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Secured Transactions Keyed to Lopucki
General Electric Capital Corp. v. Nichols
Citation:
2011 WL 1638048 (D. Conn. 2011)Facts
On December, 2007, General Electric and Nichols Equipment entered into a contract in which General Equipment’s purchase of six Mack trucks, each bearing a concrete pump manufactured by Schwing. As further security, Gary Nichols signed an individual guaranty. Beginning in April 2009, Nichols Equipment failed to make its required payments. On May, 2009, General Electric filed the present action, to recover payment from Nichols pursuant to the guaranty. General Electric sold the six trucks for $1,300,000. According to General Electric, after subtracting this sum from the total due under the guaranty, Nichols still owes General Electric.
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