Calm Returns After Winter Storm!

In recent years Rule B relief in New York has gained the reputation for being an effective and low cost means by which to obtain security for a maritime claim through the attachment of US Dollar electronic funds transfers ("EFTs") transiting the New York banking system.

The utility of the Rule B on EFTs has been on the wane but for a claimant who needed security with no obvious target, it has provided a lifeline.

However, on 16 October this year, the United States Court of Appeals for the Second Circuit issued its judgment in The Shipping Corporation of India Limited v. Jaldhi Overseas Pte Limited which has the effect of bringing to an end the Rule B attachment in its most common form.