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Stein v. GEICO Indem. Ins. Co.

The defendant was a good faith purchaser for value of a reportedly stolen car, despite the plaintiff's payment of the outstanding loan on the car and payment to its insured for the car's value above the amount owed.

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Martha Stein appeals from the trial court’s grant of GEICO’s motion for summary judgment on its claims against Stein for trover and conversion of a 1994 Chevrolet Corvette. Stein contends that she has presented evidence that she was a good faith purchaser for value and thereby acquired good title to the car. We agree and reverse. Angelo Koupas bought the Corvette at issue with a loan from First Union Bank and insured the car with GEICO. Koupas later bought a car from a man known as Vincent Moore1 and at the same time, sold Moore the Corvette. Koupas said that Moore offered him the wholesale price for the Corvette and he agreed. He gave Moore the keys to the Corvette and the payment book, and Moore was supposed to pay off the loan to the bank. Under the agreement, Moore did not owe Koupas any additional money. Koupas said that he could not give Moore the title to the car because First Union held the title. Subsequently, the bank called Koupas and told him that the check sent by Moore to pay off the loan on the car had been dishonored.

Koupas reported the car stolen to the police and filed a claim with GEICO for the loss. GEICO paid the bank for the outstanding amount of the loan and paid Koupas for the value of the car above the amount owed.

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