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Okefenokee Aircraft, Inc. v. PrimeSouth Bank
Court of Appeals of Georgia
676 S.E.2d 394 (2009)
PrimeSouth Bank (the Bank) (plaintiff) loaned Okefenokee Aircraft, Inc. (OAI) (defendant) funds to purchase an airplane. OAI and Joseph Rimes III entered into a promissory note with the Bank, which was secured by the airplane. Rimes personally guaranteed the note. OAI and Rimes defaulted on the note, and the Bank repossessed the airplane. The Bank did not sell the collateral. The Bank sued, seeking a money judgment for the amount due under the promissory note. The Bank moved for summary judgment. OAI did not dispute defaulting on the note, but OAI argued that the Bank could not pursue a money judgment prior to selling the collateral it had repossessed. The trial court granted summary judgment to the Bank. OAI appealed to the Court of Appeals of Georgia.
Rule of Law
Holding and Reasoning (Bernes, J.)
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