In re Hoskins

266 B.R. 154, 45 UCC Rep. Serv. 2d 1025 (2001)

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In re Hoskins

United States Bankruptcy Court for the Western District of Missouri
266 B.R. 154, 45 UCC Rep. Serv. 2d 1025 (2001)

Facts

In 1997, Charles and Sylvia Hoskins (defendants) signed a contract with Southtown Ford, Inc. (Ford) (plaintiff) to lease a Ford Windstar for 24 months. The contract said that at the end of the 24-month period, the Hoskinses could purchase the Windstar for $15,263.60 plus taxes and fees, slightly more than the estimated value. The contract allowed the Hoskinses to terminate the lease early, but even if they did so, they would be required to pay all the remaining amounts due. The contract said that in the event of default, Ford had the option to terminate the lease, repossess the Windstar, and then sell it. The Hoskinses stopped making payments in March 1999, and they voluntarily surrendered the Windstar to Ford in May 1999. In June 1999, Sylvia Hoskins signed a surrender form stating that she was giving the vehicle back to Ford and also that she understood Ford would sell the vehicle. Ford then sent a notice to Sylvia about the sale, after which Ford sold the Windstar. In accordance with the lease and the notice, the proceeds of the sale were applied to the Hoskinses’ outstanding balance, but the Hoskinses still owed $3,653.81. Ford sued to recover that amount. The Hoskinses argued that Ford could not recover because the contract was really a security instrument related to the sale of the Windstar, which meant that notice should have been given to Charles before the sale was completed.

Rule of Law

Issue

Holding and Reasoning ()

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