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GIBRALTAR FINANCIAL v. PRESTIGE EQUIPMENT

No. 20A03-0910-CV-495.

925 N.E.2d 751 (2010)

GIBRALTAR FINANCIAL CORP., Appellant-Plaintiff, v. PRESTIGE EQUIPMENT CORPORATION, National Machinery Exchange, Inc., Key Equipment Finance, Inc. f/k/a Key Corporate Capital, Inc., and Chikol Equities, Inc., Appellees-Defendants.

Court of Appeals of Indiana.

April 14, 2010.

Attorney(s) appearing for the Case

R. Brock Jordan, James E. Rossow, Jr., Rubin & Levin, P.C., Indianapolis, IN, Attorneys for Appellant.

William G. Lavery, Whisler & Lavery, Elkhart, IN, Attorney for Appellees Key Equipment Finance and Chikol Equities.

Cynthia S. Gillard, Dean E. Leazenby, Warrick & Boyn, LLP, Elkhart, IN, Attorneys for Appellees Prestige Equipment Corp. and National Machinery Exchange.

OPINION

BAKER, Chief Judge.

To paraphrase Sigmund Freud, sometimes a lease is just a lease. The appellant herein argues that a lease entered into between two businesses was actually a disguised sale subject to an unofficial security interest. After applying the relevant statute and examining the underlying circumstances of the transaction, we find that the lease was just that—a lease.

Appellant-plaintiff Gibraltar Financial Corp. (Gibraltar...

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