H. V. Funding, Inc. v. Ernest Vakkas & Sons, Inc.

*588OPINION OF THE COURT

Jerome S. Medowar, J.

Here the secured party repossesses the property in question, does not dispose of the property by public sale but rather retains possession of same, and now seeks the full balance due under the lease agreement from lessee.

The facts are these: Nationwide Coin Phones, Inc. (Nationwide), not a party to this action, entered into a sales contract/ leasing agreement with defendants in September of 1985. A credit questionnaire was prepared and credit was approved October 10, 1985. On November 1, 1985, defendant, James Vakkas, as an officer of defendant, Ernest…