Wilson Leasing Co. v. Seaway Pharmacal Corp.

Seaway Pharmacal Corporation (hereinafter Seaway), corporate defendant herein, obtained *363numerous pieces of office and manufacturing equipment from Wilson Leasing Company (hereinafter Wilson). The equipment was obtained in four distinct lots, each the subject of a distinct, but identical, five-year lease.1 The two larger leases were personally guaranteed by the individual defendants herein. All four leases were defaulted. After some extensions and a few payments by two of the guarantors, Wilson took possession of all the equipment, sold it, applied the proceeds to the balance due on each…