In re Carpenter
United States Bankruptcy Court for the District of Idaho
378 B.R. 274 (2007)
- Written by Jody Stuart, JD
Facts
On December 11, 2005, Tracy Carpenter (plaintiff) purchased a truck from Jana Lang (defendant). On the same day, Carpenter and Lang executed a purchase agreement at Lang’s residence and agreed that Lang would retain a security interest in the truck to secure Carpenter’s future payment of the purchase price. The agreement provided that Carpenter would take delivery of the truck on the execution date, December 11. Because Carpenter could not yet afford insurance for the truck, Carpenter decided not to take delivery of the truck at that time and left it in Lang’s garage. Lang agreed to this arrangement. On December 19, Carpenter obtained insurance for the truck. Due to complications, Carpenter did not retrieve the truck until January 4, 2006. On January 31, Lang’s security interest was perfected by notation of her lien on the truck’s certificate of title. On July 27, Carpenter filed for bankruptcy. Sam Hopkins, the bankruptcy trustee, argued that he could avoid Carpenter’s transfer of the security interest to Lang. Carpenter and Lang testified that Carpenter could have picked up the truck any time starting from December 11.
Rule of Law
Issue
Holding and Reasoning (Pappas, J.)
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