Continuing its efforts to clarify the law on the attachment of funds held momentarily in New York banks via electronic transfers, the U.S. Court of Appeals for the Second Circuit has held that creditors may not reattach funds that have been found wrongly attached and sequestered by intermediate banks in a non-electronic funds transfer suspense account.
The ruling in Scanscot Shipping Services v. Metales Tracomex LTDA, 09-5280-cv, is the latest of several following the circuit’s precedent-changing decision last year in Shipping Corporation of India Ltd. v. Jaldhi Overseas Pte Ltd., 585 F. 3d 58.
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