General Motors Acceptance Corporation v. Wall

CRAVEN, Chief Judge:

This case arises on cross-motions for summary judgment. There are no genuine issues as to the material facts, which appear to be, from the stipulations, as follows:

On December 27, 1961, Leo M. Kuy-Kendall purchased a 1962 model automobile from Murphy Chevrolet, Inc., of Canton, North Carolina. As part of this sale, and on the same day, he executed and delivered to Murphy a conditional sale contract, which provided, in part: “For the purpose of securing payment of' the obligation hereunder, seller reserves title, and shall have a security interest in said property until…