Cengage Advantage Books: Law for Business 19th Edition by John Ashcroft,Katherine Ashcroft,Martha Patterson

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Automotive Finance Corporation (AFC) provided financing to R American Auto Inc. (R American) and got a security interest in all of R American's current and future inventory. R American bought a white Corvette. AFC took possession of the Corvette's certificate of title. Kip Rowley, the owner of R American, gave AFC a business check for $43,220 as payment in full for the Corvette, and on January 31, AFC gave Rowley the certificate of title. The check was dishonored, and AFC could not find the car. A year later, Steven Tolbert asked the court to release AFC's lien on the Corvette. He alleged that he was a bona fide purchaser of the Corvette. Tolbert testified he paid Kip Rowley $52,000 on November 2, and immediately took possession of the car. However, on December 12, an agent of AFC had physically inspected the Corvette on R American's lot. Tolbert had not received a bill of sale, a receipt for his payment, or the certificate of title. He testified that Rowley had given him a bill of sale and certificate of title the following January 21. Tolbert learned about AFC's lien when he attempted to have the Corvette titled in his name. Tolbert claimed he was a bona fide purchaser for value. Was he?