Associates Commercial Corp. v. Cofer

This action was brought by Tommy Cofer against Associates Commercial Corporation to determine the proper disbursement of $33,000.00 in insurance proceeds.

Cofer purchased a Freightliner tractor/truck from Liberty Truck Sales on October 11, 1978. He executed a security agreement in which he agreed to pay a balance of $63,546.12 in 12 consecutive monthly installments of $1,493.10 beginning on November 20, 1978, and thereafter paying 36 consecutive monthly installments of $1,267.47. The security agreement was assigned to Associates.

On January 27, 1981, Cofer filed for Chapter 13 bankruptcy.…