Arbitrajes Financieros v Bank of America & Rosemont Finance Corporation - US Federal Court of...

8/9/2019 Arbitrajes Financieros v Bank of America & Rosemont Finance Corporation - US Federal Court of Appeals - 26 March…

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]AL BLQ SWO@NYJU

NB QJG WBNQGA YQDQGY ILW_Q LF DSSGD@Y

FL_ QJG G@GVGBQJ IN_IWNQ \\\\\\\\\\\\\\\\\\\\\\\\

Bl. 41-43>7?

Blb-Drkuegbt Id`gbadr \\\\\\\\\\\\\\\\\\\\\\\\

A.I. Alimgt Bl. 4849-iv-?44?;-EKI

D_ONQ_DHGY FNBDBING_LY, Y.D.,

d Vgbgzug`db ilrplrdtnlb,

S`dnbtnff-Dppg``dbt,

vgrsus

ODBM LF DEG_NID, B.D.,d bdtnlbd` odbmnbk dsslindtnlb,

_LYGELBQ FNBDBIG IL_SL_DQNLB,d anssl`vga F`lrnad ilrplrdtnlb,

Agfgbadbts-Dppg``ggs.

\\\\\\\\\\\\\\\\\\\\\\\\

Bl. 41-4446;

Blb-Drkuegbt Id`gbadr \\\\\\\\\\\\\\\\\\\\\\\\

Idsg8 41-43>7? Adtg Fn`ga8 39/?6/?347 Sdkg8 4 lf >


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A.I. Alimgt Bl. 484?-iv-?496;-EKI

NBVNG_QD@ FNBDBIND@ EDBDKG_Y, Y.D.,d Sdbdedbndb ilrplrdtnlb,

S`dnbtnff-Dppg``dbt,

vgrsus

ODBM LF DEG_NID, B.D.,d bdtnlbd` odbmnbk dsslindtnlb,

Agfgbadbt-Dppg``gg,

_LYGELBQ FNBDBIG IL_SL_DQNLB,

d anssl`vga F`lrnad ilrplrdtnlb,

Agfgbadbt.

\\\\\\\\\\\\\\\\\\\\\\\\

Dppgd`s frle tjg Wbntga Ytdtgs Anstrnit Ilurt

flr tjg Ylutjgrb Anstrnit lf F`lrnad \\\\\\\\\\\\\\\\\\\\\\\\

(Edrij ?6, ?347)

Ogflrg ED_QNB, HW@NG ID_BGY dba FD^, Inriunt Huakgs.

SG_ IW_NDE8

Drontrdhgs Fnbdbingrls, Y.D, dba Nbvngrtd` Fnbdbind` Edbdkgrs, Y.D., dppgd`

tjg anstrnit ilurt„s ansenssd` lf tjgnr ilep`dnbts sggmnbk adedkgs dkdnbst Odbm lf

Degrnid, B.D. (ODBD). Dftgr idrgfu` ilbsnagrdtnlb lf tjg pdrtngs„ orngfs, wg

Idsg8 41-43>7? Adtg Fn`ga8 39/?6/?347 Sdkg8 ? lf >


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9

dffnre tjg anstrnit ilurt„s lragr ansenssnbk dppg``dbts„ bgk`nkgbig dba F`lrnad

Wbnflre Ileegrind` Ilag i`dnes ogidusg dppg``dbts jdvg blt gstdo`nsjga tjdt

tjgy jda d fnauindry rg`dtnlbsjnp wntj ODBD. [g d`sl dffnre tjg anstrnit ilurt„s

ansenssd` lf tjg dnanbk-dba-dogttnbk i`dnes, ogidusg dppg``dbts al blt d``gkg fdits

wjnij p`dusno`y sukkgst tjdt ODBD jda ditud` mblw`gakg lf _lsgelbt„s orgdij

lf fnauindry auty.

N. Odimkrluba

Dppg``dbts drg flrgnkb olba trdagrs tjdt spgind`nzg nb tjg sd`g lf Vgbgzug`db

Ol`nvdr olbas, ilbvgrtnbk tjg prliggas nbtl Wbntga Ytdtgs iurrgbiy. Wbagr stdtg

dba fgagrd` kunag`nbgs, igrtdnb `nigbsgs dba rgknstrdtnlbs drg rgqunrga tl jl`a W.Y.

odbm diilubts. [ntjlut W.Y. diilubts, flrgnkb ilepdbngs `nmg dppg``dbts eust

lotdnb tjg dssnstdbig lf d `nigbsga dba rgknstgrga fuba trdbsenttgr tl ilbauit tjgnr

ousnbgss. Ql tjdt gba, dppg`̀ dbts gbtgrga nbtl dkrggegbts wntj _lsgelbt Fnbdbig

Ilrplrdtnlb, d elbgy trdbsenssnlb ilepdby. _lsgelbt rgprgsgbtga tl dppg``dbts

tjdt nt jda db lbklnbk rg`dtnlbsjnp wntj ODBD ubagr wjnij nt jda irgdtga diilubts

flr ltjgr olba trdanbk ilepdbngs. _lsgelbt lpgbga ODBD odbm diilubts lb

ogjd`f lf Drontrdhgs dba Nbvngrtd`, nb gdij idsg snkbnbk d ‐stdbadra agplsnt

dkrggegbt― tjdt sgt flrtj tjg tgres ogtwggb _lsgelbt (tjg lb`y bdega diilubt

jl`agr) dba ODBD.



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Nb Edrij ?33>, tjg Wbntga Ytdtgs Klvgrbegbt sgnzga oltj diilubts ds pdrt

lf d elbgy-`dubagrnbk nbvgstnkdtnlb.4 Dppg``dbts gbtgrga nbtl sgtt`gegbts wntj tjg

Agpdrtegbt lf Hustnig, oy wjnij tjgy dkrgga tl flrfgnt d plrtnlb lf fubas tjdt wgrg

jgà nb tjg ODBD diilubts. Qjns wds ogidusg bgntjgr dppg``dbts blr _lsgelbt

jda tjg prlpgr `nigbsgs lr rgknstrdtnlb tl jlà tjg diilubts.

Nb vnrtud``y nagbtnid` ditnlbs, dppg``dbts suga ODBD dba _lsgelbt tl

rgilvgr tjgnr flrfgntga dssgts.? Dppg``dbts sggm tl jlà ODBD `ndo`g flr

_lsgelbt„s frduau`gbt ditnlbs, dssgrtnbk i`dnes flr bgk`nkgbig, vnl`dtnlb lf tjg

WII, dba dnanbk dba dogttnbk _lsgelbt„s orgdij lf fnauindry auty. Dftgr

pgrenttnbk oltj dppg``dbts tl degba tjgnr ilep`dnbts, tjg anstrnit ilurt krdbtga

ODBD„s eltnlbs tl ansenss wntj prghuanig ogidusg dppg``dbts fdn`ga ds d edttgr lf

`dw tl stdtg dby i`dne flr rg`ngf dkdnbst ODBD. Nbvngrtd` fn`ga d Eltnlb tl D`tgr

Huakegbt lr, nb tjg D`tgrbdtnvg, flr @gdvg tl Fn`g Ygilba Degbaga Ilep`dnbt,

wjnij tjg anstrnit ilurt agbnga ds futn`g. Dppg``dbts tneg`y dppgd`ga.

NN. Bgk`nkgbig I`dnes

Dppg``dbts fnrst ijd``gbkg tjg anstrnit ilurt„s ansenssd` lf tjgnr bgk`nkgbig

i`dnes. Ql suiigga, dppg``dbts eust p`gda fdits suffningbt tl gstdo`nsj tjdt (4)

ODBD lwga tjge d auty lf idrg= (?) ODBD orgdijga tjdt auty= (9) tjg orgdij

idusga tjgnr nbhury= dba (1) tjgy suffgrga adedkgs. Ygg En`gs v. Bdvd` Dvndtnlb

4 _lsgelbt„s Srgsnagbt `dtgr p`gdaga kun`ty tl elbgy `dubagrnbk. ? Dppg``dbts d``gkg anvgrsnty hurnsanitnlb, dba F`lrnad `dw klvgrbs.



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Eusgue Fluba., ?:> F.9a ;47, ;?? (44tj Inr. ?33?). Dppg``dbts i`dnega tjdt

ODBD„s auty lf idrg rgqunrga nt tl ‐vgrnfy tjdt d`` `nigbsggs dba rgknstrdtnlbs wgrg

up tl adtg.― Wbagr F`lrnad `dw, d odbm algs blt jdvg d fnauindry rg`dtnlbsjnp wntj

nts stdbadra agplsnt diilubt iustlegrs, out nbstgda lwgs lb`y d auty lf lranbdry

idrg nb dres-`gbktj trdbsditnlbs. Ygg Fnrst Bdt„` Odbm dba Qrust Il. lf tjg

Qrgdsurgr Ildst v. Sdim, ;:> Yl. ?a 144, 141 (F`d. 1tj AID ?334)= Edxwg`` v.

Fnrst Wbntga Odbm, ;:? Yl. ?a >94, >91 (F`d. 1tj AID ?334). Qjns lranbdry auty

algs blt rgqunrg ODBD tl dit flr tjg ogbgfnt lr prltgitnlb lf dppg``dbts, lr tl

ansi`lsg fdits tjdt dppg``dbts ilu`a jdvg ansilvgrga tjrlukj tjgnr lwb an`nkgbig.

Ygg Edxwg``, ;:? Yl. ?a dt >91. Qjus, ubagr tjg auty lf lranbdry idrg, ODBD

wlu`a blt og rgqunrga tl vgrnfy _lsgelbt„s ̀ nigbsgs dba rgknstrdtnlb.

Dppg``dbts nbsnst tjgy jda d fnauindry rg`dtnlbsjnp wntj ODBD, wjnij

rgqunrga ODBD tl sdtnsfy d jgnkjtgbga auty lf idrg. Fnauindry rg`dtnlbsjnps idb

og irgdtga gxprgss`y lr nep`nga`y ubagr F`lrnad ̀ dw. Idpntd` Odbm v. EVO, Nbi.,

611 Yl. ?a 747, 74: (F`d. 9a AID 4>>1). Nep`nga fnauindry rg`dtnlbsjnps idb drnsg

‐wjgb ‚ilbfnagbig ns rgplsga oy lbg pdrty dba d trust diigptga oy tjg ltjgr.„― Na.

(qultnbk Ad`g v. Hgbbnbks, >3 Yl. 4;7, 4;> (F`d. 4>?7)). Nb ilbsnagrnbk wjgtjgr d

fnauindry rg`dtnlbsjnp gxnsts, ilurts edy d`sl ilbsnagr wjgtjgr tjg odbm ‐4) tdmgs

lb gxtrd sgrvnigs flr d iustlegr, ?) rgignvgs dby krgdtgr gilbleni ogbgfnt tjdb



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frle d typnid` trdbsditnlb, lr 9) gxgrinsgs gxtgbsnvg ilbtrl`.― Idpntd` Odbm, 611

Yl. ?a dt 74>.

Dppg``dbts al blt i`dne tl jdvg db gxprgss fnauindry rg`dtnlbsjnp wntj

ODBD. Nbagga, tjg diilubt dkrggegbts gxp`nint`y ansi`dne suij d rg`dtnlbsjnp8

‐]LUur agplsnt rg`dtnlbsjnp wntj ylu ns tjdt lf agotlr dba irgantlr. Qjns Dkrggegbt

dba tjg agplsnt rg`dtnlbsjnp al blt irgdtg d fnauindry, qudsn-fnauindry lr spgind`

rg`dtnlbsjnp ogtwggb us.―

Bgntjgr ana dppg``dbts dagqudtg`y p`gda fdits tjdt sjlw db nep`nga

rg`dtnlbsjnp. Ql supplrt tjgnr i`dne tjdt gxtrd sgrvnigs wgrg prlvnaga, dppg``dbts

plnbt tl spgind ǹzga tgijbl`lky tjdt ODBD prlvnaga tl d``lw dppg``dbts tl edmg

wnrg trdbsfgrs elrg qunim`y tjdb ltjgr iustlegrs. ^gt tjg idsg dppg``dbts rg`y

uplb tl supplrt tjg nagd tjdt ODBD tllm lb ‐gxtrd sgrvnigs― sgges tl rgqunrg

sgrvnigs tjdt trdbsflre tjg rg`dtnlbsjnp tl ‐gxigga ]tjg rl`gU lf d `gbagr,― flr

gxdep`g oy lffgrnbk davnig lr anrgit`y lrijgstrdtnbk blb-odbmnbk trdbsditnlbs.

Idpntd` Odbm, 611 Yl. ?a dt 7?3. ODBD„s spgind`nzga tgijbl`lky algs blt rgdij

tjns tjrgsjl`a.

Ql supplrt tjgnr i`dne tjdt ODBD rgignvga d ‐krgdtgr gilbleni ogbgfnt―

tjdt irgdtga d fnauindry rg`dtnlbsjnp, dppg``dbts drkug tjdt ODBD il``gitga gxtrd

fggs oy rgtdnbnbk tjg nbtgrgst lb tjg diilubt agplsnts nbstgda lf anstrnoutnbk nt tl

dppg``dbts. Jlwgvgr, aurnbk tjg tneg tjgsg diilubt wgrg lb agplsnt, fgagrd` `dw



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prljnontga ODBD frle pdynbk nbtgrgst lb dppg``dbts„ diilubts. Ygg 4? I.F._. §

?4;.9 (‐_gku`dtnlb T―) (rgpgd`ga Hu`y ?4, ?344). Qjus, tjg ‐gxtrd― fggs dppg``dbts

d``gkg ODBD rgignvga wgrg nb fdit edbadtga oy `dw.

Qjlukj dppg``dbts d``gkg tjdt tjgy p`diga tjgnr trust nb ODBD, tjgy plnbt tl

bl fdits tjdt sjlw ODBD, nb turb, diigptga dppg``dbts„ ilbfnagbig dba trust.

Dppg``dbts jnkj`nkjt igrtdnb ilbvgrsdtnlbs ogtwggb ODBD dba _lsgelbt dolut

tjg diilubts, out tjgy plnbt tl bl ilbvgrsdtnlbs suffningbt tl irgdtg d fnauindry

rg`dtnlbsjnp ogtwggb dppg``dbts dba ODBD. Odsga lb tjns `dim lf d fnauindry

rg`dtnlbsjnp wntj ODBD, tjg anstrnit ilurt rnkjt`y rghgitga dppg``dbts„ bgk`nkgbig

i`dnes.

NNN. WII I`dnes

Ilubt NN lf dppg``dbts„ ilep`dnbts d``gkgs tjdt ODBD vnl`dtga Drtni`g 1 lf

F`lrnad„s Wbnflre Ileegrind` Ilag oy blt ditnbk nb klla fdntj dba gxgrinsnbk

lranbdry idrg wntj rgspgit tl tjg ntge nt jdba`gs. F`d. Ytdt. § 6;1.439(4). Qjgnr

WII i`dnes rg`y lb tjg nagd tjdt ODBD„s auty lf ‐lranbdry idrg― gbilepdssgs db

lo`nkdtnlb tl edmg surg tjdt _lsgelbt jda tjg prlpgr `nigbsgs dba rgknstrdtnlbs

bggaga tl sgrvg ds d rgknstgrga fuba trdbsenttgr flr dppg``dbts. Jlwgvgr, F`lrnad

algs blt neplsg suij d auty lb odbms flr tjgnr blb-fnauindry, lranbdry iustlegr

Idsg8 41-43>7? Adtg Fn`ga8 39/?6/?347 Sdkg8 ; lf >


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trdbsditnlbs.9 Ygg Edxwg``, ;:? Yl. ?a dt >91. Dppg``dbts„ WII i`dnes wgrg

tjgrgflrg prlpgr`y ansenssga ds wg``.

NV. Dnagr dba Dogttlr @ndon`nty

Wbagr F`lrnad `dw, dppg``dbts eust gstdo`nsj flur g`gegbts tl suiigga lb

tjgnr i`dne tjdt ODBD dnaga dba dogttga _lsgelbt„s orgdij lf fnauindry auty8 (4)

_lsgelbt lwga d fnauindry auty tl dppg``dbts= (?) wjnij _lsgelbt orgdijga= (9)

ODBD mbgw dolut _lsgelbt„s orgdij= dba (1) nt suostdbtnd``y dssnstga wntj

_lsgelbt„s orgdij. Ygg Nb rg Idrnoogdb M @nbg, @ta., ?:: O._. >3:, >4> (Y.A.

F`d. ?33?)= Ft. Eygrs Agv. Ilrp. v. H.[. Ei[n``ndes Il., 4?? Yl. ?61, ?6: (F`d.

4>?>). Qjg anstrnit ilurt ansenssga dppg``dbts„ i`dnes ogidusg tjgy iluà blt

gstdo`nsj tjdt ODBD mbgw lf dby d``gkga orgdij, euij `gss dssnstga wntj nt.

Ogidusg gdij lf tjgsg g`gegbts ns rgqunrga, dba tjg fdnùrg lf dby lbg lf

tjge ns aginsnvg, wg daargss lb`y tjg tjnra g`gegbt rgqunrnbk ODBD„s mblw`gakg

lf _lsgelbt„s orgdij. Dppg``dbts d``gkg lb`y tjdt ODBD ‐jda mblw`gakg― lf

_lsgelbt„s orgdijgs lf fnauindry auty‑nbiùanbk _lsgelbt„s rgprgsgbtdtnlb tl

dppg``dbts tjdt nt jda tjg prlpgr `nigbsgs dba rgknstrdtnlbs= _lsgelbt„s tg``nbk

dppg``dbts tjgy ana blt bgga tl rgknstgr lr kgt `nigbsgs= dba _lsgelbt„s fdn`nbk tl

nbflre dppg``dbts tjdt suij `nigbsgs dba rgknstrdtnlbs wgrg rgqunrga. Nb supplrt lf

tjns d``gkdtnlb, dppg``dbts d``gkg tjdt _lsgelbt ‐davnsga ]ODBDU tjdt nt

9 [g bgga blt rgdij tjg qugstnlb lf wjgtjgr dppg``dbts wgrg iustlegrs lf ODBD, lr wjgtjgr

ODBD wluà jdvg lwga dppg``dbts tjns auty lf idrg nb tjg ilbtgxt lf d fnauindry rg`dtnlbsjnp.

Idsg8 41-43>7? Adtg Fn`ga8 39/?6/?347 Sdkg8 : lf >


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ileenttga tjg dflrgegbtnlbga dits prnlr tl . . . lpgb]nbkU tjg ]dppg``dbts„U

]dUiilubt]sU.― Dt tjg sdeg tneg, jlwgvgr, dppg``dbts„ ilep`dnbts d``gkg tjdt

_lsgelbt„s flregr prgsnagbt ‐davnsga ]ODBDU tjdt _lsgelbt wds klnbk tl lotdnb

tjg dpprlprndtg elbgy trdbsenssnlb `nigbsg dba rgknstrdtnlb . . . .― Lf ilursg

ODBD ilu`a blt jdvg mblwb dolut tjg orgdij nf _lsgelbt jna nts frdua oy sdynbk

nt wlu`a kgt tjg rgknstrdtnlbs dba `nigbsgs. Ynen`dr tl tjg fdits daargssga oy tjns

ilurt nb @dwrgbig v. Odbm lf Degrnid, B.D., 177 Fga. Dpp„x >31, >3; (44tj Inr.

?34?) (pgr iurnde), dppg``dbts plnbt tl bl ltjgr fdits sjlwnbk tjdt ODBD jda

ditud` mblw`gakg lf _lsgelbt„s ditnlbs. Ogidusg dppg``dbts fdn`ga tl suffningbt`y

d``gkg ODBD jda ditud` mblw`gakg lf _lsgelbt„s orgdij, tjg anstrnit ilurt

prlpgr`y ansenssga tjgnr dnanbk dba dogttnbk i`dnes ds wg``.

DFFN_EGA.

Idsg8 41-43>7? Adtg Fn`ga8 39/?6/?347 Sdkg8 > lf >

Arbitrajes Financieros v Bank of America & Rosemont Finance Corporation - US Federal Court of...

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Transcript of Arbitrajes Financieros v Bank of America & Rosemont Finance Corporation - US Federal Court of...