Moran v. Holman

OPINION

BOOCHEVER, Justice.

We are here confronted with the question of whether, under the provisions of the Uniform Commercial Code (U.C.C.), a debt is discharged wen the secured party, after the debtor’s default in payments, repossessed a truck, used it for purposes other than its preservation, and did not initiate suit on the debt for a period of approximately four months.

In November of 1967, Rex Holman borrowed $2,050 from Jack Moran to finance the purchase of a used pickup truck. This debt was consolidated with certain prior obligations, and Holman executed a promissory note in the…