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Equico Lessors v. Ramadan
Florida District Court of Appeal
493 So. 2d 516 (1986)
Before Dr. A. Moneim Ramadan (defendant) leased equipment from Hastings Capital Corporation (Hastings), Hastings guaranteed that the equipment would reduce energy use in Ramadan’s office building. Equico Lessors, Inc. (Equico) (plaintiff) checked Ramadan’s credit and prepared the lease contract, which referred to Hastings’s right to assign the contract to Equico, as Hastings had done on 30 prior occasions. The contract also contained a waiver-of-defenses clause freeing an assignee from any contract defense or claim that Ramadan might assert. Hastings assigned the executed contract to Equico. Ramadan stopped making lease payments when his energy usage increased rather than decreased. Equico sued Ramadan to collect the balance still owed on the lease. The trial court ruled for Ramadan, finding that the close connection between Hastings and Equico precluded Equico from taking assignment as a holder in due course and asserting the waiver-of-defenses clause. Equico appealed to the Florida District Court of Appeal.
Rule of Law
Holding and Reasoning (Barfield, J.)
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