General Electric Capital Corp. v. Stelmach Construction Co.
United States District Court, Kansas
2001 WL 969052 (2001)
General Electric Capital Corp. (GE) (plaintiff) loaned $400,000 to Stelmach Construction Co. (Stelmach) (defendant). The loan was secured by collateral. Stelmach defaulted on the loan and voluntarily surrendered the collateral. GE hired a separate company to assess, prepare, and clean the collateral. That company appraised the value of the collateral at $258,200. GE then advertised the sale of the collateral in two national trade magazines and two websites known by the trade. GE also sent advertisements of the sale through mailings to potential purchasers. GE completely described the collateral and made the collateral available for inspection. GE did not specify in any of the advertisements whether the collateral was being sold individually or as a lot. GE received six bids, ranging from $225,000 to $311,000. Each of the bids was for the entire lot. Stelmach hired a separate expert, who opined that the value of the collateral was $457,400. GE accepted the highest bid and sued Stelmach for the deficiency owed on the loan.
Rule of Law
Holding and Reasoning (Murguia, J.)
What to do next…
Unlock this case brief with a free (no-commitment) trial membership of Quimbee.
You’ll be in good company: Quimbee is one of the most widely used and trusted sites for law students, serving more than 97,000 law students since 2011. Some law schools—such as Yale, Vanderbilt, Berkeley, and the University of Illinois—even subscribe directly to Quimbee for all their law students. Read our student testimonials.
Learn more about Quimbee’s unique (and proven) approach to achieving great grades at law school.
Quimbee is a company hell-bent on one thing: helping you get an “A” in every course you take in law school, so you can graduate at the top of your class and get a high-paying law job. We’re not just a study aid for law students; we’re the study aid for law students. Read more about Quimbee.
Here's why 176,000 law students have relied on our case briefs:
- Written by law professors and practitioners, not other law students. 14,000 briefs, keyed to 188 casebooks. Top-notch customer support.
- The right amount of information, includes the facts, issues, rule of law, holding and reasoning, and any concurrences and dissents.
- Access in your classes, works on your mobile and tablet. Massive library of related video lessons and high quality multiple-choice questions.
- Easy to use, uniform format for every case brief. Written in plain English, not in legalese. Our briefs summarize and simplify; they don’t just repeat the court’s language.