What is the "breach-day" rule for damages sustained in foreign currency?
MultiRegion, United States of America
The following excerpt is from Middle East Banking Co. v. State Street Bank Intern., 821 F.2d 897 (2nd Cir. 1987):
Where damages are sustained in foreign currencies, New York courts apply the "breach-day rule." Simon v. Electrospace Corp., 28 N.Y.2d 136, 145, 320 N.Y.S.2d
Page 903
"The most advanced legal research software ever built."
The above passage should not be considered legal advice. Reliable answers to complex legal questions require comprehensive research memos. To learn more visit www.alexi.com.
Other Questions
Is a plaintiff's claim for damages arising out of a motor vehicle accident sustained as a result of injuries sustained in the accident/accident? (MultiRegion, United States of America)
Does section 1431.2 of the California Civil Code prohibit damages under California Code of Civil Procedure section 877 from being calculated as "economic damages" rather than as damages for personal injury? (MultiRegion, United States of America)
Does the foreign sovereign immunity provisions of the Foreign Sovereign Immunity Act apply to federal courts in cases involving foreign states? (MultiRegion, United States of America)
Is a factually inconsistent crime between sealing currency and receiving stolen currency? (MultiRegion, United States of America)
Can a plaintiff be awarded damages for injuries sustained as a result of an unreasonable search and seizure? (MultiRegion, United States of America)
How have the courts interpreted Section 894 of the Criminal Code in the context of an allegation that a defendant committed a criminal offence by sealing currency and receiving stolen currency? (MultiRegion, United States of America)
What is the test for damages under the Eighth Amendment for injuries sustained in prison brutality? (MultiRegion, United States of America)
Is a plaintiff’s subjective intention irrelevant when it comes to failing to report the value of a foreign currency? (Canada (Federal), Canada)
Must a prisoner have access to the courts to recover damages for injuries sustained in a motor vehicle accident? (MultiRegion, United States of America)
Is there an upper limit on the ratio of punitive damages against compensatory damages? (MultiRegion, United States of America)
