Mother Lode Bank v. General Motors Acceptance Corp.

Opinion

EVANS, J.

Plaintiff appeals from an adverse judgment in an action for declaratory relief brought against defendant, General Motors Acceptance Corporation. Plaintiff and defendant claim conflicting security interests in two motor vehicles. The matter was tried upon a stipulated statement of facts and comes to us on the clerk’s transcript containing that stipulation.

Facts

In 1971, plaintiff, Mother Lode Bank, agreed to finance the purchase of new vehicles and to floor used vehicles for Targett Motors (“Targett”), a General Motors automobile dealership. Plaintiff also purchased conditional…