Citizens National Trust & Savings Bank v. Beverly Finance Co.

This controversy involves the title to a 1949 Oldsmobile. Car Leasing of America, Inc. (hereafter referred to as “CLA” or “trustee”), a used car dealer, with whose nefarious machinations this court has had occasion to become quite familiar, being desirous of acquiring the car in question from its then owner, secured the necessary financing from the defendant for the purchase thereof. This took the form of a trust receipt transaction, whereby defendant took title to the vehicle by endorsement to it of the certificate of ownership, and entrusted possession thereof to CLA under the terms of a…