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Second Circuit Overturns Its Prior Decision In Winter Storm: Electronic Fund Transfers Are No Longer Property Subject To Maritime Attachment Under Rule B.

Publication: Mondaq Business Briefing
Publication Date: 21-OCT-09 		Format: Online
Delivery: Immediate Online Access
Full Article Title: Second Circuit Overturns Its Prior Decision In Winter Storm: Electronic Fund Transfers Are No Longer Property Subject To Maritime Attachment Under Rule B.(The Shipping Corporation of India v. Jaldhi Overseas Pte Ltd)

Article Excerpt
On October 16, 2009, the U.S. Court of Appeals for the Second Circuit in a case entitled "The Shipping Corporation of India v. Jaldhi Overseas Pte Ltd." filed under Case No. 08-3477-cv, held that electronic fund transfers ("EFTs") being processed by an intermediary bank are not property subject to attachment under Rule B, and with the consent of all active judges of the Second Circuit, overruled Winter Storm Shipping, Ltd. v. TPI, 310 F.3d 263 (2nd Cir. 2002) and all of its progeny.

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