In re Tulsa Port Warehouse Co.

690 F.2d 809 (1982)

From our private database of 46,300+ case briefs, written and edited by humans—never with AI.

In re Tulsa Port Warehouse Co.

United States Court of Appeals for the Tenth Circuit
690 F.2d 809 (1982)

JL

Facts

Tulsa Port Warehouse Company (Tulsa) (plaintiff) entered into four agreements with Chuck Naiman Buick Company (Chuck Naiman) for the use of vehicles for either 24 or 36 months. Chuck Naiman assigned its interest in the agreements to General Motors Acceptance Corporation (GMAC). Under the agreements, referred to as open-end leases, Tulsa made monthly payments for the use of the vehicles equal to the predetermined depreciation of the vehicles, plus interest. Pursuant to the agreements, Tulsa was required to obtain insurance on the vehicles in favor of GMAC, pay all fees and maintenance costs associated with the vehicles, and indemnify GMAC against all loss. At the end of the agreement, the vehicles were sold to third parties. If the vehicles sold for more than the depreciated value previously agreed upon, Tulsa was entitled to the surplus. If the vehicles sold for less than the depreciated value, Tulsa was required to pay GMAC the deficit. GMAC did not file a financing statement. Tulsa filed for bankruptcy. The bankruptcy trustee asserted a superior interest in the vehicles, because the trustee argued that the agreements created security interests, which GMAC had failed to perfect. GMAC argued that the agreements were leases. The bankruptcy court ruled in favor of the bankruptcy trustee, and GMAC appealed to the district court. The district court affirmed that decision, and GMAC appealed to the United States Court of Appeals for the Tenth Circuit.

Rule of Law

Issue

Holding and Reasoning (Seymour, J.)

What to do next…

  1. Unlock this case brief with a free (no-commitment) trial membership of Quimbee.

    You’ll be in good company: Quimbee is one of the most widely used and trusted sites for law students, serving more than 815,000 law students since 2011. Some law schools even subscribe directly to Quimbee for all their law students.

  2. Learn more about Quimbee’s unique (and proven) approach to achieving great grades at law school.

    Quimbee is a company hell-bent on one thing: helping you get an “A” in every course you take in law school, so you can graduate at the top of your class and get a high-paying law job. We’re not just a study aid for law students; we’re the study aid for law students.

Here's why 815,000 law students have relied on our case briefs:

  • Written by law professors and practitioners, not other law students. 46,300 briefs, keyed to 988 casebooks. Top-notch customer support.
  • The right amount of information, includes the facts, issues, rule of law, holding and reasoning, and any concurrences and dissents.
  • Access in your classes, works on your mobile and tablet. Massive library of related video lessons and high quality multiple-choice questions.
  • Easy to use, uniform format for every case brief. Written in plain English, not in legalese. Our briefs summarize and simplify; they don’t just repeat the court’s language.

Access this case brief for FREE

With a 7-day free trial membership
Here's why 815,000 law students have relied on our case briefs:
  • Reliable - written by law professors and practitioners, not other law students
  • The right length and amount of information - includes the facts, issue, rule of law, holding and reasoning, and any concurrences and dissents
  • Access in your class - works on your mobile and tablet
  • 46,300 briefs - keyed to 988 casebooks
  • Uniform format for every case brief
  • Written in plain English - not in legalese and not just repeating the court's language
  • Massive library of related video lessons - and practice questions
  • Top-notch customer support

Access this case brief for FREE

With a 7-day free trial membership