1. Who owns the money? 2. What is the Act of State Doctrine?
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Transcribed Image Text:Prior to 1918, the Petrograd Metal Works, a Russian
corporation, deposited a large sum of money with
August Belmont, a private banker doing business in
New York City under the name August Belmont &
Co. (Belmont). In 1918, the Soviet government
nationalized the corporation and appropriated all
its property and assets wherever situated,
including the deposit account with Belmont. As a
result, the deposit became the property of the
Soviet government. In 1933, the Soviet government
and the United States entered into an agreement to
settle claims and counterclaims between them. As
part of the settlement, it was agreed that the
Soviet government would take no steps to enforce
claims against American nationals (including
Belmont) and assigned all such claims to the
United States. The United States brought an action
against the executors of Belmont's estate to
recover the money originally deposited with
Belmont by Petrograd Metal Works.
1. Who owns the money?
2. What is the Act of State Doctrine?
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