General Motors Acceptance Corp. v. Smith

CRAVEN, Circuit Judge:

This case presents the question of priority of rights in a Cadillac possessed by Clarence Smith when he was adjudicated a bankrupt on October 29, 1965, The district court held that' the interest of the trustee in bankruptcy prevailed over the interest of General Motors Ac*272ceptance Corporation, and GMAC appeals.1

The facts found by the district judge are not in dispute. They are that on October 20, 1965, Smith sought to purchase a new Cadillac from Hoff Cadillac-Oldsmobile in Norfolk. The purchase was financed by GMAC through use of a conditional sales agreement. The…