C. Itoh Industrial Machinery, Inc. v. Forklift Service Co.

Benham, Judge.

Appellant, a distributor of forklift trucks, entered into a retail dealer agreement with appellee Forklift Service Company, Inc. (“Forklift”). By means of a “Deferred Payment Purchase Agreement” (“DPPA”), appellant agreed to finance Forklift’s purchases of forklifts, and individual appellees Moore, Wilson, and Petite executed unconditional guaranties of payment of any and all debts of Forklift to appellant. Appellant was also given a security interest in Forklift’s present and future inventory of forklifts acquired from appellant, as well as in the proceeds of the sale or lease…