Supreme Court rules financing company has priority over other creditors for repossessed car in bankruptcy.

The Supreme Court ruled that a financing company retained priority rights to a repossessed vehicle despite the auto dealer's subsequent bankruptcy. The dealer had violated the financing agreement by selling the car and taking possession, while the financing company sought to recover the vehicle from the debtor's estate. The court held that the financing company's contractual right to repossess and the specific nature of the security interest granted it superior status over general unsecured creditors in the bankruptcy proceedings.