C.I.T. CORP. v. DUNCAN GRADING & CONST., INC.

No. 83-1951.

739 F.2d 359 (1984)

C.I.T. CORPORATION, Appellee, v. DUNCAN GRADING AND CONSTRUCTION, INC.; Lloyd K. Duncan, Inc.; Lloyd K. Duncan; and Betty J. Duncan, Appellants.

United States Court of Appeals, Eighth Circuit.

Decided July 20, 1984.


Attorney(s) appearing for the Case

Husch, Eppenberger, Donohue Elson & Cornfeld, David A. Lander, Rodney W. Sippel, St. Louis, Mo., for appellee.

Sidney Rubin, St. Louis, Mo., for appellants.

Before McMILLIAN, Circuit Judge, FLOYD R. GIBSON and HENLEY, Senior Circuit Judges.


PER CURIAM.

In 1977 plaintiff-appellee C.I.T. Corporation loaned a substantial sum of money to the defendant-appellant Duncan Grading and Construction, Inc. (Duncan). Defendants-appellants Lloyd K. Duncan, Inc., Lloyd K. Duncan and Betty J. Duncan guaranteed the loan. The loan was secured by a number of pieces of heavy equipment. In 1981 Duncan defaulted and C.I.T. repossessed the equipment and sold it. The proceeds were applied to Duncan's debt, but, when interest...

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