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Commercial Law Keyed to Whaley
Information Leasing Corporation v. GDR Investments, Inc., d/b/a Pinnacle Exxon
Citation:
152 Ohio App. 3d 260, 787 N.E.2d 652 (2003)Facts
ILC, wholly owned by Provident Bank, was a business that leased ATMs through a third party, CCC. CCC would find customers, usually small businesses, interested in having an ATM available on their premises after signing a lease agreement with ILC. CCC would then service the ATM and pay the customer a monthly commission. Typically, as in the case of GDR, the owner of the business would sign as a personal guarantor of the lease. This arrangement is categorized as a finance lease under U.C.C. § 2A-103(1)(g). However, shortly after GDR signing a five-year commercial lease to have an ATM installed at its Exxon gas station, CCC went bankrupt, leaving GDR stuck with an ATM under the terms of the lease with ILC but with no company to service it. GDR, and many of CCC’s other former customers, decided to stop making payments on the lease with ILC rather than look for another service provider. Arora, owner of GDR and the Exxon gas station, alleged that he never read the ILC lease that he signed because when the CCC representative brought the lease to him, he was busy with other customers and the representative assured him the papers were a mere formality. Arora alleged he contacted ILC to try to return the ATM shortly after CCC went bankrupt but ILC did not pick it up until several months later. ILC sued GDR and Arora to recover the total amount owed to it under the five-year commercial lease.
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