LEASING SYSTEMS, INC. v. Easy Street, Inc.

Banke, Judge.

On or about March 19,1979, the plaintiff, Leasing Systems, Inc., purchased some bar and restaurant equipment from defendant Coastal States Equipment Co., Inc., for the purpose of leasing it to Easy Street, Inc. As security for the transaction, the defendant executed a “Guaranty Agreement,” agreeing to repurchase the equipment from the plaintiff in the event Easy Street defaulted on the lease, at a price equal to the original sale price less the sum of the monthly rental payments which had fallen due at the time of default. Easy Street became delinquent in its payments in February…