Rex Financial Corp. v. Great Western Bank & Trust

532 P.2d 558 (1975)

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Rex Financial Corp. v. Great Western Bank & Trust

Court of Appeals of Arizona
532 P.2d 558 (1975)

JL

Facts

Rex Financial Corp. (Rex) (plaintiff) contracted with Liberty Mobile Home Centers, Inc. (Liberty) to provide inventory financing. Liberty was a dealer of mobile homes. Rex and Liberty entered into a security agreement, with the inventory as collateral. Liberty delivered all of the certificates of origin of all of the mobile homes from the manufacturer to Rex as part of the financing arrangement. Liberty sold four mobile homes and entered into security agreements with those four purchasers. Liberty then sold those four security agreements to Great Western Bank & Trust (Great Western) (defendant). Great Western was in the business of purchasing security agreements and purchased these agreements in the ordinary course of its business. Rex continued to possess the manufacturer’s certificates of origin. Liberty did not pay off its outstanding debt to Rex related to the four mobile homes with the proceeds of the sale to Great Western. Rex asserted that it had a superior security interest in the security agreements with the four purchasers over the security interest of Great Western. The trial court granted summary judgment to Great Western, finding that Great Western had priority based on Uniform Commercial Code (UCC) § 9-308. Rex appealed.

Rule of Law

Issue

Holding and Reasoning (Donofrio, J.)

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