Confirm favorite deletion?
Contracts Keyed to Burton
Brown v. AVEMCO Investment Corp
Facts
Robert Herriford received a loan from AVEMCO Investment Corp. (Defendant). Herriford gave Defendant an interest in an airplane as security for the loan. Further, the security agreement contained a provisions stating that if Herriford leased, sold, transferred, mortgaged, or encumbered the interest in the airplane secured under the agreement, Defendant would be entitled to the full amount of the loan immediately. Later, Herriford, Brown (Plaintiff), and two other plaintiffs entered into an option and lease agreement. Pursuant to the agreement, Plaintiff was to pay Herriford an hourly rental fee to use the plane and for additional payments that would be used to reduce Herriford’s debt to Defendant. Likewise, the agreement between Plaintiff and Herriford contained a provision that stated Brown and the other plaintiff would have the opportunity to pay the remaining balance, purchasing the plane. A couple days later, Plaintiff and the other plaintiffs paid the remaining balance on Herriford’s mortgage debt to Defendant. Plaintiff informed Defendant that he and the other plaintiffs were asserting their option to purchase the plane, nevertheless, Defendant refused to accept payment. Thereafter, Defendant accelerated payment due on the Herriford’s loan. Defendant asserted that the moment Herriford leased the plane to Plaintiff, Defendant was entitled to the entire amount of Herriford’s loan plus interest and an insurance fees, a total of $5,078.97. Subsequently, Plaintiff and the other plaintiffs told Defendant that they did not accept Defendant’s refusal to accept their offer. Furthermore, Defendant repossessed the plane from Herriford and sold the plane to separate party for $7,000. Plaintiff and the other plaintiffs brought claiming Defendant is liable for conversion. The trial court refused to instruct the jury that Defendant’s acceleration would only be successful if Defendant reasonably believed in in good faith that Defendant’s security interest in the plane was impaired. The jury ruled in favor of Defendant, and Plaintiff and the other two plaintiffs appealed.
Only StudyBuddy Pro offers the complete Case Brief Anatomy*
Access the most important case brief elements for optimal case understanding.
*Case Brief Anatomy includes: Brief Prologue, Complete Case Brief, Brief Epilogue
- The Brief Prologue provides necessary case brief introductory information and includes:
Topic:
Identifies the topic of law and where this case fits within your course outline.Parties:
Identifies the cast of characters involved in the case.Procedural Posture & History:
Shares the case history with how lower courts have ruled on the matter.Case Key Terms, Acts, Doctrines, etc.:
A case specific Legal Term Dictionary.Case Doctrines, Acts, Statutes, Amendments and Treatises:
Identifies and Defines Legal Authority used in this case.
- The Case Brief is the complete case summarized and authored in the traditional Law School I.R.A.C. format. The Pro case brief includes:
Brief Facts:
A Synopsis of the Facts of the case.Rule of Law:
Identifies the Legal Principle the Court used in deciding the case.Facts:
What are the factual circumstances that gave rise to the civil or criminal case? What is the relationship of the Parties that are involved in the case.Issue(s):
Lists the Questions of Law that are raised by the Facts of the case.Holding:
Shares the Court's answer to the legal questions raised in the issue.Concurring / Dissenting Opinions:
Includes valuable concurring or dissenting opinions and their key points.Reasoning and Analysis:
Identifies the chain of argument(s) which led the judges to rule as they did.
- The Brief Prologue closes the case brief with important forward-looking discussion and includes:
Policy:
Identifies the Policy if any that has been established by the case.Court Direction:
Shares where the Court went from here for this case.