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GENERAL ELEC. CREDIT v. KELLY & DEARING

765 S.W.2d 750 (1988)

GENERAL ELECTRIC CREDIT CORPORATION OF TENNESSEE, Plaintiff-Appellee, v. KELLY & DEARING AVIATION, A Partnership, Nathan J. Dearing, III, Charles S. Kelly, and Aetna Casualty & Surety Company, Defendants, and Aetna Casualty & Surety Company, Defendant-Appellant.

Court of Appeals of Tennessee, Western Section, at Jackson.

Rehearing Denied October 18, 1988.

Application to Appeal Denied December 27, 1988.

Attorney(s) appearing for the Case

Charles G. Walker, Russell W. Savory, Petkoff, Lancaster & Walker, Memphis, for plaintiff-appellee.

James W. McDonnell, Jr., Thomas J. Walsh, Jr., Wildman, Harrold, Allen, Dixon & McDonnell, Memphis, for defendant-appellant Aetna Cas. & Sur. Co.

Application to Appeal Denied by Supreme Court December 27, 1988.

FARMER, Judge.

In 1979 Nathan Dearing and Charles Kelly formed a partnership known as Kelly & Dearing Aviation (K & D) for the purpose of purchasing a 1979 Piper Aztec. They obtained the funds for this purchase from General Electric Credit Corporation (GECC) and in return gave GECC a promissory note for $130,000.00 and a secured interest in...

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