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| | KOREA FIRST BANK OF NEW YORK V. ARIRANG BOUTIQUE TRADING CO. INC., SUNG HO CHUNG, SUK YUL CHUNG, AND KWANG CHO CHUNG (Site not responding. Last check: 2007-10-24) |
 | | As of April 10, 1998, plaintiff claims that Arirang owes $321,091.90 in unpaid principal, accrued interest of $200,126.20, and late charges of $41,982.15, for a total of $563,200.25. |
 | | Plaintiff contends it demanded payment from Arirang, pursuant to the notes, and then demanded payment from the individual defendants under the terms of their guaranties. |
 | | Even if the court were persuaded by defendant's conclusory assertion of fraud, the allegations, at best, would form a basis only for a cross-claim against co-defendant Sung Ho Chung, the alleged culprit in the fraud, rather than a defense to plaintiff's claim on the guaranty. |
| www.nycourts.gov /comdiv/Law%20Report%20Files/January%201999/arirang.htm (707 words) |
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