Bosworth v. Crescent City Bank & Trust Co.

BECKER, Judge.

In May of 1985 the plaintiff sold a 1985 BMW 7451 to Errol J. Ware of New Orleans for $29,500.00. The terms of the sale called for a $13,000.00 cash down payment, with the balance of $16,500.00 to be financed by Crescent City Bank and Trust and secured by a collateral pledge of a certificate of deposit in that amount belonging to the plaintiff/seller. Additionally the buyer Ware deposited $2,686.61 in cash with the bank to cover the cost of registration and recordation of the vehicle. In August of 1986 when the Ware loan was three months in the arrears the bank declared the loan…