DocketNumber: No. 3935
Citation Numbers: 223 A.2d 804
Judges: Hood, Myers, Quinn
Filed Date: 11/14/1966
Status: Precedential
Modified Date: 9/24/2021
Appellant was the holder of a promissory note, originally in the sum of $1,-812.24, secured by a conditional sales contract of a 1961 Renault automobile. A few months after execution of the note and contract, when the note had been reduced to $1,711.56, appellee by written agreement assumed payment of the note and contract. About three years later, when the note had been reduced to $379.15, appellee defaulted in payments, and appellant repossessed the automobile. The entire transaction had occurred in Virginia, and in accordance with Virginia law,
The trial judge, citing the trial court’s Rule GS 70(a),
The purpose of Rule GS 70(a), we have said, “is to assure a defaulting purchaser credit for the fair and reasonable price of the article repossessed.” Universal C. I. T. Credit Corporation v. Shook, D.C.Mun.App., 150 A.2d 635, 636 (1959). The necessity for that rule was the fact that this jurisdiction had no statute regulating the manner of sale of repossessed articles. However, Virginia had a statute
It is evident that the trial court’s rule and the Virginia statute have a common purpose in relieving a conditional purchaser from further liability after repos
Reversed with instructions to enter judgment for appellant.
. Virginia Code § 66-93 (1950 as amended).
. “No deficiency judgment after repossession of personal property shall be granted unless it shall appear to the satisfaction of the court by proper evidence that said property was resold for a fair and reasonable price.”
. Virginia Code § 55-93 (1950 as amended) .
. See Federal Motor Truck Co. v. Kellenberger, 193 Va. 882, 71 S.E.2d 177 (1952).
. Associates Discount Corporation v. Lunsford, 204 Va. 1, 128 S.E.2d 924, 925 (1963).
. It should be noted that the Virginia statute has now been repealed by the adoption of the Uniform Commercial Code, effective January 1, 1966. The Uniform Commercial Code also became effective in this jurisdiction on January 1, 1965.