Banco Ambrosiano, S.p.A., Respondent, v. Artoc Bank & Trust Limited, Appellant, 62 N.Y.2d 65

Summary

The appeal focused primarily on the question of whether the foreign bank's attempted assertion of quasi-in-rem jurisdiction over the bank and trust's property was consistent with due process. On review, the court held that the contracts among the bank and trust, the forum, and the litigation were sufficient to render the limited exercise of jurisdiction inoffensive to principles of due process. The foreign bank and the bank and trust were involved in the international banking business. The foreign bank brought the action to recover money it allegedly loaned to the bank and trust. Neither the foreign bank nor the bank and trust were authorized to engage in the banking business in New York. The only connection with New York was that the funds were deposited to a New York bank account, were to be repaid to another New York bank account, and apparently were transferred a New York account on behalf of the ultimate recipient. The court held that the property bore a reasonable relationship to...