Styler v. Local Loan Financial Services (In Re Lanctot)

MEMORANDUM DECISION AND ORDER

RALPH R. MABEY, Bankruptcy Judge.

On June 13, 1979, Local Loan Financial Services (Local Loan) loaned money to the Lanctots for the purchase of two Suzuki motorcycles in accordance with the terms of a purchase money security agreement signed by the parties. The lien was never properly noted on the certificates of title covering the motorcycles as required by Utah Code Ann. §§ 41-1-80 et seq. (Supp. 1979), and thus, Local Loan’s security interest was never perfected. The Lanctots encountered financial difficulty and on February 26, 1980, filed a Chapter 7 bankruptcy…