U. S. SECURITIES AND EXCHANGE COMMISSION
     
                     WASHINGTON, D.C. 20549
     
                           FORM 12B-25
     
                Commission File Number 33-18089-A
     
     
                   NOTIFICATION OF LATE FILING
     
     
                          (CHECK ONE):
     
     [ ] Form 10-K and Form 10-KSB [ ] Form 20-F [ ] Form 11-K [X] Form
     10-Q and Form R10-QSB [ ] Form N-SAR
     
     
     For Period Ended: SEPTEMBER 30, 1997
     
     [ ] Transition Report on Form 10-K
     [ ] Transition Report on Form 20-F
     [ ] Transition Report on Form 11-K
     [ ] Transition Report on Form 10-Q
     [ ] Transition Report on Form N-SAR
     
     For the Transition Period Ended:................
     
     
     READ ATTACHED INSTRUCTION SHEET BEFORE PREPARING FORM.  PLEASE PRINT
     OR TYPE.
     
     
     Nothing in this form shall be construed to imply that the Commission
     has verified any information contained herein.
     
     If the notification relates to a portion of the filing checked
     above, identify the item(s) to which the notification relates:
     
     
     
     PART 1--REGISTRATION INFORMATION
     
     
     Full Name of Registrant:      HICKORY LENDERS, LTD.
     Former Name if Applicable:
     Address of Principal Executive 
     Office (Street and Number):   One Belle Meade Place
                                   4400 Harding Road, Suite 500
     City, State and Zip Code:     Nashville, Tennessee 37205
     
     
          
     
     PART II--RULES 12B-25(B) AND (C)
     
     
     If the subject report could not be filed without unreasonable effort
     or expense and the registrant seeks relief pursuant to Rule 12b-
     25(b), the following should be completed.  (Check box if
     appropriate).
     
     [X](a) The reasons described in reasonable detail in Part III of
            this form could not be eliminated without unreasonable
            efforts or expense;
     
     [X](b) The subject annual report, semi-annual report, transition
            report on Form 10-K, Form 20-F, Form 11K or Form N-SAR, or
            portion thereof will be filedon or before the fifteenth
            calendar day following the prescribed due date; or the
            subject quarterly report or transition report on Form 10-Q,
            or portion thereof will be filed on or before the fifth
            calendar date following the prescribed due date;  and
     
     [ ](c) The accountant's statement or other exhibit required by Rule
            12b-25(c) has been attached if applicable.
     
     
     PART III--Narrative
     
     State below in reasonable detail the reasons why Form 10-K and Form
     10-KSB,20-F, 11-K,10-Q and Form10-QSB,N-SAR, or the transition
     report or portion thereof could not be filed within the prescribed
     period.
     
     Due to personal reasons the financial reporting manager could not
     accumulate the information necessary for the preparation of the Form
     10-Q for the above named partnership by the filing date.
     
     
     PART IV--OTHER INFORMATION
     
     
     (1) Name and telephone number of person to contact in regard to this
     notification
      (Name)                  (Area Code)    (Telephone Number)
      Mary Anne Collins          615       292-1040
     
     (2) Have all other periodic reports required under Section 13 or
     15(d) of the Securities Exchange Act of 1934 or Section 30 of the
     Investment Company Act of 1940 during the preceding 12 months or for
     such shorter period that the Registrant was required to file such
     report(s) been filed?  If the answer is no, identify report(s).
                                        [X]Yes    [ ]No
     
     (3) Is it anticipated that any significant change in results of
     operations from the corresponding period for the last fiscal year
     will be reflected by the earnings statement to be included in the
     subject report or portion thereof?
     
                                        [ ]Yes    [X]No
     
     If so, attach an explanation of the anticipated change, both
     narratively and quantitatively, and, if appropriate, state the
     reasons why a reasonable estimate of the results cannot be made.
          
     
     
     
     
     
     
     
     
                            HICKORY LENDERS, LTD.
     (Name of Registrant as specified in charter)
                                                   
     
     
     has caused this nofication to be signed on its behalf by the
     undersigned thereunto duly authorized.
     
     
                              By:  222 Hickory, Ltd.
                                   General Partner
     
     
                                   By:    222 Partners, Inc.
                                      General Partner
     
     
     Date: November 17, 1997       By:/s/Michael A. Hartley
                                   Secretary/Treasurer