Commercial Credit Equipment Corp. v. Hatton

MEMORANDUM OPINION

WILLIAM M. TAYLOR, Jr., Chief Judge.

Plaintiff, Commercial Credit Equipment Corporation, brought this diversity action against Defendants Hatton and Darby seeking to recover the balance owed on an aircraft security agreement executed by Darby and purchased by Plaintiff from Hatton on August 16, 1974. In consideration of Plaintiff’s purchase of the security agreement, Hatton executed an “Aircraft Repurchase Agreement” making Hatton a guarantor of payment. After suit was initiated, Hatton filed a cross-action against Darby as principal obligor on the security agreement. Upon…