Personal Thrift Plan of Perry, Inc. v. Georgia Power Co.

Hill, Justice.

In August 1975 and July 1976, Tom and Marie Shafer purchased a Hotpoint dishwasher and washing machine from Georgia Power Company. Georgia Power took purchase money security interests in each which were automatically perfected pursuant to Code Ann. § 109A-9 — 302 (1) (d). Subsequently, the Shafers pledged the appliances to Personal Thrift as collateral for certain loans. Personal Thrift recorded its security interest. When the Shafers defaulted on their notes, Personal Thrift took possession of the collateral. Personal Thrift later returned the dishwasher to the Shafers.

Having…