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CONTRAIL LEASING PARTNERS v. CONSOLIDATED AIRWAYS

No. 83-2543, 83-2775.

742 F.2d 1095 (1984)

CONTRAIL LEASING PARTNERS, LTD., Plaintiff-Appellee, Cross-Appellant, v. CONSOLIDATED AIRWAYS, INC., Defendant-Appellant, Cross-Appellee.

United States Court of Appeals, Seventh Circuit.

Decided August 31, 1984.

Rehearing Denied October 5, 1984.

Attorney(s) appearing for the Case

Matthew J. Connelly, Blume, Wyneken, Bullman & Connelly, Fort Wayne, Ind., for plaintiff-appellee, cross-appellant.

Vincent J. Heiny, Snouffer, Haller & Colvin, Fort Wayne, Ind., for defendant-appellant, cross-appellee.

Before POSNER and COFFEY, Circuit Judges, and KELLAM, Senior District Judge.

POSNER, Circuit Judge.

This diversity suit, which the parties agree is governed by the Uniform Commercial Code as codified in Indiana, raises a number of questions regarding a secured creditor's right to repossess and sell his collateral on the debtor's account.

In 1976 Consolidated Airways, Inc. sold a Grumman Gulf Stream commercial aircraft to Contrail Leasing Partners, Ltd. for $575,000-$60,000 down and the rest to be paid in monthly installments. Consolidated...

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