Associates Financial Services Corp. v. Welborn

In order to recover a deficiency judgment under a conditional sales contract as authorized by G.S. 45-21.38, plaintiff must allege and prove facts showing (1) that defendant executed and delivered to him or his assignor the contract upon which he sues; (2) that defendant is in default under the terms of the contract; (3) lawful repossession and sale of the property or facts establishing the impossibility of such repossession and sale; (4) the application of the proceeds of the sale; and (5) the amount of the deficiency.

In assaying a demurrer, the rule is that the pleader must be given “every…