Dunford v. Columbus Auto Auction, Inc.

Frankum, Judge.

1. Where one engaged in the business of lending money to a dealer in used automobiles under what is generally referred to as a “floor plan” arrangement takes a bill of sale, absolute on its face, as security for a sum of money loaned on a described automobile (not subject to the provisions of the “Motor Vehicle Certificate of Title Act”), and where such lender fails to file a financing statement under the provisions of Code Ann. Ch. 109A-9—4, his security interest in such automobile may be lost either by the sale of the automobile by the dealer in the usual course of business…