A Panamanian corporation lends money to a Turkish enterprise, which issues a promissory note. The loan contract

Question:

A Panamanian lends money to a Turkish enterprise, which issues a promissory note. The loan contract specifies that payment on the interest and principal shall be made to the Chemical Bank of New York City, where both parties maintain accounts. The loan contract contains no choice of law designation, but the Panamanian and Turkish companies have referred to the Chemical Bank in New York as their ‘‘legal address.’’ As a result of a contractual performance dispute, the Turkish company suspends payments on the loan. The Panamanian then brings suit in the United States to recover the balance of the payments due. What possible options for choice of law apply?

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...