Walter D. Sanders, Trustee in Bankruptcy for the Atlanta Times, Inc., Bankrupt v. National Acceptance Company of America
Walter D. SANDERS, Trustee in Bankruptcy for the Atlanta Times, Inc., Bankrupt, Appellant, v. NATIONAL ACCEPTANCE COMPANY OF AMERICA, Appellee
Opinion
PER CURIAM:
This appeal involves a petition for reclamation of property held by the bankrupt under two agreements. The property has been sold and the parties agree that the funds representing the net recovery from the sale stand in lieu of the property.
The question presented turns on whether the agreements were leases or agreements creating security interests within the meaning of the Uniform Commercial Code as it exists under the Georgia law. Ga.Code § 109A-1-201[37]. That provision of the Code states that whether a lease is intended as security is to be determined by the facts of each case. The agreements here were not perfected as required under Ga.Code § 109A-9-302 (1) in the event they are held to create security interests and the trustee would be entitled to recover with appellee being relegated to the status of an unsecured creditor.
The agreements were called leases. There was no security deposit in connection with either. Neither contained an option to purchase. Appellee retained ownership at all times. There were renewal provisions at stated prices but the evidence was sufficient, based on market value, to support a finding that the prices were substantial as distinguished from a mere nominal price. The record supports the conclusion reached by the Referee and affirmed by the District Court that the agreements were leases and that they did not involve security interests.
Affirmed.
How later courts describe this case
Explanatory parentheticals written by citing courts — 2 in all; the most informative distinct ones are shown.
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(security deposit on equipment lease covered by section 9 — 207)
Cited by 21 cases
View all citing references →- U.S. Courts of Appeals4
- Federal District Courts8
- Bankruptcy Courts3
- State Highest Courts1
- State Appellate Courts5
Relies on it most ⓘ
- Alco Capital Resource, Inc. v. Picture It, Inc., a California Corporation, and Rodney Catalano, an Individual
- In re Wright Homes, Inc.
- Hasset v. Blue Cross & Blue Shield (In re O.P.M. Leasing Services, Inc.)
- American Standard Credit, Inc. v. National Cement Co., Programming and Systems, Inc., International Computer Corp.
- First National Bank in Grand Prairie v. Lone Star Life Insurance Co.
- Devita Fruit Company, Bankrupt, Quentin M. Derryberry Ii, Trustee v. Fca Leasing Corporation
Most recent
- Doe v. General Motors Acceptance Corp.
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- Demitropoulos v. Bank One Milwaukee, N.A.
- Demitropoulos v. Bank One Milwaukee, N.A.
- Alco Capital Resource, Inc. v. Picture It, Inc., a California Corporation, and Rodney Catalano, an Individual
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