Bank of Lexington v. Jack Adams Aircraft Sales, Inc.

INGRAHAM, Circuit Judge:

This dispute arises out of a complex series of transactions for the sale and financing of aircraft. Summary judgment was rendered against the purchaser’s financier who had sued the seller for foreclosing upon the airplane his client had bought. The summary judgment rested upon the explicit trial court finding that the security interest relied upon by the financier was invalid for lack of consideration, and upon the implicit assumption that the security interest relied upon by the seller to foreclose was valid. We reverse on both points, grant judgment to the financier,…