Henson v. Foremost Insurance

Birdsong, Judge.

In 1973 the appellant Henson purchased a house trailer. In the summer of 1978, Henson became five months in default on the installment payments due on the underlying note executed as payment for the trailer. The creditor (First Federal Savings & Loan) sent Henson a notification of intention to repossess and sell the trailer at private sale (as authorized by the security agreement). The trailer was repossessed and sold. The sale was confirmed and resulted in a deficiency of slightly more than $4,000. The appellee Foremost Insurance made the creditor whole and took an assignment…