Thursday, May 23, 2013
The Second Circuit has certified two questions to the New York Court of Appeals. The questions are:
(1) May a court issue a turnover order pursuant to N.Y. CPLR § 5225(b) to an entity that does not have actual possession or custody of a debtor’s assets, but whose subsidiary might have possession or custody of such assets?
(2) If the answer to the above question is in the affirmative, what factual considerations
should a court take into account in determining whether the issuance of such an order is
The decision in Commonwealth of the Northern Marina Islands v. Canadian Imperial Bank of Commerce can be found here.