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Information Leasing Corporation v. GDR Investments, Inc., d/b/a/ Pinnacle Exxon
Ohio Court of Appeals
152 Ohio App .3d 260, 787 N.E.2d 652 (2003)
GDR Investments, Inc. d/b/a/ Pinnacle Exxon (GDR) (defendant) entered a five-year commercial lease for an automated teller machine (ATM) to be placed on its premises by a third-party vendor who secured the leases, serviced the ATMs, and paid lessees commissions based on use of the machines. Information Leasing Corporation (ILC) (plaintiff) financed the lease. The lease contained a clause, known as a hell-or-high-water clause, which disclaimed all warranties, express or implied, and made the lease noncancellable and irrevocable even if the ATM was defective, became damaged, or was stolen. Shortly after GDR received delivery of the ATM, the third-party vendor went bankrupt and no longer offered services for the ATM. GDR’s owner decided it did not want the ATM and attempted to cancel the lease. GDR eventually went out of business, leaving the ATM in a warehouse from where it was ultimately repossessed by ILC. ILC sued GDR for payment under the lease, and a trial court rendered judgment in favor of GDR after finding that ILC had not complied with its obligations, that GDR had appropriately canceled its obligations, and, in the alternative, that ILC failed to mitigate damages by picking the machine up after GDR gave notice it no longer wanted it. ILC appealed.
Rule of Law
Holding and Reasoning (Anderson, C.J.)
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