Broadhead v. Farmers State Bank of Sedgwick

This is a controversy between successive mortgagees of the same property by the same mortgagor. The sole question for decision is: Does the holder of a first mortgage lien upon chattels lose his lien by failure to take possession of the mortgaged chattels within thirty days after the secured debt becomes due, (or, in lieu thereof, to file an ex*431tension), as against the holder of a junior chattel mortgage lien, where the chattel mortgage creating such junior lien expressly provides that the same “is subject to the prior mortgage?” This Court, in repeated decisions has determined that he does.…