Board of Mgrs. of the Residential Section of Galleria Condominium v. Hong

How courts have described this case

Verbatim parenthetical descriptions written by other courts when citing this decision. Ranked by citation-network relevance.

• holding that the same argument “fail[s] to appreciate the distinction between the act of misapplying funds belonging to a financial institution and the act of diminishing the value of a financial institution’s assets”
• banks are distinct legal entities 17 from their subsidiaries for the purposes of § 1344(2)
• “[I]t 15 almost goes without saying that a parent corporation does not own the assets of its wholly-owned 16 subsidiary by virtue of that relationship alone.”
• “It is a general principle of corporate law deeply ingrained in our economic and legal systems that a parent corporation . . . is not liable for the acts of its subsidiaries.” (quoting United States v. Bestfoods, 524 U.S. 51, 61 (1998))

Source: CourtListener parenthetical corpus (CC0).