Walker v. MODNAR CORPORATION

Banke, Chief Judge.

Appellee Modnar Corporation (Modnar) leased seven minibuses to MTW Enterprises, Inc., (MTW) for a 48-month period. Appellants Pamela Li and Larry Walker, as corporate officers of MTW, personally guaranteed MTW’s performance under each of the seven separate lease agreements covering the transactions. Based on purported arrearages in the lease payments, Modnar terminated the leases prior to their expiration and subsequently brought this suit against MTW and the appellants to recover what .would be tantamount to a deficiency judgment. MTW did not file responsive pleadings and…