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MONARCH COACHES, INC. v. ITT INDUS. CREDIT

Nos. 86-2636, 86-2732.

818 F.2d 11 (1987)

MONARCH COACHES, INC., Plaintiff-Appellant, Cross-Appellee, v. ITT INDUSTRIAL CREDIT, Defendant-Appellee, Cross-Appellant.

United States Court of Appeals, Seventh Circuit.

Decided May 4, 1987.

Attorney(s) appearing for the Case

Richard J. Hollander, Hollander and Hollander, Chicago, Ill., for plaintiff-appellant, cross-appellee.

Mary F. Stafford, Epton, Mullin & Druth, Ltd., Chicago, Ill., for defendant-appellee, cross-appellant.

Before BAUER, Chief Judge, and WOOD, Jr., and POSNER, Circuit Judges.

POSNER, Circuit Judge.

This diversity suit arises from a dispute between a secured lender and its borrower over the seizure of the collateral. Monarch Coaches is in the business of renting out buses. It bought four buses in 1983 and financed their purchase with a loan from ITT Industrial Credit. It agreed to pay ITT $186,780 (principal and interest combined) in 60 monthly installments of $3,113 each (payable on the fifteenth of the month), later reduced to $2,464...

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