UNITED STATES V. PINK
315 U.S. 203 (1942)
NATURE OF THE CASE: This was an action to recover the assets of the New York branch of
the First Russian Insurance Co.
FACTS: The First Russian Insurance Co. established a branch in New York in 1907. In 1918
and 1919 the Russian Government nationalized all insurance companies, discharged and
cancelled all debts and the rights of shareholders in such companies. The New York Branch
continued to do business until 1925. At that time Respondent, pursuant to an order of the
Supreme Court of New York took possession of its assets. All claims were settled and a
balance of more than $1,000,000 was left over. The Court of Appeals directed that the claims
of foreign creditors be paid and then to pay any surplus remaining to a quorum of the board
of directors of the company. A stay was granted and in the interim in 1933 the U.S.
recognized the USSR and as an incidence to that recognition accepted an assignment of
certain claims (this was known as the Litvinov Assignment). The New York court of appeals
held that the Russian decrees had no extraterritorial effect.
ISSUE:
RULE OF LAW:
HOLDING AND DECISION:
LEGAL ANALYSIS:
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