Intended Beneficiary Was Not Entitled To Completion Of A Frozen Wire Transfer

LexisNexis (October 21, 2016, 7:46 PM EDT) -- In a notable and well-reasoned decision, a New York court has ruled that the funds in a wire transfer, frozen for 14 years at a New York intermediary bank pursuant to a Presidential executive order, were properly returned to the originator's bank (and the originator) once the freeze was lifted, as though the wire had never occurred.  The court rejected the argument of the intended beneficiary that the intermediary bank had an obligation to complete the wire as intended once the funds were unfrozen by the...
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