Chuidian v. Philippine National Bank

976 F.2d 561 18 UCC Rep.Serv.2d 1006 Vincente B. CHUIDIAN, Plaintiff, and Robert M. Damir, Trustee in Bankruptcy, Appellant, v. PHILIPPINE NATIONAL BANK, et al., Defendants-Appellees. Philippine Export and Foreign Loan Guarantee Corporation, Intervenor. No. 90-56031. United States Court of Appeals, Ninth Circuit. Argued and Submitted July 8, 1992. Decided Oct. 1, 1992. As Amended Dec. 11, 1992. Steven C. Finley, McKenna & Fitting, San Francisco, Cal., Vincente B. Chuidian, Hillsborough, Cal., for plaintiff-appellant. Joanne M. Frasca, Jones, Day, Reavis & Pogue, Los Angeles, Cal., for defendants-appellees. Appeal from the United States District Court for the Central District of California. Before FARRIS, WIGGINS and FERNANDEZ, Circuit Judges. FARRIS, Circuit Judge: 1 Robert Damir, trustee in bankruptcy for Vincente Chuidian, appeals the district court's judgment, following a bench trial, in favor of Philippine National Bank in Chuidian's action on a letter of credit. We affirm. 2 * The underlying facts are set forth in Chuidian v. Philippine National Bank, 912 F.2d 1095 (9th Cir.1990) (Chuidian I ): 3 Chuidian owns interests in various businesses in California. In 1985,…