Tennecal Funding Corporation Tennecal Capital Resources, Inc. v. The Sakura Bank

87 F.3d 1322 NOTICE: Ninth Circuit Rule 36-3 provides that dispositions other than opinions or orders designated for publication are not precedential and should not be cited except when relevant under the doctrines of law of the case, res judicata, or collateral estoppel. TENNECAL FUNDING CORPORATION; Tennecal Capital Resources, Inc., Plaintiffs-Appellants, v. The SAKURA BANK, Defendant-Appellee. No. 94-56515. United States Court of Appeals, Ninth Circuit. Argued and Submitted May 8, 1996. Decided June 19, 1996. Before: GIBSON, * NOONAN and THOMPSON, Circuit Judges. 1 MEMORANDUM ** 2 * BACKGROUND 3 This dispute involves two promissory notes in the amount of 3,812,000,000 yen each. Kabushiki Kaisya Bunkosya (Bunkosya), a Japanese corporation, issued the notes in Japan, to be paid at the Kyobashi branch of a Japanese Bank. Despite prohibition on the export of Japanese promissory notes, plaintiffs, Tennecal Funding Corporation and Tennecal Capital Resources (collectively, Tennecal), two American corporations, were eventually assigned the notes in the United States and sought to collect on them. Sakura Bank refused to honor the notes because the original issuer of the notes, Bunkosya,…