Okefenokee Aircraft, Inc. v. PrimeSouth Bank
Court of Appeals of Georgia
676 S.E.2d 394 (2009)
Relevant factsFree
After Okefenokee Aircraft (OAI) (defendant) and its guarantor defaulted on a loan secured by an airplane, PrimeSouth Bank (plaintiff) repossessed the plane but did not sell it, instead suing directly for a money judgment on the amount owed under the note. OAI did not dispute the default but argued the bank could not seek a money judgment before selling the repossessed collateral; the trial court granted the bank summary judgment, and OAI appealed.
IssueFree
Whether a secured creditor can retain a defaulting debtor's collateral while pursuing an independent action for a money judgment, rather than first selling the collateral.
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