Tacoma Telco Federal Credit Union v. Edwards

This case concerns an action for a deficiency judgment brought by a secured party after repossession and resale of the collateral in which the secured party had a purchase money security interest. We affirm summary judgment for the plaintiff for the reasons stated below.

Defendant James R. Edwards wanted to purchase a used 1975 Lincoln Continental for his personal use. He obtained a $9,750 loan from plaintiff, Tacoma Telco Federal Credit Union (Telco), to finance the purchase in March 1977. Mr. Edwards signed a promissory note in favor of Telco and Telco perfected a purchase money security…