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11/23/87 RENGES v. PAC FINANCIAL CORPORATION

Filed: November 23, 1987.

RENGES, INC. AND RICHARD R. SEGNER, APPELLANTS (DEFENDANTS),
v.
PAC FINANCIAL CORPORATION, APPELLEE (PLAINTIFF)



APPEAL FROM THE MADISON SUPERIOR COURT, DIVISION I, The Honorable Dennis Carroll, Judge, Cause No. 1S-81-388.

Buchanan, J., Shields, P.j., Sullivan, J., Concurs.

Author: Buchanan

BUCHANAN, J.

CASE SUMMARY

Appellants-defendants Renges, Inc. (Renges) and Richard R. Segner (Segner) [hereinafter collectively referred to as the Lessees] appeal from the trial court's judgment finding the Lessees liable to appellee-plaintiff PAC Financial Corporation (PAC Financial) for an amount owed under a lease agreement and for attorneys fees.

This appeal must be dismissed.

FACTS

In light of our Disposition of this case, only the following procedural facts are pertinent. On June 4, 1985, the Lessees were found by the trial court to be in default on a lease agreement and personal guaranty and thus liable to PAC Financial in the amount of $39,161.78, plus approximately $8,000 in attorneys fees. The trial court also ordered that the mortgage given to PAC Financial by Segner be foreclosed.

The Lessees filed their motion to correct error and a motion for stay of execution pending Disposition of the motion and appeal. On July 31, 1985, the trial court granted the stay on the condition that the Lessees posted a $40,000 bond. Segner and Renges did not post bond, but filed notice on August 7, 1985 and September 5, 1985, respectively, of their voluntary petitions filed in the bankruptcy court.

The bankruptcy court approved an agreement on March 19, 1986 between PAC Financial and Segner, whereby Segner agreed to make payments in satisfaction of the trial court's judgment. The bankruptcy court's order provided a plan of payment to PAC Financial by Segner. It also provided that the automatic stay imposed by the filing of bankruptcy would be lifted only if the agreement was breached, if the plan was not confirmed within the prescribed amount of time, or if PAC Financial no longer felt adequately protected. Despite the bankruptcy court's order, the Lessees continued to perfect this appeal by filing their praecipe on September 5, 1985, and the record of proceedings on January 2, 1986.

ISSUE

One issue is dispositive:[Footnote 1]

Should this appeal be ...


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