Download Foreign Claims Settlement Commission Decision: Isidore Back vs. Government of Cuba and more Study notes Law in PDF only on Docsity! FOREIGN CLAIMS SETTLEMENT COMMISSION OF THE UNITED STATES WASHINGTON, D.C. 20579 THE ~/[ATTER OF THE (~LAIM OF Claim No.CU-4906 ISIDORE BACK Decision No.CU 1 113 Under the International Claims Settlement Act of 1949, as amended PROPOSED DECISION This claim against the Government of Cuba~ under Title V of the International Claims Settlement Act of 1949, as amended, in the amount of $89°75 was presented by ISIDORE BACK~ and is based on his interest in a bond issued by the Consolidated Railroads of Cuba° Claim~nt has been a national of the United States since his naturalization on june 16~ 1944o Under Titl÷ V of the International Claims Settlement Act of 1949 [78 Stato III0 (1964), 22 UoSoCo §§1643~1643k (1964), as amended, 79 Stato 988 (1965)], the Commission is given jurisdiction over claims of nationals of the United States against th~ Government of Cuba. Sec- tion 503(a) of the Act provides that the Commission shall receive and determine in accordance with applicable snbstantive law~ including international law~ the amount and validity of claims by nationals of the United States against the Government of C=ba arising since Janu- ary i, 1959 for losses resulting from the nationalization, expro- priation~ intervention or other taking of~ or special measures directed against~ property including any rights or interests therein owned wholly or partially~ directly or indirectly at the time by nationals of the United States° - 2 - Section 502(3) of the Act provides: The term ’property’ means any property~ right~ or interest inc~.~Jdi~g any leasehold ir~.terest~ and debts owed by ’the Government oi Cuba or ’by enter- prises which have been nati.onalized~ expropriated~ intervened~ or taken by the Governm.en~ of Cuba and debts which are a charge on property which has been nationalizeds expropriated~ intervened~ or taken by the Government of Cuba, On the basis of evidence of record~ the Commission finds that claimant is~ and sine.e prior to October 13~ !960~ has been the owner of a bond in the original face amount of I~000 pesos issued by the Consolidated Railroads of Cuba and known as a 3% Cumulative Income Debentur÷~ due October I~ 2001~ issued under an Indenture of February I, 1.953~ with the United States Trust Company of New York as Trustee. The bond in question is NOo RM 21676. Consolidated Railroads of Cuba (Ferrocarriles Consolidados de Cuba), was a Cuban corporation° The Consolidated Railroads of Cuba thus would not q~alify as a national of the U~i.ted States under Section 502(I)(B) ~f the Act which defines the term "national of the United States" as including "(B) a corporation or other legal entity which is organized under th~ laws of the United Stateso or of any Sta~e, the District of Golumbi.a~ ~r the Commor~e~It:h of Puerto Ri.co~ if natural persons who are citize~s of the United States own~ directly or indirectly~ 50 per cent’:~m or more of the outstanding capital stock or other beneficial interest of such corporation or entity°" The record shows that Consolidated Railroads of Cuba was nation- alized by Cuban Law 890~ published in the Cuban Official Gazette on October 13~ 1960o Claimant’s bond therefore represented a debt of a nationalized enterprise as defined in Section 502(3) of the Act (su__u_up_~_). The Commission concludes that as a result of nationalization of the pro.perties of the Consolidated Railroads of Cuba~ claimant suffered a 1,0ss in connection with his bond within the m£aning of Title V of the Act. (See the Claim of Edward R0 Sm.~it~ F~SC Claim No, CU-50010) CU-4906
