<PAGE>
<PAGE> 1
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 March 31, 1997

                         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)

One Belle Meade Place, 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) has filed  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  ___ 
<PAGE>
<PAGE> 2


            PART I. FINANCIAL INFORMATION

Item 1. FINANCIAL STATEMENTS


                HICKORY LENDERS, LTD.
          (A Tennessee Limited Partnership)


                FINANCIAL STATEMENTS
      For The Three Months Ended March 31, 1997


                        INDEX



  Financial Statements:

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




<PAGE>
<PAGE> 3
<TABLE>


                HICKORY LENDERS, LTD.
               (A Limited Partnership)

                   BALANCE SHEETS
                     (Unaudited)



<CAPTION>
                               March 31,   December 31,
                                 1997          1996    
                               ---------     --------  
<S>                           <C>           <C>        

               ASSETS

Cash                             $64,457       $374,088

Note receivable from 
  affiliate                                   2,358,6012,478,601

Loan costs                                       13,43917,919

          Total Assets        $2,436,497     $2,870,608
                              ==========     ==========



                LIABILITIES AND PARTNERS' EQUITY


Accounts Payable                                $ 5,450-  
Partners' Equity:

  Limited Partners (4,200 units
     outstanding)                             2,431,0472,870,608
  General Partner                                  -   -   

  Total Liabilities & 
     Partners' Deficit                       $2,436,497$2,870,608
                              ==========     ==========










<FN>
               See notes to financial statements.

/TABLE
<PAGE>
<PAGE> 4
<TABLE>


                      HICKORY LENDERS, LTD.
                     (A Limited Partnership)

                    STATEMENTS OF OPERATIONS
                           (Unaudited)


<CAPTION>

                                         Quarter and
                                     Year to Date Ending
                                          MARCH 31,
                                    ____________________

                                   1997           1996
                                   ____           ____

<S>                               <C>            <C>    
REVENUE:
          None
EXPENSES:

    Legal & Accounting Fees        8,200         $8,576
    General & Admin. Expenses        889            313
    Mortgage Servicing Fee         1,750          1,750
    Amortization                                  4,4804,480

          Total Expenses         $15,319        $15,119


NET LOSS                        $(15,319)     $(15,119)









<FN>
                See notes to financial statements

</TABLE>
<PAGE>
<PAGE> 5
<TABLE>


                      HICKORY LENDERS, LTD.
                     (A Limited Partnership)

                    STATEMENTS OF CASH FLOWS
                           (Unaudited)

<CAPTION>

                                     Year-to-date
                                      MARCH 31, 
                                   1997          1996
<S>                               <C>           <C>    
Cash Flows from Operating Activities:

    Net Loss                    $(15,319)    $ (15,119)
    Adjustments to reconcile Net 
    Income to Net Cash used in 
    Operating Activities:

    Amortization                                 4,480 4,480 
    Increase in Accounts Payable   5,450          -    
        
          Total Adjustments        9,930         4,480 

          Net Cash used in 
          Operating Activities    (5,389)      (10,639)


Cash Flows from Financing Activities:

    Principal payments received  120,000       120,000 
    Cash Distributions                        (424,242)(212,121)

          Net Cash used in 
          Financing Activities: (304,242)      (92,121)
        
          Net Decrease in 
          Cash and Cash Equivalents(309,631)  (102,760)


CASH AT JANUARY 1,               374,088       150,582 

CASH AT MARCH 31,                            $  64,457 $47,822 
                                =========      ========


<FN>
               See notes to financial statements.
/TABLE
<PAGE>
<PAGE> 6


                      HICKORY LENDERS, LTD.
                     (A Limited Partnership)

           NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

            For the Three Months Ended March 31, 1997
                           (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, 1996.  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 three
 month  period ended March 31, 1997 may not be indicative of the
 results  that  may be expected for the year ending December 31,
 1997.


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 three months were as
follows:

<TABLE>
<CAPTION>
                            1997       1996  
                          ________   ________
<S>                      <C>        <C>      
  Management Fees         $  1,750    $ 1,750


</TABLE>





<PAGE>
<PAGE> 7


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


RESULTS OF OPERATIONS FOR THE QUARTER ENDED MARCH 31, 1997.

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.

The Note receivable to Affiliate comes due on December 31, 1997. 
The General Partner plans to negotiate an extension of the loan
term.  The General Partner does not expect the Borrower to have the
liquidity to retire the debt in full on December 31, 1997.  Because
the Borrower and the Registrant share the same general partner, it
may be necessary to appoint an independent party to represent the
general partner for the Registrant, the Borrower or both during the
loan negotiations.  However, if the loan term is not extended, the
lack of payment would constitute a default on the loan agreement. 
In such an event the Registrant is required to foreclose the loan. 
Currently, the Partnership has not foreclosed or accelerated the
amounts due under the loan agreement.  

Overall operations of the Registrant have not fluctuated
significantly from previous quarters.
  
During the first quarter of 1997, the Borrower sold 6 lots at the
Hendersonville Property for $23,500 per lot and one lakefront lot
for $60,000.  From these proceeds, $120,000 in interest was paid to
the Lender.  The remaining proceeds were retained to cover
operating expenses.

FINANCIAL CONDITION

LIQUIDITY

At April 30, 1997, the Registrant had approximately $52,989 in cash
reserves.  These funds are expected to be sufficient through 1997.





<PAGE>
<PAGE> 8


                   PART II. OTHER INFORMATION



Item 6. EXHIBITS AND REPORTS ON FORM 8-K


 (a)  Exhibits

 Exhibit 27 - Financial Data Schedule for the First Quarter of 1997

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





<PAGE>
<PAGE> 9


                           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:    May 15, 1997             By:/s/ Steven D. Ezell
                               President



Date:    May 15, 1997             By:/s/Michael A. Hartley
                                  Secretary/Treasurer

<PAGE>