Okefenokee Aircraft, Inc. v. Primesouth Bank

Bernes, Judge.

Okefenokee Aircraft, Inc. (“OAI”) and Joseph E. Rimes III appeal from a grant of summary judgment to PrimeSouth Bank (the “Bank”), a secured creditor that brought an action for money judgment on the note while holding the collateral pledged by appellants. We conclude that a secured creditor can retain a debtor’s collateral while seeking an independent action for money judgment and therefore affirm.

The following facts are undisputed. On or around September 9, 2005, the Bank issued a loan to OAI for the purchase of an airplane. OAI executed a promissory note (the “Note”) in favor…