Suntrust Bank v. Venable

791 S.E.2d 5 (2016)

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Nature of the Case

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Facts

D entered into a “Simple Interest Conditional Sale Contract with Options for Balloon Payment and Vehicle Return” (the “Contract”), when she purchased a minivan from Team Ford of Marietta. The dealership was granted a security interest in the purchased vehicle, which interest it assigned to P shortly after the Contract was executed. D stopped making payments in November 2007, D repossessed the minivan, sold it at auction for an amount less than the amount owed under the Contract, and filed suit against D on October 15, 2012, to recover the deficiency amount. D asserted that the deficiency action was barred by the four-year statute of limitation applicable to contracts for the sale of goods. The trial court granted P's motion for summary judgment. The Court of Appeals reversed, concluding that P's deficiency action was barred by OCGA § 11-2-725 (1)’s four-year period of limitation. P appealed.