A mortgage on a movable item of property.
- The purchase price was $280,000, of which $180,000 was paid in cash and the balance of $100,000 secured by a chattel mortgage for a term of three years with monthly payments amortized over five years.
- Houlden J. held that the bank had acted bona fide and without knowledge of the true ownership of the goods, and that the chattel mortgage was valid by estoppel against the trustee in bankruptcy of the company.
- Mortgage also features, but chattel mortgages never took hold in England because of the obstacles thrown up to registering them under the bills-of-sale legislation.
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