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Weaver v. Casey7/30/1991
as a good-faith purchaser for value, acquired a lawful interest under defective title, a qualified possessory right, to the stolen 1973 John Deere tractor. Until Weaver knew or, in the exercise of diligence, could have known the whereabouts of his stolen tractor, his claim did not accrue and his ownership rights cannot be defeated.
This case presents compelling equities in favor of each claimant, Weaver, the innocent theft victim, and Casey, an innocent purchaser. In view of these equities and our holding that our early replevin statute of limitations law has been superceded and is no longer controlling, this case must be remanded for further evidentiary proceedings on the issue of the limitations defense. On remand the trial court is directed to consider further pleadings and evidence, if any, which the parties may properly present to establish a point in time, prior to the recovery of the stolen tractor by law enforcement, when Weaver first knew or, in the exercise of due diligence, should have known the whereabouts of his stolen tractor. However, neither mere lapse of time nor non-concealment will protect the good faith purchaser of stolen property against the established claim of ownership and right of possession of the true owner and, under such circumstances, any claim of economic interest loss by Casey as a good faith purchaser in the ordinary course of business must be asserted against his transferor.
OPINION OF THE COURT OF APPEALS IS VACATED; JUDGMENT OF THE TRIAL COURT IS REVERSED AND REMANDED FOR FURTHER PROCEEDINGS CONSISTENT WITH THIS OPINION.
HODGES, V.C.J., and DOOLIN, HARGRAVE and SUMMERS, JJ., concur.
OPALA, C.J., and KAUGER, J., concur in part, dissent in part.
LAVENDER and SIMMS, JJ., dissent.
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