C.I.T. Corporation, a New York Corporation v. Lee Pontiac, Inc., Etc., Ralph Gorringe

THE CASE

This diversity action was brought by C.I.T. Corporation (C.I.T.) against Lee Pontiac, Inc. (Pontiac) and its guarantors for a judgment on a deficiency on two secured transactions after the repossession and sale of the collateral.

The defendants in the District Court counterclaimed against C.I.T. and inter-plead Dick Nolan seeking damages resulting from an alleged conspiracy between C.I.T. and Nolan to minimize the sale price of the collateral involved in this action.

The action was tried to the District Court without a jury. The District Court filed its memorandum decision in which it resolved all factual and legal issues against the defendants and on July 20, 1973 entered its findings of fact, conclusions of law and judgment in favor of C.I.T. and against the defendants for the sum of $89,076.97 plus interest and costs. From that judgment, defendant Ralph Gorringe appeals. We affirm.

STATEMENT OF FACTS

On March 10, 1969, Pontiac purchased a 1969 Piper Navajo aircraft (88-Y aircraft) and in return executed and delivered to C.I.T. a negotiable promissory note for $149,600 and an amended aircraft chattel mortgage securing that note. As part of this secured…