Were the Lees BIOCs? Lila Williams purchased a new Roadtrek 200 motor home from New World R.V., Inc.

Were the Lees BIOCs?

Lila Williams purchased a new Roadtrek 200 motor home from New World R.V., Inc. She paid about $14,000 down and financed $63,000, giving a security interest to NewWorld. The RV company assigned its security interest to Conseco Finance, which perfected. Two years later, Williams returned the vehicle to New World (the record does not indicate why), and New World sold the RV to Robert and Ann Lee for $42,800. A year later,Williams defaulted on her payments to Conseco.
The Lees sued Conseco, claiming to be BIOCs and asking for a court declaration that they had sole title to the Roadtrek. Conseco counterclaimed, seeking title based on its perfected security interest. The trial court ruled that the Lees were BIOCs, with full rights to the vehicle. Conseco appealed.

 

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