South Mississippi Finance Co. v. Mississippi State Tax Commission

ROBERTSON, Justice,

for the Court:

I

This case about an almost new Cadillac turns on principles as old as the law itself. Appellant finance company appears this day as innocent as the driven snow but cannot escape that its borrower’s “rights” were born of a felonious fraud. The Circuit Court ruled the original conditional seller holder of a first perfected security interest. We affirm.

II

In the Summer of 1989, near the end of the model year, a 1989 Cadillac Brougham sedan automobile, VIN 1G6DW51Y4KR715396, sat on the sales lot of McConnell Cadillac, Inc., in Mobile, Alabama. The Cadillac had been…