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HANIL BANK, NEW YORK AGENCY v. A & E INTERNATIONAL, LTD.

264 A.D.2d 346 (1999)

695 N.Y.S.2d 15

HANIL BANK, NEW YORK AGENCY, Respondent, v. A & E INTERNATIONAL, LTD., Appellant, et al., Defendant.

Appellate Division of the Supreme Court of the State of New York, First Department.

Decided August 19, 1999.

In December 1996, defendant A & E International, Ltd., a Maryland corporation, applied to plaintiff Hanil Bank, a Korean bank with an office in New York City, to borrow $5,000,000 to finance the purchase of a facility to bottle spring water and alcoholic beverages in Bethesda, Maryland. To secure the loan, defendant Chang Ho Lie gave his personal guarantee, while defendant A & E agreed to provide a "Stand By Letter of Credit" and pledged as collateral three real properties...

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