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The 19th and final renewal of that certificate matured on July
10, 1986, the same date on which the final renewal of the origi-
nal UB $1,300,000 loan was due. The dates on which the other two
renewals of the original UB $1,300,000 loan were due coincided
with the dates on which two of the one-month renewals of the
original Mandalay $1,300,000 CD matured (viz., April 15, 1985,
and April 10, 1986).
Throughout the period during which the original Mandalay
$1,300,000 CD and the renewals thereof were outstanding, the
interest on those certificates was payable by Union Bank monthly.
The interest on each of the one-month renewals of the original
Mandalay $1,300,000 CD was payable by Union Bank on its maturity
date, which occurred at approximately mid-month. In the July 2,
1984 Pioneer letter, petitioner and Ms. Gaw instructed Union Bank
on behalf of Mandalay that the interest on the original Mandalay
$1,300,000 CD and the renewals thereof was to be credited monthly
to an account maintained in the name of Pioneer at Union Bank.
On July 10, 1986, the final renewal of the original UB
$1,300,000 loan was repaid with the proceeds represented by the
final renewal of the original Mandalay $1,300,000 CD. (Herein-
after, the original UB $1,300,000 loan and the renewals of that
loan will be referred to collectively as the UB $1,300,000 loan,
and the original Mandalay $1,300,000 CD and the renewals of that
certificate of deposit will be referred to collectively as the
Mandalay $1,300,000 CD.)
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