International Harvester Credit Corp. v. Valdez

—International Harvester Credit Corporation (International) appeals a summary judgment in favor of Santiago Valdez. The sole issue is whether the holder of a security interest in a motor vehicle is barred from bringing suit against a tortfeasor, who had destroyed the secured vehicle, after the tortfeasor's settlement with the registered owner. We answer in the affirmative.

In 1980, David Valle purchased a used truck tractor and potato bed for $14,375.84. He made a substantial down payment and received a trade-in allowance; the remainder of the purchase price was financed by the seller, who…