Legal Opinion
AAR Aircraft & Engine Group, Inc. v. Edwards
Court of Appeals for the Seventh Circuit
Decided November 15, 2001No. Nos. 00-3508, 00-4333PublishedCited by 12 opinions
1Opinion of the Court
TERENCE T. EVANS, Circuit Judge.
AAR sold Charles Edwards’ company (Kiwi International) an airplane engine on an installment plan, requiring Edwards to sign an “absolute” and “unconditional” personal guaranty for the loan. The purchase price was $1,325,000. After paying around $325,000 on the note, Kiwi missed a payment, and AAR accelerated the debt and sued Edwards to collect just over $1 million remaining on the contract. AAR also repossessed the engine, then “bought” it back at an auction for $250,000 — some $750,000 less than its estimated value— when no one else appeared and entered a…
2Cases cited42 opinions
- Anderson v. Liberty Lobby, Inc.Supreme Court of the United States · 1986
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- United States v. Duane G. Willis and Mary J. WillisCourt of Appeals for the Sixth Circuit · 1979
- Stanley Green, as Assignee of Dexter Hopkins, Cross v. The J.C. Penney Auto Insurance Company, Inc., a Corporation, Defendant- Cross-AppellantCourt of Appeals for the Seventh Circuit · 1986
- Home Valu, Inc. v. Pep Boys Manny, Moe and Jack of Delaware, Inc.Court of Appeals for the Seventh Circuit · 2000
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- Vanesse Fort, Individually and as Personal Representative of the Estate of Eric K. Fort, Deceased v. C.W. Keller Trucking, Inc.Court of Appeals for the Seventh Circuit · 2003
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