Ernest A. Kotsch v. Ernest C. Kotsch

Aquilla J. Allen and Virginia C. Allen appeal a final summary judgment in favor of appellee, Richard Coates, on the Allens complaint which sought judgment on promissory notes that were made by Coates as the purchase price for his acquisition from the Allens of the capital stock of Allens Electrical Center, Inc. (AEC). Following default under the notes by Coates, the Allens reassumed control and operation of AEC, the capital stock of which secured payment of the notes, and, at the same time, sought to recover a judgment on the full amount of the notes. The trial court granted summary judgment in favor of Coates, ruling that the Allens were not entitled to judgment on the notes after retaking control and possession of AEC, because the undisputed facts established that in retaking the business they had failed to comply with the requirements of Chapter 679, Florida Statutes. The Allens argue that the trial court erred because Chapter 679, Article 9 of the Uniform Commercial Code, is not applicable here. We disagree and, since the Allens presented no facts to the trial court on which they might recover a deficiency judgment under the notes, we affirm.