Heller Financial, Inc. v. Johns-Byrne Co.

In September 1985, Microdot Lithoplate Company (Microdot) entered into an equipment lease agreement with EC. Leasing Corporation (P.C. Leasing), as to which Johns-Byme Company (defendant) gave a written guaranty. Several months later, P.C. Leasing assigned its interest in the lease to Heller Financial, Inc. (plaintiff). When, in July of 1989, Microdot defaulted under the terms of the lease, plaintiff notified both Microdot and defendant thereof and, as permitted by the terms of the lease, accelerated the remaining payments due and made a demand in the amount of $132,594. In January 1990,…