Legal Opinion
Contrail Leasing Partners, Ltd., Cross-Appellant v. Consolidated Airways, Inc., Cross-Appellee
Court of Appeals for the Seventh Circuit
Decided October 5, 1984No. 83-2543, 83-2775PublishedCited by 14 opinions
1Opinion of the Court
POSNER, Circuit Judge.
This diversity suit, which the parties agree is governed by the Uniform Commercial Code as codified in Indiana, raises a number of questions regarding a secured creditor’s right to repossess and sell his collateral on the debtor’s account.
In 1976 Consolidated Airways, Inc. sold a Grumman Gulf Stream commercial aircraft to Contrail Leasing Partners, Ltd. for $575,000-$60,000 down and the rest to be paid in monthly installments. Consolidated took back a chattel mortgage on the plane. Beginning with a missed payment in May 1978 Contrail defaulted, and in July Consolidated…
2Cases cited6 opinions
- Hall v. Owen County State BankIndiana Court of Appeals · 1977
- Indiana Telephone Corp. v. Indiana Bell Telephone Co.Indiana Court of Appeals · 1976
- Simmons v. United StatesCourt of Appeals for the Seventh Circuit · 1983
- Indiana Tel. Corp. v. Indiana Bell Tel. Co.Indiana Court of Appeals · 1977
- Personal Jet, Inc. v. N. D. Callihan, N. D. Callihan v. Paris Jet, Inc.Court of Appeals for the Fifth Circuit · 1980
1 more not listed; retrieve them via the Exa API.
3Cited by14 opinions
- In the Matter of Taxman Clothing Co., Inc., Debtor. Appeal of Arthur Winer, Inc.Court of Appeals for the Seventh Circuit · 1990
- Ford & Vlahos v. ITT Commercial Finance Corp.California Supreme Court · 1994
- Michael Nadalin v. Automobile Recovery Bureau, Inc.Court of Appeals for the Seventh Circuit · 1999
- Bezanson v. Fleet Bank, NHCourt of Appeals for the First Circuit · 1994
- Pride Hyundai, Inc. v. Chrysler Financial Co.Court of Appeals for the First Circuit · 2004
9 more not listed; retrieve them via the Exa API.