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SECURITIES ACCEPTANCE CORP. OF SANTA FE v. VALENCIA

No. 7012.

373 P.2d 545 (1962)

70 N.M. 307

SECURITIES ACCEPTANCE CORPORATION OF SANTA FE, Plaintiff-Appellant, v. Joe M. VALENCIA, Abran Valencia, and Abel B. Maez, d/b/a Abe & Joe's Auto Sales, Defendants-Appellees.

Supreme Court of New Mexico.

Rehearing Denied August 14, 1962.

Attorney(s) appearing for the Case

McAtee, Toulouse, Marchiondo, Ruud & Gallagher, Albuquerque, for appellant.

McKenna & Sommer, Santa Fe, for appellees Joe M. and Abran Valencia.

COMPTON, Chief Justice.

The question presented is whether the action was correctly terminated by summary judgment of dismissal. Involved is Section 6(2) (3) (a) (b), Chapter 151, Laws 1947, Section 50-13-6(2) (3) (a) (b), 1953 Compilation, the Uniform Trust Receipt Act. Since the section has been repealed, Chapter 96, Article 10, Laws 1961, we quote its pertinent provisions:

"2. An entruster entitled to possession under the terms of the trust receipt or of...

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