IN RE LAGUNA BEACH MOTORS, INC.

BAP No. CC-91-1053 VJO, Bankruptcy No. SA 88-00357 JR, Adv. No. SA 90-0013 JR.

148 B.R. 317 (1992)

In re LAGUNA BEACH MOTORS, INC., Debtor. GENERAL MOTORS ACCEPTANCE CORPORATION, Appellant, v. R. Neil RODGERS, Trustee, Appellee.

United States Bankruptcy Appellate Panel, of the Ninth Circuit.

Decided September 15, 1992.


Attorney(s) appearing for the Case

Robert D. Daniels, Los Angeles, Cal., for General Motors Acceptance Corp.

Sharilyn J. Hopson, Santa Ana, Cal., for R. Neil Rodgers, Trustee.

Before VOLINN, JONES and OLLASON, Bankruptcy Judges.


OPINION

VOLINN, Bankruptcy Judge:

OVERVIEW

Appellant, General Motors Acceptance Corporation (GMAC) held a perfected security interest, pursuant to the California Motor Vehicle Code, in a 1986 Corvette automobile owned by one Larry Hasty (Hasty). The latter, desiring to sell the vehicle, entered into an option/sales agreement with the debtor Laguna Beach Motors, Inc. (Laguna), a used car dealer. Hasty granted...

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