Bank of China v. David C.W. Chan

CARDAMONE, Circuit Judge:

This appeal by an individual guarantor on a corporate debt is from the grant of summary judgment to a guarantee bank. To determine whether summary judgment was properly granted we examine the pleadings, depositions, affidavits, and the admissions derived from statements filed in this case pursuant to Local Rule 3(g) to see if there is a genuine issue as to any material fact. See Fed.R.Civ.P. 56(c).

Financing was provided to the corporation through the extensive use of letters of credit. What gives this mercantile instrument its great utility in commerce is the total…