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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.)
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