(DOWNLOAD) "Sardino v. Federal Reserve Bank of New York and Secretary of Treasury of United States" by United States Court of Appeals for the Second Circuit " eBook PDF Kindle ePub Free
eBook details
- Title: Sardino v. Federal Reserve Bank of New York and Secretary of Treasury of United States
- Author : United States Court of Appeals for the Second Circuit
- Release Date : January 22, 1966
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 83 KB
Description
FRIENDLY, Circuit Judge: Plaintiff Sardino, a Cuban residing in Havana, has a savings account in a New York bank of some $7000, this being the proceeds of an insurance policy on the life of his son who died in New York. The bank would not remit the funds to Sardino in Cuba because the Cuban Assets Control Regulations,1 31 C.F.R. § 515.201, issued pursuant to the Trading with the Enemy Act, § 5(b) (1), 50 U.S.C. App. § 5(b) (1), prohibited transfers outside the United States of property owned by Cuban nationals except with specific authorization. The Federal Reserve Bank of New York, acting as agent for the Secretary of the Treasury, refused to issue the required license because ""transactions of this type are not consistent with the present policy of this Government with respect to Cuba."" Sardino thereupon brought this action in the District Court for the Southern District of New York against the Federal Reserve Bank and the Secretary of the Treasury for a direction that they issue a license or a declaration that none was required; he contended that the Regulations were not authorized by the statute and that, if they were, the statute and the Regulations were unconstitutional as applied to him for various reasons discussed hereafter. Judge Palmieri granted defendants' motion to dismiss the complaint for failure to state a claim upon which relief could be granted. This appeal followed.
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