First Security Financial v. Okland Ltd.

OPINION

GREENWOOD, Judge:

Defendant Okland Ltd., Inc. (Okland) appeals from a summary judgment granted plaintiff, First Security Financial (First Security), for Okland’s breach of an equipment lease agreement. Okland claims on appeal that the trial court erred in granting the motion for summary judgment because geniune issues of material fact existed, or, alternatively, the lease should be declared void as a penalty and the judgment reversed.

On September 31, 1981, Okland and Bradshaw-Ferrin Development Co. (BFDC) executed an equipment lease agreement as lessees, agreeing to pay certain sums to…