Mutual Finance Co. v. Holian

OPINION

By SKEEL, J.

The facts in this case concern the exercise of the power of sale vested in the mortgagee by the terms of a certain chattel mortgage authorizing such sale after a default by a mortgagor either in payments provided for by the mortgage note, or in the covenants of the mortgage.

On April 6, 1940, defendant-appellee purchased from The Edgewater Chevrolet, Inc., a 1935 Chevrolet used coupe. The purchase price was $245.00, which with the sales tax, certificate of title and transfer expenses, made a grand total of $258.70. Defendant paid $58.70 by turning over an old car, and/or by…