Raytheon Aircraft Credit Corp. v. Pal Air International, Inc.

MEMORANDUM AND ORDER

MARTEN, District Judge.

In the present action, plaintiff Raytheon Aircraft Credit Corporation, successor to Beech Acceptance Corporation, seeks to recover on a promissory note executed by defendant Pal Air Aviation, Inc. of Nevada. The September 5,1990 note in the amount of $1 million was executed to finance Pal Air’s purchase of two Beeehcraft King Air airplanes. As security for the note, Raytheon retained a security interest in the airplanes. Raytheon contends defendant Pal Air defaulted in its required payments under the promissory note, and Raytheon seeks recovery…