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Superior Bank FSB v. Human Servs. Employees Credit Union

A subsequent buyer of a used car had constructive notice of a prior perfected security interest that was noted on the car's certificate of title.

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A used car dealer, Car Consultants Finance, Inc. d/b/a R & V Auto Sales, sold the 1994 Infiniti Q45 to Ronald and Veronica D. Wilborn for their personal use. On July 15, 1998, the Wilborns, individually, entered into an Open-End Credit Plan Security Agreement to purchase the 1994 Inifiniti, Vin #JNKG01D7RM258118, with Human Services Employees Credit Union. On August 11, 1998, the Credit Union perfected its security interest with the Georgia Department of Motor Vehicles.

On December 22, 1998, the Wilborns, who owned Car Consultants, had the used car dealer sell to Marilyn Billingsley by a retail automobile sales contract the car. Superior Bank, FSB financed Billingsley’s purchase of this car and attempted to perfect its security interest in the car. Car Consultants did not payoff the car lien to the Credit Union or deliver the title so that its prior security interest was unknown to Billingsley and Superior Bank.

 
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