Borg-Warner Acceptance Corp. v. Lovett & Tharpe, Inc.

Banke, Presiding Judge.

Borg-Warner Acceptance Corporation (hereafter referred to as Borg-Warner) sued Lovett & Tharpe, Inc. (hereafter referred to as L&T) to enforce a commercial instrument which it currently characterizes as a “promissory note,” but which was characterized both in its complaint and on the face of the instrument itself as a “trade acceptance.” L&T denied liability and counterclaimed to recover actual and punitive damages based on allegations that Borg-Warner had been “wilfully and stubbornly litigious” in its previous efforts to collect the alleged indebtedness, which efforts…