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FIRST SOUTHERN INS. CO. v. OCEAN STATE BANK

No. 89-2002.

562 So.2d 798 (1990)

FIRST SOUTHERN INSURANCE COMPANY, Appellant, v. OCEAN STATE BANK, Appellee.

District Court of Appeal of Florida, First District.

May 29, 1990.

Attorney(s) appearing for the Case

Karen K. Cole of Boyd & Jenerette, P.A., Jacksonville, for appellant.

Kurt Andrew Simpson and W. Thomas Copeland, Jacksonville, for appellee.

ALLEN, Judge.

Ocean State Bank was given a defective security interest in an automobile. The security interest was defective, because the debtor, a thief, had no "rights in the collateral," a requisite to creation of a valid security interest. Nevertheless, the trial court found the bank's claim to the automobile to be superior to that of the automobile owner's subrogee, because the owner was found to be estopped to claim...

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