Jahn v. North American Van Lines (In Re Trivett)

MEMORANDUM

RALPH H. KELLEY, Bankruptcy Judge.

Introduction

The defendant, North American Van Lines, is a trucking company doing business in most of the United States. North American regularly sells trucks to drivers who then lease the trucks to it. If a truck is sold on credit, North American retains a security interest. To perfect its security interest North American follows a peculiar course of action. It keeps or has issued an Indiana title certificate showing it as the owner. When the truck is paid for, North American will assign its certificate of title to the buyer. If North American sells…