Bank Leumi Le-Israel V. Lee

Plaintiff-appellee Bank Leumi Le-Israel ("Bank Leumi") is a foreign bank transacting business in Chicago, Illinois. Defendant-appellant Dennis Lee ("Lee") was the president and a shareholder of Andens of Illinois, Inc. ("Andens"). Andens (not a party to this suit) imported goods for resale in the United States. In June 1987, Bank Leumi extended credit to Andens for the purchase of automobiles and other equipment. Payment of the obligations of Andens to Bank Leumi was guarantied by Lee in a June 29, 1987 Unlimited Guaranty ("Guaranty").*fn1