Borg-Warner Acceptance Corp. v. C.I.T. Corp.

REYNOLDS, Chief Justice.

Borg-Warner Acceptance Corporation, the inventory financer, appeals from a summary judgment decreeing that C.I.T. Corporation, the retail financer, has a superior security interest in two International Harvester tractors originally acquired for sale by Lubbock Implement Company, Inc., the dealer. The judgment was rendered upon the motion of C.I.T., who instituted this cause of action for a declaratory judgment after Lubbock Implement filed for bankruptcy reorganization and the tractors were thereafter repossessed by Borg-Warner and sold with the consent of all parties…