Peoples Loan & Investment Co. v. King

The issue of priority of liens on three automobiles is involved here. W. A. Head, who was engaged in operating taxicabs in Fort Smith, borrowed money from Thomas E. King to purchase taxicabs. (King is now dead and the case has been revived in the name of the administrator of his estate.) The cabs became dilapidated and.worn out to the extent that they could no longer be operated at a profit. Head borrowed additional money from King which he used, along with the trade-in of the old cars, to procure two new Mercury automobiles and a used Chevrolet automobile. He gave King a bill of sale and…