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     FORM 10-Q--QUARTERLY REPORT UNDER SECTION 13 OR 15(D)
          OF THE SECURITIES EXCHANGE ACT OF 1934


                         UNITED STATES

              SECURITIES AND EXCHANGE COMMISSION

                    Washington, D.C. 20549

                           FORM 10-Q

                          (Mark One)

[X] Quarterly Report Pursuant to Section 13 or 15(d) of the 
                Securities Exchange Act of 1934
            For the period ended September 30, 1996

                                         or
[  ]  Transition Report Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
For the transition period from __________ to _______________


              Commission File Number: 33-18089-A


                     HICKORY LENDERS, LTD.
    (Exact name of Registrant as specified in its charter)


Tennessee                                62-1336905
(State or other jurisdiction of          (I.R.S. Employer
 incorporation or organization)          Identification)


   4400 Harding Road, Suite 500, Nashville, Tennessee 37205
(Address of principal executive office)  (Zip Code)

                             (615)  292-1040
          (Registrant's telephone number, including area code)


      Indicate  by  check  mark  whether the  Registrant  (1)
hasfiled  all reports required to be filed by Section 13 or
15(d) of the Securities  Exchange  Act of 1934  during  the 
preceding  12 months  (or  for  such  shorter  period  that  the
Registrant was required  to file such reports), and (2) has been
subject to such filing requirements for at least the past 90
days.
                                 YES    X     NO  ___  

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                      PART I. FINANCIAL INFORMATION

Item 1. FINANCIAL STATEMENTS


                           HICKORY LENDERS, LTD.
                    (A Tennessee Limited Partnership)


                          FINANCIAL STATEMENTS
              For The Nine Months Ended September 30, 1996


                                  INDEX



        Financial Statements:

              Balance Sheets                                3
              Statements of Operations                      4
              Statements of Cash Flows                      5
              Notes to Financial Statements                 6




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<TABLE>


                     HICKORY LENDERS, LTD.
                    (A Limited Partnership)

                        BALANCE SHEETS
                          (Unaudited)



<CAPTION>
                               September 30,    December 31,
                                   1996             1995
                               -------------    -------------
<S>                            <C>             <C>           

                            ASSETS

CASH                              $ 24,467       $  150,582

NOTE RECEIVABLE FROM AFFILIATE   2,828,601        3,228,601

LOAN COSTS                          22,399           35,839

        Total Assets           $ 2,875,466      $ 3,415,022
                                ==========       ==========



               LIABILITIES AND PARTNERS' EQUITY



PARTNERS' EQUITY                 2,875,466        3,415,022

        Total Liabilities & 
            Partners' Deficit  $ 2,875,466      $ 3,415,022
                                ==========       ==========
                                                           







</TABLE>
[FN]
                      See notes to financial statements.



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<TABLE>


                     HICKORY LENDERS, LTD.
                    (A Limited Partnership)

                   STATEMENTS OF OPERATIONS
                          (Unaudited)


<CAPTION>

                      Quarter Ending      Year to Date Ending
                                 SEPTEMBER 30,
                               _________________

                      1996      1995        1996      1995
                      ____      ____        ____      ____

<S>                 <C>        <C>         <C>      <C>     
REVENUE:

     Interest          -         -        2,578      1,748 

EXPENSES:

 State Income Tax      -         -        1,121        -   
 Legal &
  Accounting Fees     300       823      12,567     11,492 
 General &  
  Admin. Expenses     352     1,134         664      1,433 
 Mortgage 
  Servicing Fee     1,750     1,750       5,250      5,250 
 Amortization       4,480     4,480      13,440     13,440 

 Total Expenses     6,882     8,187      33,042     31,615 


NET LOSS          $(6,882)   (8,187)    (30,464)   (29,867)









<FN>
                       See notes to financial statements

</TABLE>
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<TABLE>

                     HICKORY LENDERS, LTD.
                    (A Limited Partnership)

             CONSOLIDATED STATEMENTS OF CASH FLOWS
                          (Unaudited)

<CAPTION>

                                           Year-to-date
                                           SEPTEMBER 30,
                                    __________________________
                                     1996                1995
                                     ____                ____
<S>                               <C>                   <C>    

Cash Flows from Operating Activities:

  Net Loss                         $(30,464)      $ (29,867)
  Adjustments to reconcile Net 
  Income to Net Cash used in 
  Operating Activities:
  Amortization                       13,440           13,440
  Increase in Accounts Payable         -                 300
  Payments received on Interest 
    Receivable from Affiliate          -              84,301
        
  Total Adjustments                  13,440           98,041

  Net Cash used in 
     Operating Activities           (17,024)          68,174

Cash Flows from Financing Activities:

Payment received on 
   Note Receivable                  400,000          125,699
Distribution to Partners           (509,091)               -
Net Cash (used in)/provided
    by Financing Activities        (109,091)         125,699

Net Increase/(Decrease) in Cash
   and Cash Equivalents            (126,115)         193,873

        
CASH AT JANUARY 1,                  150,582           68,851

CASH AT SEPTEMBER 30,                24,467        $ 262,724
                                   =========        ========
<FN>
                      See notes to financial statements.

</TABLE>
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                         HICKORY LENDERS, LTD.
                        (A Limited Partnership)

              NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

             For the Nine Months Ended September 30, 1996
                             (Unaudited)


A.ACCOUNTING POLICIES

  The  unaudited financial statements presented herein have been
prepared  in accordance with the instructions to Form 10-Q and
do not include all of  the information and note disclosures
required by generally accepted accounting principles.  These
statements should be read in conjunction with the financial
statements and notes thereto included in the Partnership's Form 
10-K for the year ended December 31, 1995.  In the opinion of
management,  such financial statements include all adjustments,
consisting only of normal recurring adjustments, necessary to
summarize fairly the Partnership's  financial position and
results of operations.   The results of operations for the nine
month period ended September 30, 1996 may not be indicative of
the results that may be expected for the year ending December
31, 1996.

B.RELATED PARTY TRANSACTIONS

  The General Partner and its affiliates have been actively
involved in managing the Partnership's operations.  Compensation
earned for these services in the first nine months were as
follows:

<TABLE>
<CAPTION>
                                        1996            1995
                                    ________        ________
<S>                               <C>             <C>       
        Management Fees             $  5,250           5,250
        Accounting Fees                1,600           1,500


</TABLE>





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Item 2: MANAGEMENT'S DISCUSSION AND ANALYSIS OF
        FINANCIAL CONDITION AND RESULTS OF OPERATIONS

RESULTS OF OPERATIONS 

The  Partnership's  primary business is to lend monies to
Hickory Hills, Ltd.  Due to the nature of the Registrant, all
activity is a result of transactions in Hickory Hills, Ltd., the
loan holder.  

The  Registrant continues its policy begun in 1991 of not
recognizing interest income for financial reporting purposes on
the Lender Financing.  This policy was accepted upon the
recommendation of the Registrant's principal accountants because
there had not been any payments made on the Lender Financing
since inception and there has been no independent verification
of the value of the land held as collateral.  Interest income
will be recognized for tax and loan payment purposes. 

Operating expenses of the Registrant are comparable to the prior
year's quarter and are not expected to fluctuate in the future.
  
During the third quarter of 1996, the Owner sold 13 lots of the
Hendersonville Property.  Three of these lots sold were lake
front lots and sold for $60,000  per lot.  The remaining lots
sold at $23,500 per lot.  The Owner has 33 lots remaining in the
Hendersonville Property.    From these sale proceeds, payments
of $280,000 were made to the Registrant and the remaining
proceeds were retained for operating and development.  The Owner
made payments on the Lender financing totalling $400,000 for the
nine month period ending September 30, 1996.

FINANCIAL CONDITION

DEVELOPMENT

During the third quarter of 1996, the Owner completed a
significant portion of Phase V of the Hendersonville Property. 
This development opened up 45 lots of which 13 were sold this
quarter.  Phase IV and V infrastructure is expected to be
complete by the end of 1996.


LIQUIDITY

 At October 31, 1996 the Registrant had approximately $22,717 in
cash reserves.  Due to the minimal expenses of the Registrant,
these funds are expected to be sufficient through 1996.



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                       PART II. OTHER INFORMATION



Item 6. EXHIBITS AND REPORTS ON FORM 8-K


  (a)  Exhibits
       Exhibit 27 - Financial Data Schedule

  (b)  No 8-K's have been filed during this quarter.





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                                  SIGNATURES



Pursuant  to  the  requirements of the Securities Exchange Act
of
1934,  the Registrant has duly caused this report to be signed
on
its behalf by the undersigned, thereunto duly authorized.


                             HICKORY LENDERS, LTD.

                             By:  222 HICKORY, LTD.
                                  General Partner


                                  By:  222 PARTNERS, INC.
                                       General Partner



Date: November 14, 1996           By:/s/ Steven D. Ezell
                                       President



Date: November 14, 1996           By:/s/ Michael A. Hartley
                                       Secretary/Treasurer