The U.S. Supreme Court case Swiss National Insurance Company, Limited v. Thomas W. Miller, as Alien Property Custodian, and Frank White, as Treasurer of the United States (1924) revolved around a dispute over property seized during World War I under the Trading with the Enemy Act of 1917. The Swiss National Insurance Company had insured several properties in France that were subsequently destroyed during WWI; however, they were unable to pay out claims due to their assets being seized by the U.S government under said act because they also insured German interests at war with America. The company sued for return of its assets arguing it was not an enemy within meaning of law since Switzerland remained neutral throughout WWI and thus should be exempt from asset seizure provisions in Trading with Enemy Act. However, Justice Sutherland writing for majority held that despite Switzerland's neutrality status during war time did not protect Swiss companies who conducted business transactions on behalf of Germany or its citizens - which was considered "enemy" activity according to American wartime laws then in effect.

The dissenting opinion in the case of Swiss National Insurance Company, Limited v. Thomas W. Miller, as Alien Property Custodian and Frank White, as Treasurer of the United States (1924) argued that the Trading with Enemy Act did not apply to a neutral country like Switzerland during World War I. The justices contended that applying this act to seize assets from a company based in a non-enemy nation was an overreach of power by Congress and violated international law principles. They also disagreed with the majority's interpretation of "enemy" within the context of this legislation, arguing it should only refer to countries actively engaged in hostilities against America rather than broadly including any foreign entity or individual potentially affected by war conditions.