General Electric Capital Corp. v. Vashi

LARSON, Justice.

Vinod M. Vashi and Surekha V. Vashi, owners of a hotel in Des Moines, leased a telephone system for $149,784 from Honeywell Communication Services. The lease created a security interest under the Uniform Commercial Code. See Iowa Code §§ 554.1201(37), 554.9102(l)(a) (1989). Honeywell assigned its lease rights to the predecessor to General Electric Capital Corporation (GECC). Vashis defaulted, and GECC took possession of the collateral and sued Vashis for the balance due under the lease. The trial court granted the deficiency judgment, and Vashis appealed. We affirm.

The record…