Murdock Acceptance Corp. v. Woodham

208 So. 2d 56 (1968)

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Murdock Acceptance Corp. v. Woodham

Mississippi Supreme Court
208 So. 2d 56 (1968)

JL

Facts

Maymie Woodham (plaintiff) obtained a judgment against Mr. and Mrs. T. C. Parks (defendants) in 1964. Parks owned and operated Parks Auto Sales, a vehicle dealership. Parks Auto Sales financed its inventory through floor planning, also known as trust-receipt financing. Parks Auto Sales entered into a secured transaction that involved pledging the vehicles on the lot as security for a loan from Murdock Acceptance Corporation. Each year, Parks Auto Sales would execute and record a statement saying that the vehicles were held in trust for the benefit of the lender and the sale of the vehicles would be for the sole purpose of repaying the loan. However, in 1965, Mr. Parks died. Mrs. Parks continued to operate the dealership and granted power-of-attorney to Murdock Acceptance to file the appropriate trust receipts. At least two trust statements were signed, but the statements were not recorded in the chancery clerk’s office. On December 14, 1965, Woodham obtained a writ of execution. The next day, at approximately 9 a.m., Murdock Acceptance recorded a financing statement. At approximately 11 a.m., the sheriff gave notice to Mrs. Parks that he was levying six vehicles pursuant to the writ of execution. Murdock Acceptance argued that the levy was invalid.

Rule of Law

Issue

Holding and Reasoning (Rodgers, J.)

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