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USX CREDIT CORP. v. LICHTERMAN

Nos. 88-1161 and 88-1196.

876 F.2d 1283 (1989)

USX CREDIT CORPORATION, Plaintiff-Appellee, v. Harold W. LICHTERMAN and Seymour Kessler, Defendants-Appellants.

United States Court of Appeals, Seventh Circuit.

Decided June 2, 1989.

Attorney(s) appearing for the Case

David A. Axelrod, Feiwell, Galper & Lasky, Ltd., Daniel C. Meenan, Jr., Georgia A. Kolettis, Chicago, Ill., for defendants-appellants.

George W. Gessler, Gessler, Flynn, Laswell, Hughes & Socol, Ltd., William P. Jones, Chicago, Ill., for plaintiff-appellee.

Before COFFEY, RIPPLE, and KANNE, Circuit Judges.

KANNE, Circuit Judge.

Harold W. Lichterman and Seymour Kessler, as two shareholders in Titan Marine, Inc., signed promissory notes as evidence of a debt owed by Titan to USX Credit Corporation.1 When Titan defaulted upon the debt, USX sued Lichterman and Kessler. The district court entered summary judgment in favor of USX. We affirm.

I. BACKGROUND

In January of 1982, Titan Marine, Inc., a Subchapter S corporation, borrowed...

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