Worrel v. Farmers Bank of State of Del.

HORSEY, Justice:

This appeal concerns the timeliness of a creditor’s suit for a deficiency balance following debtor’s breach of an installment sale security agreement and creditor’s repossession and sale of the secured property. The question presented is whether the applicable statute runs: (1) from date of debt- or’s initial default as to an installment payment; (2) from date of creditor’s exercise of its option to declare debtor’s whole obligation to be immediately due; or (3) from date of creditor’s repossession sale and determination that a deficiency exists.

The trial court, the Court of…