- 54 -
which the other two renewals of the original UB $1,830,000 loan
were due either coincided with or were close to the dates on
which two of the one-month renewals of the original Pempire
$1,830,000 CD matured (viz., October 10, 1985, and April 10,
1986).36 Union Bank made six interest payments on or shortly
after the maturity dates of certain of the renewals of the
original Pempire $1,830,000 CD.
On July 10, 1986, Union Bank repaid the UB $1,830,000 loan
final renewal with the proceeds represented by the final renewal
of the original Pempire $1,830,000 CD. (Hereinafter, the origi-
nal UB $1,830,000 loan and the renewals of that loan will be
referred to collectively as the UB $1,830,000 loan, and the
original Pempire $1,830,000 CD and the renewals of that certifi--
cate of deposit will be referred to collectively as the Pempire
$1,830,000 CD.)
F. Facts Pertaining to All the Transactions
at Issue Involving Union Bank
At least as early as August 1984, Union Bank became con-
cerned that the cash deposits that had been pledged by the
foreign corporations in question as security for the loans it had
funded to Radcliffe and to BOT that are at issue herein might
36 Six payments of interest were made at or shortly after the
maturity dates of certain renewals of the original Pempire
$1,830,000 CD. Three payments of interest were credited to
Pempire's account with Union Bank, and two payments of interest
were credited to Pempire's account without indicating the bank in
which that account was maintained.
Page: Previous 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 NextLast modified: May 25, 2011