(2 of 2)
In its test the Chase asked the N. Y. Supreme Court to pick for it the proper claimant among: 1) The Dutch Bankierskantoor Albert Graef, which has on deposit with Chase National securities (market value, almost $300,000) for its own and for its customers' accounts; 2) Dutch Minister Alexander Loudon who, as Wilhelmina's accredited U. S. representative, claims all Dutch assets in the U. S. for the duration; 3) two U. S. residents for whom Bankierskantoor held securities valued at $84,000 and who, feeling queasy about ever recovering in Holland, attached what ever assets in the U. S. they could discover (these two claimants happen to be famed German-born, British-naturalized stage and movie horror-star Conrad Veidt and German refugee-banker Eduard Wallach); 4) John Doe and Richard Roe, unknowns representing a London Dutch-Commission-in-Exile, set up by Wilhelmina to deal with expropriation problems; 5) John Poe and Jane Poe, phony names representing any other Bankierskantoor customers who might conceivably bring future claims.
Whether the Chase will be told whose instructions to honor is another matter. Under the New York Civil Practice Act, a "stakeholder" for property can ask the Court to pick the proper claimant only if it can produce bona fide rival claims. Before the Court will consider the case, the rival claimants may settle privately, or simply decide not to press their claims. All the Chase can do is wait and pray.
Bankers also looked for relief last week to the U. S. Congress. Before the Senate Committee on Banking & Currency was a bill designed to free U. S. banks from future suits over the disposition of frozen foreign government funds. If and when the case and the law go through, bankers and their lawyers will rest easier.