Vanaman v. Fliehr

Beaming, Y. C.

Knowles Loom Works v. Vacher, 57 N. J. Law (28 Vr.) 490; affirmed, 59 N. J. Law (30 Vr.) 1586, must be regarded as conclusive in this court to the effect that the statutory language “mortgagees in good faith,” as used in section 4 of our Chattel Mortgage act (P. L. 1902 p. 487) includes a mortgagee whose mortgage has been executed to secure a pre-existing indebtedness.

A subsequent mortgagee in good faith is a mortgagee who receives his mortgage without knowledge of the existence of a prior mortgage. Graham Button Company v. Spielman, 50 N. J. Eq. (5 Dick.) 120, 123; affirmed, 50…