS BANKERS TRUST COMPANY/ A CASE BRIEF
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Essay / Research Paper Abstract
This 3 page paper is a case brief on the 1987 case between the Libyan Arab Bank versus the Bankers Trust company of New York and London. Overview and conclusions discussed. Bibliography lists 2 sources.
Page Count:
3 pages (~225 words per page)
File: D0_MBliblaw.rtf
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Unformatted sample text from the term paper:
frozen in accordance with the United States and another Libyan account held there. Libya contended that while the one account was understandably frozen by the bankers in New York, that
the account in London should have remained open. What follows is a short case brief of the trial. PROCEDURAL HISTORY As stated, in 1986 because of political issues, the United
States froze the New York accounts of the Libyan Foreign Bank. This also affected the same account which had a foreign office in London. Libya argued that the frozen account
only pertained to the one in the United States, since it was the United States who declared a hold on the accounts, and not Great Britain. The Libyan Foreign Bank
sued the Bankers Trust for freezing their assets, though the bank did not reside in New York where the hold was issued. The case was filed in the Queens
Bench Division of the Commercial Court in 1987. The basic claim was that the New York firm had not transferred the funds that had been requested, to the London firm,
prior to the United States Presidents freeze taking place. They also claim that there was in fact, two contracts: one with London and another with New York. They filed suit
for the release of their money and for failing to carry out a transaction which had been requested. After much posturing, the court finally ruled that the New York
office had failed to transfer the funds, that the request had come prior to the Presidents announcement and that as such they were liable to transfer the funds to the
London bank. The London Bank was ruled to be a separate entity from the New York office, and as such was instructed to release the funds. ISSUE: (Will the
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